Exhibit 99.2
Computation of Consolidated Ratio of Earnings
($ in million) | IFRS | |||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Excluding interest on deposits | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations before income taxes | 8,396 | 11,270 | 11,106 | 10,276 | 9,398 | |||||||||||||||
less: gain from investees | 242 | 650 | 559 | 407 | 414 | |||||||||||||||
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8,154 | 10,620 | 10,547 | 9,869 | 8,984 | ||||||||||||||||
Fixed charges | 1,661 | 1,894 | 1,475 | 1,147 | 1,251 | |||||||||||||||
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Earnings | 9,815 | 12,514 | 12,022 | 11,016 | 10,235 | |||||||||||||||
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Fixed charges | ||||||||||||||||||||
Interest expense | 1,661 | 1,736 | 1,332 | 1,014 | 1,123 | |||||||||||||||
Estimate of the interest within rental expense | — | 158 | 143 | 133 | 128 | |||||||||||||||
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Fixed charges | 1,661 | 1,894 | 1,475 | 1,147 | 1,251 | |||||||||||||||
Preference security dividend requirements(1) | 240 | 233 | 238 | 161 | 166 | |||||||||||||||
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Fixed charges and preferred dividends | 1,901 | 2,127 | 1,713 | 1,308 | 1,417 | |||||||||||||||
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Ratio of earnings to fixed charges | 5.91 | 6.61 | 8.15 | 9.60 | 8.18 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 5.16 | 5.88 | 7.02 | 8.42 | 7.22 | |||||||||||||||
Including interest on deposits | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations before income taxes | 8,396 | 11,270 | 11,106 | 10,276 | 9,398 | |||||||||||||||
less: gain from investees | 242 | 650 | 559 | 407 | 414 | |||||||||||||||
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8,154 | 10,620 | 10,547 | 9,869 | 8,984 | ||||||||||||||||
Fixed charges | 12,392 | 15,765 | 12,019 | 9,025 | 8,044 | |||||||||||||||
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Earnings | 20,546 | 26,385 | 22,566 | 18,894 | 17,028 | |||||||||||||||
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Fixed charges | ||||||||||||||||||||
Interest expense | 12,392 | 15,607 | 11,876 | 8,892 | 7,916 | |||||||||||||||
Estimate of the interest within rental expense | — | 158 | 143 | 133 | 128 | |||||||||||||||
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Fixed charges | 12,392 | 15,765 | 12,019 | 9,025 | 8,044 | |||||||||||||||
Preference security dividend requirements(1) | 240 | 233 | 238 | 161 | 166 | |||||||||||||||
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Fixed charges and preferred dividends | 12,632 | 15,998 | 12,257 | 9,186 | 8,210 | |||||||||||||||
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Ratio of earnings to fixed charges | 1.66 | 1.67 | 1.88 | 2.09 | 2.12 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.63 | 1.65 | 1.84 | 2.06 | 2.07 |
Note (1) | Preference security dividend requirements include the amount of pre-tax earnings that is required to pay the dividends on outstanding preference securities. |