JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports 2002 First Quarter Results

EXHIBIT 12(a)

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)

		Three Months Ended
		March 31, 2002
Excluding Interest on Deposits
Income before income taxes		$	1,487
Fixed charges:
	Interest expense		2,020
	One-third of rents, net of income from subleases(a)		57
Total fixed charges			2,077
Less: Equity in undistributed income of affiliates			(15	)
Earnings before taxes and fixed charges, excluding capitalized interest		$	3,549
Fixed charges, as above		$	2,077
Ratio of earnings to fixed charges			1.71
Including Interest on Deposits
Fixed charges, as above		$	2,077
Add: Interest on deposits			1,339
Total fixed charges and interest on deposits		$	3,416
Earnings before taxes and fixed charges, excluding capitalized interest, as above		$	3,549
Add: Interest on deposits			1,339
Total earnings before taxes, fixed charges and interest on deposits		$	4,888
Ratio of earnings to fixed charges			1.43

(a)  The proportion deemed representative of the interest factor.