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, 1998 were as follows:
Years Ended December 31,
------------------------
(Dollars in millions)
1998 1997 1996 1995 1994
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Net income $ 792 $ 879 $ 650 $ 678 $ 542
Extraordinary item, net of tax 7
Income tax expense 477 589 483 529 422
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Pretax earnings 1,269 1,468 1,133 1,207 971
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Fixed charges:
Portion of rental expense
(net of sublease
rental income) which
approximates the
interest factor 42 39 40 38 35
Interest on borrowed funds 1,179 1,050 873 1,079 1,038
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Total fixed charges 1,221 1,089 913 1,117 1,073
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Earnings (for ratio calculation) $ 2,490 $ 2,557 $ 2,046 $ 2,324 $ 2,044
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Total fixed charges $ 1,221 $ 1,089 $ 913 $ 1,117 $ 1,073
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Ratio of earnings to fixed
charges 2.04 2.35 2.24 2.08 1.90
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For purposes of computing the consolidated ratio of earnings to fixed charges,
"earnings" represent income before extraordinary item 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.