EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Nine months ended September 30, (in millions, except ratios) | 2014 | ||
Excluding interest on deposits | |||
Income before income tax expense | $ | 23,529 | |
Fixed charges: | |||
Interest expense | 4,766 | ||
One-third of rents, net of income from subleases (a) | 479 | ||
Total fixed charges | 5,245 | ||
Add: Equity in undistributed loss of affiliates | 739 | ||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 29,513 | |
Fixed charges, as above | $ | 5,245 | |
Ratio of earnings to fixed charges | 5.63 | ||
Including interest on deposits | |||
Fixed charges, as above | $ | 5,245 | |
Add: Interest on deposits | 1,242 | ||
Total fixed charges and interest on deposits | $ | 6,487 | |
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 29,513 | |
Add: Interest on deposits | 1,242 | ||
Total income before income tax expense, fixed charges and interest on deposits | $ | 30,755 | |
Ratio of earnings to fixed charges | 4.74 |
(a) | The proportion deemed representative of the interest factor. |