EXHIBIT 12(A)
BANKBOSTON 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 three months ended March 31, 1997 and 1996 and for the five
years ended December 31, 1996 were as follows:
Three Months Ended
March 31, Years Ended December 31,
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(Dollars in millions)
1997 1996 1996 1995 1994 1993 1992
---- ---- ----- ----- ----- ----- ----
Net income $ 207 $ 155 $ 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 139 112 483 529 422 262 190
---- ---- ----- ----- ----- ----- ----
Pretax earnings 346 267 1,133 1,207 971 605 455
---- ---- ----- ----- ----- ----- ----
Fixed charges:
Portion of rental expense
(net of sublease
rental income) which
approximates the
interest factor 10 10 40 38 35 36 37
Interest on borrowed funds 255 254 873 1,079 1,038 384 352
---- ---- ----- ----- ----- ----- ----
Total fixed charges 265 264 913 1,117 1,073 420 389
---- ---- ----- ----- ----- ----- ----
Earnings (for ratio calculation) $ 611 $ 531 $ 2,046 $ 2,324 $ 2,044 $ 1,025 $ 844
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Total fixed charges $ 265 $ 264 $ 913 $ 1,117 $ 1,073 $ 420 $ 389
==== ==== ===== ===== ===== ===== ====
Ratio of earnings to fixed
charges 2.31 2.01 2.24 2.08 1.90 2.44 2.17
==== ==== ===== ===== ===== ===== ====
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.