EXHIBIT 12
Calculation of Ratio of Earnings to Fixed Charges
Santiago- Chilean GAAP
Year ended December 31, Six months ended June,
Earnings 1997 1998 1999 2000 2001 2001 2002
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Add:
Pretax income from continuing
operations before minority
interest and income from
equity investees 70,441 75,761 48,537 91,609 115,032 64,204 75,154
Fixed charges 411,097 461,055 359,881 393,008 328,351 168,200 130,971
Distributed income of equity
investees 807 457 205 324 175 230 155
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Total 482,346 537,272 408,622 484,941 443,558 232,634 206,280
Fixed charges
Add:
Interest expensed and capitalized 409,980 459,905 358,529 391,652 327,033 167,541 130,312
Estimate of interest within rental
expense 1,117 1,150 1,352 1,356 1,318 659 659
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Total 411,097 461,055 359,881 393,008 328,351 168,200 130,971
Interest on deposits 222,974 308,995 232,093 209,294 158,325 83,133 61,897
Ratio of earnings to fixed charges
Including interest on deposits 1.17 1.17 1.14 1.23 1.35 1.38 1.58
Excluding interest on deposits 1.38 1.50 1.38 1.50 1.68 1.76 2.09
Old Santander - Chilean GAAP
Year ended December 31, Six months ended June 30,
Earnings 1997 1998 1999 2000 2001 2001 2002
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Add:
Pretax income from continuing
operations before MI and
income from equity investees 42,419 52,133 68,669 96,274 108,979 57,637 67,388
Fixed charges 352,465 393,138 319,532 352,948 288,020 149,060 113,554
Distributed income of equity
investees 316 270 134 136 138 138 115
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Total 395,201 445,541 388,335 449,358 397,137 206,835 181,057
Fixed charges
Add:
Interest expensed and capitalized 350,586 391,259 317,653 351,025 286,05 148,075 112,569
Estimate of interest within rental
expense 1,879 1,879 1,879 1,923 1,970 985 985
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Total 352,465 393,138 319,532 352,948 288,020 149,060 113,554
Interest on deposits 211,631 239,903 182,756 212,223 154,137 81,052 56,339
Ratio of earnings to fixed charges
Including interest on deposits 1.12 1.13 1.22 1.27 1.38 1.39 1.59
Excluding interest on deposits 1.30 1.34 1.50 1.69 1.82 1.85 2.18
US GAAP
Year ended December 31, Six months ended June,
Earnings 1997 1998 1999 2000 2001 2001 2002
-------------------------------------------------------- -----------------------
Add:
Pretax income from continuing
operations before minority
interest and income from
equity investees 37,111 28,096 108,571 194,985 224,441 133,035 166,900
Fixed charges 348,464 399,923 568,482 767,665 628,393 323,630 246,004
Distributed income of equity
investees 293 250 339 460 313 230 155
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Total 385,867 428,269 677,392 963,110 853,147 456,895 413,059
Fixed charges
Add:
Interest expensed and capitalized 347,347 398,773 565,390 764,387 625,105 321,986 244,360
Estimate of interest within rental
expense 1,117 1,150 3,092 3,278 3,288 1,644 1,644
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Total 348,464 399,923 568,482 767,665 628,393 323,630 246,004
Interest on deposits 211,631 239,903 334,480 421,737 311,937 163,839 118,236
Ratio of earnings to fixed charges
Including interest on deposits 1.11 1.07 1.19 1.25 1.36 1.41 1.68
Excluding interest on deposits 1.27 1.18 1.47 1.56 1.71 1.83 2.31