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 five years ended December 31, 1997 were as follows:
Years Ended December 31,
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(Dollars in millions)
1997 1996 1995 1994 1993
----- ----- ----- ----- ------
Net income $ 879 $ 650 $ 678 $ 542 $ 367
Extraordinary items, net of tax 7
Cumulative effect of changes
in accounting principles,
net of tax (24)
Income tax expense 589 483 529 422 262
----- ----- ----- ----- -----
Pretax earnings 1,468 1,133 1,207 971 605
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Fixed charges:
Portion of rental expense
(net of sublease
rental income) which
approximates the
interest factor 39 40 38 35 36
Interest on borrowed funds 1,050 873 1,079 1,038 384
----- ----- ----- ----- -----
Total fixed charges 1,089 913 1,117 1,073 420
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Earnings (for ratio calculation) $ 2,557 $ 2,046 $ 2,324 $ 2,044 $ 1,025
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Total fixed charges $ 1,089 $ 913 $ 1,117 $ 1,073 $ 420
===== ===== ===== ===== =====
Ratio of earnings to fixed
charges 2.35 2.24 2.08 1.90 2.44
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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.