EXHIBIT 12(a)
BANK OF BOSTON CORPORATION
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(Excluding Interest on Deposits)
The Corporation's ratios of earnings to fixed charges (excluding interest on
deposits) for the five years ended
December 31, 1996 were as follows:
Years Ended December 31,
------------------------------------------------
(Dollars in millions)
1996 1995 1994 1993 1992
----- ----- ----- ----- ----
Net income $ 650 $ 678 $ 542 $ 367 $338
Extraordinary items, net
of tax 7 (73)
Cumulative effect of
changes
in accounting principles,
net of tax (24)
Income tax expense 483 529 422 262 190
------ ------ ------ ------ ---
Pretax earnings 1,133 1,207 971 605 455
----- ----- ----- ----- ---
Fixed charges:
Portion of rental
expense
(net of sublease
rental income) which
approximates the
interest factor 40 38 35 36 37
Interest on borrowed funds 873 1,079 1,038 384 352
----- ----- ----- ----- ----
Total fixed 913 1,117 1,073 420 389
charges ----- ----- ----- ----- ----
Earnings (for ratio calculation) $2,046 $2,324 $2,044 $1,025 $844
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Total fixed charges $ 913 $1,117 $1,073 $ 420 $389
====== ====== ====== ====== ====
Ratio of earnings to fixed
charges 2.24 2.08 1.90 2.44 2.17
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For purposes of computing the consolidated ratio of earnings to fixed charges
"earnings" represent income (before extraordinary items and cumulative effect of
changes in accounting principles) plus applicable income taxes and fixed
charges. "Fixed charges" include gross interest expense (excluding interest on
deposits) and the proportion deemed representative of the interest factor of
rent expense, net of income from subleases.