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
--------------------------------------------
MAY 31, MAY 31, MAY 31, MAY 31,
1998 1997 1998 1997
--------- -------- ------- ------
RATIO OF EARNINGS TO FIXED CHARGES
Earnings:
Income before income taxes $1,400 $ 883 $2,533 $1,811
Add: Fixed charges, net 3,579 2,505 6,748 5,238
--------- -------- ------- ------
Income before income taxes and
fixed charges, net $4,979 $3,388 $9,281 $7,049
========= ======== ======= ======
Fixed charges:
Total interest expense $3,554 $2,478 $6,699 $5,187
Interest factor in rents 25 27 49 51
--------- -------- ------- ------
Total fixed charges $3,579 $2,505 $6,748 $5,238
========= ======== ======= ======
Ratio of earnings to fixed charges 1.4 1.4 1.4 1.3
RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
Earnings:
Income before income taxes $1,400 $ 883 $2,533 $1,811
Add: Fixed charges, net 3,579 2,505 6,748 5,238
--------- -------- ------- ------
Income before income taxes and
fixed charges, net $4,979 $3,388 $9,281 $7,049
========= ======== ======= ======
Fixed charges:
Total interest expense $3,554 $2,478 $6,699 $5,187
Interest factor in rents 25 27 49 51
Preferred stock dividends 24 29 48 60
--------- -------- ------- ------
Total fixed charges and preferred
stock dividends $3,603 $2,534 $6,796 $5,298
========= ======== ======= ======
Ratio of earnings to fixed charges and
preferred stock dividends 1.4 1.3 1.4 1.3
FISCAL YEAR
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1997 1996 1995
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RATIO OF EARNINGS TO FIXED CHARGES
Earnings:
Income before income taxes $ 4,274 $ 3,117 $ 2,292
Add: Fixed charges, net 10,898 9,026 8,285
---------- -------- ---------
Income before income taxes and
fixed charges, net $15,172 $12,143 $10,577
========== ======== =========
Fixed charges:
Total interest expense $10,806 $ 8,934 $ 8,190
Interest factor in rents 92 92 95
---------- -------- ---------
Total fixed charges $10,898 $ 9,026 $ 8,285
========== ======== =========
Ratio of earnings to fixed charges 1.4 1.3 1.3
RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
Earnings:
Income before income taxes $ 4,274 $ 3,117 $ 2,292
Add: Fixed charges, net 10,898 9,026 8,285
---------- -------- ---------
Income before income taxes and
fixed charges, net $15,172 $12,143 $10,577
========== ======== =========
Fixed charges:
Total interest expense $10,806 $ 8,934 $ 8,190
Interest factor in rents 92 92 95
Preferred stock dividends 110 101 95
---------- -------- ---------
Total fixed charges and preferred
stock dividends $11,008 $ 9,127 $ 8,380
========== ======== =========
Ratio of earnings to fixed charges and
preferred stock dividends 1.4 1.3 1.3
"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.