Exhibit 12(b).
Norwest Corporation and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Unaudited)
Year Ended December 31,
-----------------------------------------------------------
In thousands 1996 1995 1994 1993 1992
--------- -------- --------- -------- --------
Computation of Income:
Income before
income taxes $1,781,509 1,422,814 1,180,601 879,755 645,568
Capitalized interest (14) (112) (69) (65) (24)
--------- --------- --------- --------- ---------
Income before income
taxes and capitalized
interest 1,781,495 1,422,702 1,180,532 879,690 645,544
Fixed charges 2,685,447 2,503,603 1,640,049 1,485,936 1,651,664
--------- --------- --------- --------- ---------
Total income for
computation $4,466,942 3,926,305 2,820,581 2,365,626 2,297,208
========= ========= ========= ========= =========
Total income for
computation excluding
interest on deposits
from fixed charges $3,142,024 2,770,005 1,957,224 1,513,317 1,281,619
========= ========= ========= ========= =========
Computation of Fixed
Charges:
Net rental
expense (a) $ 205,409 166,591 149,462 128,573 123,342
========= ========= ========= ========= =========
Portion of rentals
deemed
representative
of interest $ 68,470 55,530 49,821 42,858 41,114
========= ========= ========= ========= =========
Interest:
Interest on
deposits 1,324,918 1,156,300 863,357 852,309 1,015,589
Interest on
federal funds
and other
short-term
borrowings 454,013 515,646 290,211 238,046 277,835
Interest on
long-term debt 838,032 776,015 436,591 352,658 317,102
Capitalized
interest 14 112 69 65 24
--------- --------- --------- --------- ---------
Total interest 2,616,977 2,448,073 1,590,228 1,443,078 1,610,550
--------- --------- --------- --------- ---------
Total fixed
charges $2,685,447 2,503,603 1,640,049 1,485,936 1,651,664
========= ========= ========= ========= =========
Total fixed
charges excluding
interest on
deposits $1,360,529 1,347,303 776,692 633,627 636,075
========= ========= ========= ========= =========
Preferred stock
dividends 17,763 41,220 27,827 31,170 32,219
Pre-tax earnings
needed to meet
preferred stock
dividend
requirements 27,424 61,349 41,044 44,728 44,367
Total combined fixed
charges and preferred
stock dividends $2,712,871 2,564,952 1,681,093 1,530,664 1,696,031
========= ========= ========= ========= =========
Total combined
fixed charges
and preferred stock
dividends excluding
interest on
deposits $1,387,953 1,408,652 817,736 678,355 680,442
========= ========= ========= ========= =========
(a) Includes equipment rentals.
Exhibit 12(b).
(continued)
Norwest Corporation and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Unaudited)
Year Ended December 31,
--------------------------------------------------------
In thousands 1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Ratio of Income to Combined
Fixed Charges and Preferred
Stock Dividends:
Excluding interest on
deposits 2.26x 1.97 2.39 2.23 1.88
Including interest on
deposits 1.65x 1.53 1.68 1.55 1.35