Caterpillar Financial Services 10-Q 2001 Q2 Quarterly report

EXHIBIT 12

CATERPILLAR FINANCIAL SERVICES CORPORATION

COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES

(Unaudited)

(Millions of Dollars)

Three Months Ended     Six Months Ended    

	June 30,	June 30,	June 30,	June 30,
	2001	2000	2001	2000
Net Income	$  46	$  34	$  97	$  72
Add:
Provision for income taxes	26	17	54	38
Deduct:
Equity in profit of partnerships	(2)	(1)	(3)	(2)
Profit before taxes	$  70	$  50	$148	$108
Fixed charges:
Interest on borrowed funds	$182	$183	$376	$348
Rentals at computed interest*	2	1	3	2
Total fixed charges	$184	$184	$379	$350
Profit before taxes plus fixed charges	$254	$234	$527	$458
Ratio of profit before taxes plus fixed charges to fixed charges	1.38	1.27	1.39	1.31

*Those portions of rent expense that are representative of interest cost.