Exhibit 12.1
POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Year Ended December 31,
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2003 2002 2001 2000 1999
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Income before income taxes $ 597,410 $ 463,606 $ 408,404 $ 375,458 $ 340,036
Fixed charges:
Interest expense 749,550 863,553 1,039,105 1,167,396 897,932
Estimated interest component
of net rental payments 17,379 15,123 14,176 13,110 10,970
Total fixed charges including
interest on deposits 766,929 878,676 1,053,281 1,180,506 908,902
Less: Interest on deposits 342,891 432,415 517,881 529,373 452,215
Total fixed charges excluding
interest on deposits 424,038 446,261 535,400 651,133 456,687
Income before income taxes and
fixed charges(including interest
on deposits) $1,364,339 $1,342,283 $1,461,685 $1,555,965 $1,248,937
Income before income taxes and
fixed charges(excluding interest
on deposits) $1,021,448 $ 909,868 $ 943,804 $1,026,592 $ 796,722
Preferred stock dividends 9,919 2,510 8,350 8,350 8,350
Ratio of earnings to fixed charges
Including Interest on Deposits 1.8 1.5 1.4 1.3 1.4
Excluding Interest on Deposits 2.4 2.0 1.8 1.6 1.7
Ratio of earnings to fixed charges &
Preferred Stock Dividends
Including Interest on Deposits 1.8 1.5 1.4 1.3 1.4
Excluding Interest on Deposits 2.3 2.0 1.7 1.5 1.7