EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
Nine months ended September 30, (in millions, except ratios) | 2018 | ||
Excluding interest on deposits | |||
Income before income tax expense | $ | 31,923 | |
Fixed charges: | |||
Interest expense | 11,678 | ||
One-third of rents, net of income from subleases (a) | 406 | ||
Total fixed charges | 12,084 | ||
Add: Equity in undistributed income of affiliates | 456 | ||
Income before income tax expense and fixed charges, excluding capitalized interest | $ | 44,463 | |
Fixed charges, as above | $ | 12,084 | |
Ratio of earnings to fixed charges | 3.68 | ||
Including interest on deposits | |||
Fixed charges, as above | $ | 12,084 | |
Add: Interest on deposits | 4,021 | ||
Total fixed charges and interest on deposits | $ | 16,105 | |
Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 44,463 | |
Add: Interest on deposits | 4,021 | ||
Total income before income tax expense, fixed charges and interest on deposits | $ | 48,484 | |
Ratio of earnings to fixed charges | 3.01 |
(a) | The proportion deemed representative of the interest factor. |