Popular (BPOP) 10-Q 2013 Q3 Quarterly report

Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Nine months ended				Year ended December 31,
	September 30, 2013		September 30, 2012		2012		2011		2010		2009(1)			2008(1)
Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes	$	130,451	$	98,709	$	160,282	$	239,148	$	242,942	($	579,694	)	($	232,959	)
Fixed charges :
Interest expense and capitalized interest		242,999		291,728		379,086		505,523		653,603		754,506			994,919
Estimated interest component of net rental payments		7,104		9,591		9,752		13,470		26,688		28,866			34,975
Total fixed charges including interest on deposits		250,103		301,319		388,838		518,993		680,291		783,372			1,029,894
Less: Interest on deposits		105,968		143,193		184,089		269,487		350,881		501,262			700,122
Total fixed charges excluding interest on deposits		144,134		158,126		204,749		249,506		329,410		282,110			329,772
Income before income taxes and fixed charges (including interest on deposits)	$	380,554	$	400,028	$	549,120	$	758,141	$	923,233	$	203,678		$	796,935
Income (loss) before income taxes and fixed charges (excluding interest on deposits)	$	274,586	$	256,835	$	365,031	$	488,654	$	572,352	($	297,584	)	$	96,813
Ratio of earnings to fixed charges
Including interest on deposits		1.5		1.3		1.4		1.5		1.4			(A)			(A)
Excluding interest on deposits		1.9		1.6		1.8		2.0		1.7			(A)			(A)
Ratio of earnings to fixed charges and preferred stock dividends
Including interest on deposits		1.5		1.3		1.4		1.4		1.4			(A)			(A)
Excluding interest on deposits		1.9		1.6		1.8		1.9		1.7			(A)			(A)

(1) The computation of earnings to fixed charges and preferred stock dividends excludes the results of discontinued operations.

(A) During the years ended December 31, 2009 and 2008, earnings were not sufficient to cover fixed charges or preferred stock dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $625 million and $235 million to achieve ratios of 1:1 in the corresponding periods of 2009 and 2008.