EXHIBIT 12.1
J.P. MORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
| Three Months Ended March 31, (in millions, except ratios) | 2004 | |||
Excluding Interest on Deposits | ||||
| Income before income taxes | $ | 2,903 | ||
| Fixed charges: | ||||
| Interest expense | 1,834 | |||
One-third of rents, net of income from subleases(a) | 76 | |||
| Total fixed charges | 1,910 | |||
| Less: Equity in undistributed income of affiliates | (31 | ) | ||
| Earnings before taxes and fixed charges, excluding capitalized interest | $ | 4,782 | ||
| Fixed charges, as above | $ | 1,910 | ||
| Ratio of earnings to fixed charges | 2.50 | |||
Including Interest on Deposits | ||||
| Fixed charges, as above | $ | 1,910 | ||
| Add: Interest on deposits | 814 | |||
| Total fixed charges and interest on deposits | $ | 2,724 | ||
| Earnings before taxes and fixed charges, excluding capitalized interest, as above | $ | 4,782 | ||
| Add: Interest on deposits | 814 | |||
| Total earnings before taxes, fixed charges and interest on deposits | $ | 5,596 | ||
| Ratio of earnings to fixed charges | 2.05 | |||
| (a) | The proportion deemed representative of the interest factor. |
