Popular (BPOP) 10-Q 2007 Q3 Quarterly report

Exhibit 12.1

POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)

	For the nine months ended				Year Ended December 31,
	September 30,		September 30,
	2007		2006		2006		2005		2004		2003		2002
Income before income taxes	$	243,763	$	380,447	$	455,716	$	680,942	$	628,067	$	597,410	$	463,606
Fixed charges :
Interest expense		1,262,217		1,217,997		1,636,531		1,241,652		840,754		749,550		863,553
Estimated interest component of net rental payments		27,232		24,225		31,047		27,454		25,068		22,940		19,963
Total fixed charges including interest on deposits		1,289,449		1,242,222		1,667,578		1,269,106		865,822		772,490		883,516
Less: Interest on deposits		552,657		411,380		580,094		430,813		330,351		342,891		432,415
Total fixed charges excluding interest on deposits		736,792		830,842		1,087,484		838,293		535,471		429,599		451,101
Income before income taxes and fixed charges(including interest on deposits)	$	1,533,212	$	1,622,669	$	2,123,294	$	1,950,048	$	1,493,889	$	1,369,900	$	1,347,122
Income before income taxes and fixed charges(excluding interest on deposits)	$	980,555	$	1,211,289	$	1,543,200	$	1,519,235	$	1,163,538	$	1,027,009	$	914,707
Preferred stock dividends		8,935		8,935		11,913		11,913		11,913		9,919		2,510
Ratio of earnings to fixed charges
Including Interest on Deposits		1.2		1.3		1.3		1.5		1.7		1.8		1.5
Excluding Interest on Deposits		1.3		1.5		1.4		1.8		2.2		2.4		2.0
Ratio of earnings to fixed charges & preferred stock dividends
Including Interest on Deposits		1.2		1.3		1.3		1.5		1.7		1.7		1.5
Excluding Interest on Deposits		1.3		1.4		1.4		1.8		2.1		2.3		2.0