EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended | Six Months Ended | |||||||||||
(Dollars in Millions) | June 30, 2007 | June 30, 2007 | ||||||||||
Earnings | ||||||||||||
1. | Net income | $1,156 | $2,286 | |||||||||
2. | Applicable income taxes, including interest expense related to unrecognized tax positions | 500 | 993 | |||||||||
3. | Income before income taxes (1 + 2) | $1,656 | $3,279 | |||||||||
4. | Fixed charges: | |||||||||||
a. | Interest expense excluding interest on deposits* | $941 | $1,804 | |||||||||
b. | Portion of rents representative of interest and amortization of debt expense | 19 | 38 | |||||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 960 | 1,842 | |||||||||
d. | Interest on deposits | 663 | 1,338 | |||||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $1,623 | $3,180 | |||||||||
5. | Amortization of interest capitalized | $— | $— | |||||||||
6. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,616 | 5,121 | |||||||||
7. | Earnings including interest on deposits (3 + 4e + 5) | 3,279 | 6,459 | |||||||||
8. | Fixed charges excluding interest on deposits (4c) | 960 | 1,842 | |||||||||
9. | Fixed charges including interest on deposits (4e) | 1,623 | 3,180 | |||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||
10. | Excluding interest on deposits (line 6/line 8) | 2.73 | 2.78 | |||||||||
11. | Including interest on deposits (line 7/line 9) | 2.02 | 2.03 | |||||||||
* | Excludes interest expense related to unrecognized tax positions. |