49
EXHIBIT 12(a)
CHEMICAL BANKING CORPORATION and Subsidiaries
Computation of ratio of earnings to fixed charges
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(in millions, except ratios)
Three Months Ended
March 31, 1994
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EXCLUDING INTEREST ON DEPOSITS
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Income before Income Taxes and
Effect of Accounting Changes $ 545
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Fixed charges:
Interest expense 427
One third of rents, net of income from subleases <a> 27
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Total fixed charges 454
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Less: Equity in undistributed income of affiliates (26)
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Earnings before taxes and fixed charges, excluding
capitalized interest $ 973
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Fixed charges, as above $ 454
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Ratio of earnings to fixed charges 2.14
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INCLUDING INTEREST ON DEPOSITS
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Fixed charges, as above $ 454
Add: Interest on deposits 520
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Total fixed charges and interest on deposits $ 974
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Earnings before taxes and fixed charges, excluding
capitalized interest, as above $ 973
Add: Interest on deposits 520
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Total earnings before taxes, fixed charges and
interest on deposits $ 1,493
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Ratio of earnings to fixed charges 1.53
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[FN]
<a> The proportion deemed representative of the interest factor.