Exhibit 12.1
POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
For the Six Months
Ended Year Ended December 31,
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June 30, June 30,
2003 2002 2002 2001 2000 1999 1998
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Income before income taxes $300,786 $248,141 $ 469,436 $ 409,114 $ 375,748 $ 340,224 $ 306,691
Fixed charges:
Interest expense 378,032 421,725 843,467 1,018,877 1,167,396 897,932 778,692
Estimated interest component
of net rental payments 8,338 7,088 15,123 14,176 13,110 10,970 8,817
Total fixed charges including
interest on deposits 386,370 428,813 858,590 1,033,053 1,180,506 908,902 787,509
Less: Interest on deposits 179,816 223,286 431,128 518,168 529,373 452,215 411,492
Total fixed charges excluding
interest on deposits 206,554 205,527 427,462 514,885 651,133 456,687 376,017
Income before income taxes and
fixed charges (including interest
on deposits) $687,156 $676,954 $1,328,026 $1,442,167 $1,556,254 $1,249,126 $1,094,200
Income before income taxes and
fixed charges (excluding interest
on deposits) $507,340 $453,668 $ 896,898 $ 923,999 $1,026,881 $ 796,911 $ 682,708
Preferred stock dividends 3,962 2,510 2,510 8,350 8,350 8,350 8,350
Ratio of earnings to fixed charges
Including Interest on Deposits 1.8 x 1.6 1.5 1.4 1.3 1.4 1.4
Excluding Interest on Deposits 2.5 x 2.2 2.1 1.8 1.6 1.7 1.8
Ratio of earnings to fixed charges & Preferred Stock Dividends
Including Interest on Deposits 1.8 x 1.6 1.5 1.4 1.3 1.4 1.4
Excluding Interest on Deposits 2.4 x 2.2 2.1 1.8 1.6 1.7 1.8