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EXHIBIT 12(b)
BANK OF BOSTON CORPORATION
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(Including Interest on Deposits)
The Corporation's ratios of earnings to fixed charges (including interest on
deposits) for the five years ended December 31, 1993 were as follows:
Years Ended December 31,
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(Dollars in thousands)
1993 1992 1991 1990 1989
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Net income (loss) $ 299,026 $ 278,881 $ (113,155) $ (468,248) $ 138,114
Extraordinary items, net of tax (72,968) (7,758) (43,649)
Cumulative effect of changes in
accounting principles, net of tax (24,203)
Income tax expense (benefit) 214,683 152,781 (57,990) 2,579 84,951
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Pretax earnings (loss) 489,506 358,694 (178,903) (509,318) 223,065
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Fixed charges:
Portion of rental expense
(net of sublease rental income)
which approximates the interest
factor 27,063 28,159 30,370 38,747 35,482
Interest on borrowed funds 1,719,111 1,029,054 608,552 1,229,816 1,953,723
Interest on deposits 3,856,025 2,771,873 2,731,559 3,236,691 3,357,336
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Total fixed charges 5,602,199 3,829,086 3,370,481 4,505,254 5,346,541
---------- ---------- ---------- ---------- ----------
Earnings (for ratio calculation) $ 6,091,705 $ 4,187,780 $ 3,191,578 $ 3,995,936 $ 5,569,606
========== ========== ========== ========== ==========
Total fixed charges $ 5,602,199 $ 3,829,086 $ 3,370,481 $ 4,505,254 $ 5,346,541
========== ========== ========== ========== ==========
Ratio of earnings to fixed charges 1.09 1.09 .95 .89 1.04
========== ========== ========== ========== ==========
For purposes of computing the consolidated ratio of earnings to fixed charges
"earnings" represent income (loss) before extraordinary items and cumulative
effect of changes in accounting principles plus applicable income taxes and
fixed charges. "Fixed charges" include gross interest expense (including
interest on deposits) and the proportion deemed representative of the interest
factor of rent expense, net of income from subleases.