Exhibit 12
Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(dollars in millions)
Three Months Ended Six Months Ended
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May 31, May 31, May 31, May 31,
2001 2000 2001 2000
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Ratio of Earnings to Fixed Charges
Earnings:
Income before income taxes(1) $1,465 $2,295 $3,158 $4,727
Add: Fixed charges, net 6,461 4,456 12,687 8,421
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Income before income taxes and
fixed charges, net $7,926 $6,751 $15,845 $13,148
====== ====== ======= =======
Fixed charges:
Total interest expense $6,417 $4,420 $12,600 $8,352
Interest factor in rents 48 36 95 69
------ ------ ------- ------
Total fixed charges $6,465 $4,456 $12,695 $8,421
====== ====== ======= ======
Ratio of earnings to fixed charges 1.2 1.5 1.2 1.6
Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends
Earnings:
Income before income taxes(1) $1,465 $2,295 $3,158 $4,727
Add: Fixed charges, net 6,461 4,456 12,687 8,421
------ ------ ------- ------
Income before income taxes and
fixed charges, net $7,926 $6,751 $15,845 $13,148
====== ====== ======= =======
Fixed charges:
Total interest expense $6,417 $4,420 $12,600 $8,352
Interest factor in rents 48 36 95 69
Preferred stock dividends 14 14 28 28
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Total fixed charges and preferred
stock dividends $6,479 $4,470 $12,723 $8,449
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Ratio of earnings to fixed charges and
preferred stock dividends 1.2 1.5 1.2 1.6
Fiscal Year
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2000 1999 1998 1997 1996
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Ratio of Earnings to Fixed Charges
Earnings:
Income before income taxes(1) $8,526 $7,728 $5,385 $4,274 $3,117
Add: Fixed charges, net 18,334 12,626 13,564 10,898 9,026
------- ------- ------- ------- ------
Income before income taxes and
fixed charges, net $26,860 $20,354 $18,949 $15,172 $12,143
======= ======= ======= ======= =======
Fixed charges:
Total interest expense $18,183 $12,515 $13,464 $10,806 $8,934
Interest factor in rents 156 111 100 92 92
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Total fixed charges $18,339 $12,626 $13,564 $10,898 $9,026
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Ratio of earnings to fixed charges 1.5 1.6 1.4 1.4 1.3
Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends
Earnings:
Income before income taxes(1) $8,526 $7,728 $5,385 $4,274 $3,117
Add: Fixed charges, net 18,334 12,626 13,564 10,898 9,026
------- ------- ------- ------- ------
Income before income taxes and
fixed charges, net $26,860 $20,354 $18,949 $15,172 $12,143
======= ======= ======= ======= =======
Fixed charges:
Total interest expense $18,183 $12,515 $13,464 $10,806 $8,934
Interest factor in rents 156 111 100 92 92
Preferred stock dividends 56 72 87 110 101
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Total fixed charges and preferred
stock dividends $18,395 $12,698 $13,651 $11,008 $9,127
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Ratio of earnings to fixed charges and
preferred stock dividends 1.5 1.6 1.4 1.4 1.3
(1) Fiscal 2001 and fiscal 1998 income before income taxes does not include the
cumulative effect of accounting change.
"Earnings" consist of income before income taxes and fixed charges. "Fixed
charges" consist of interest costs, including interest on deposits, and that
portion of rent expense estimated to be representative of the interest factor.
The preferred stock dividend amounts represent pre-tax earnings required to
cover dividends on preferred stock.