EXHIBIT 12(d)
BANKBOSTON CORPORATION
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
(Including Interest on Deposits)
The Corporation's ratios of earnings to combined fixed charges and preferred
stock dividend requirements (including interest on deposits) for the six months
ended June 30, 1999 and 1998 and for the five years ended December 31, 1998 were
as follows:
Six Months Ended
June 30, Years Ended December 31,
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(Dollars in millions) 1999 1998 1998 1997 1996 1995 1994
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Net income $ 473 $ 480 $ 792 $ 879 $ 650 $ 678 $ 542
Extraordinary item, net of tax 7
Income tax expense 277 301 477 589 483 529 422
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Pretax earnings $ 750 $ 781 $ 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 $ 24 $ 20 $ 42 $ 39 $ 40 $ 38 $ 35
Interest on borrowed funds 574 559 1,179 1,050 873 1,079 1,038
Interest on deposits 932 926 1,871 1,685 1,680 1,791 1,301
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Total fixed charges 1,530 1,505 3,092 2,774 2,593 2,908 2,374
Preferred stock dividend
requirements 0 14 15 53 65 68 67
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Total combined fixed charges
and preferred stock dividend
requirements $ 1,530 $ 1,519 $ 3,107 $ 2,827 $ 2,658 $ 2,976 $ 2,441
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Earnings (for ratio calculation)
(Pretax earnings
plus total fixed charges) $ 2,280 $ 2,286 $ 4,361 $ 4,242 $ 3,726 $ 4,115 $ 3,345
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Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements 1.49 1.50 1.40 1.50 1.40 1.38 1.37
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For purposes of computing the consolidated ratio of earnings to combined fixed
charges and preferred stock dividend requirements "earnings" represent income
before extraordinary item plus applicable income taxes and fixed charges.
"Fixed charges" include gross interest expense (including interest on deposits)
and the proportion deemed representative of the interest factor of rent expense,
net of income from subleases. Pretax earnings required for preferred stock
dividends were computed using tax rates for the applicable year.