EXHIBIT 12.1
J.P. MORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Nine Months Ended | ||||||||
September 30, 2003 | ||||||||
Excluding Interest on Deposits | ||||||||
Income before income taxes | $ | 7,319 | ||||||
Fixed charges: | ||||||||
Interest expense | 5,697 | |||||||
One-third of rents, net of income from subleases(a) | 236 | |||||||
Total fixed charges | 5,933 | |||||||
Less: Equity in undistributed income of affiliates | (58 | ) | ||||||
Earnings before taxes and fixed charges, excluding capitalized interest | $ | 13,194 | ||||||
Fixed charges, as above | $ | 5,933 | ||||||
Ratio of earnings to fixed charges | 2.22 | |||||||
Including Interest on Deposits | ||||||||
Fixed charges, as above | $ | 5,933 | ||||||
Add: Interest on deposits | 2,807 | |||||||
Total fixed charges and interest on deposits | $ | 8,740 | ||||||
Earnings before taxes and fixed charges, excluding capitalized interest, as above | $ | 13,194 | ||||||
Add: Interest on deposits | 2,807 | |||||||
Total earnings before taxes, fixed charges and interest on deposits | $ | 16,001 | ||||||
Ratio of earnings to fixed charges | 1.83 | |||||||
(a) The proportion deemed representative of the interest factor.