1
EXHIBIT 12.1
The Chase Manhattan Corporation
and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
Year Ended December 31, (in millions, except ratios) 1996
- --------------------------------------------------------------------------------
Excluding Interest on Deposits
Income before income taxes $ 3,811
- --------------------------------------------------------------------------------
Fixed charges:
Interest expense 5,531
One third of rents, net of income from subleases(a) 116
- --------------------------------------------------------------------------------
Total fixed charges 5,647
- --------------------------------------------------------------------------------
Less: Equity in undistributed income of affiliates (64)
- --------------------------------------------------------------------------------
Earnings before taxes and fixed charges,
excluding capitalized interest $ 9,394
- --------------------------------------------------------------------------------
Fixed charges, as above $ 5,647
- --------------------------------------------------------------------------------
Preferred stock dividends 219
- --------------------------------------------------------------------------------
Fixed charges including preferred stock dividends $ 5,866
- --------------------------------------------------------------------------------
Ratio of earnings to fixed charges and
preferred stock dividend requirements 1.60
- --------------------------------------------------------------------------------
Including Interest on Deposits
Fixed charges including preferred stock dividends, as above $ 5,866
Add: Interest on deposits 6,038
- --------------------------------------------------------------------------------
Total fixed charges including preferred
stock dividends and interest on deposits $ 11,904
- --------------------------------------------------------------------------------
Earnings before taxes and fixed charges,
excluding capitalized interest, as above $ 9,394
Add: Interest on deposits 6,038
- --------------------------------------------------------------------------------
Total earnings before taxes, fixed charges
and interest on deposits $15,432
- --------------------------------------------------------------------------------
Ratio of earnings to fixed charges and
preferred stock dividend requirements 1.30
- --------------------------------------------------------------------------------
(a) The proportion deemed representative of the interest factor.