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                                                                    EXHIBIT 12.0


                             BANPONCE CORPORATION
              COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                            (Dollars in thousands)





                                                            YEAR ENDED DECEMBER 31,

                                        1993        1992       1991         1990        1989       1988               
                                                                                                                      
                                                                                                 
Income before income taxes            $132,140   $100,145    $72,164        $72,606    $67,695    $55,717             
                                                                                                                      
                                                                                                                      
Fixed charges :                                                                                                       
                                                                                                                      
  Interest expense                     280,008    300,135    387,134        281,561    307,273    264,847             
  Estimated interest component                                                                                        
    of net rental payments               4,827      4,691      4,674          3,007      2,483      2,493             
                                                                                                                      
  Total fixed charges including                                                                                       
    interest on deposits               284,835    304,826    391,808        284,568    309,756    267,340             
                                                                                                                      
  Less: Interest on deposits           219,447    253,375    323,717        257,099    261,474    220,247             
                                                                                                                      
  Total fixed charges excluding                                                                                       
    interest on deposits                65,388     51,451     68,091         27,469     48,282     47,093             
                                                                                                                      
                                                                                                                      
Income before income taxes and                                                                                        
  fixed charges (including interest                                                                                   
  on deposits)                        $416,975   $404,971   $463,972       $357,174   $377,451   $323,057            
                                                                                                                      
Income before income taxes and                                                                                        
  fixed charges (excluding interest                                                                                   
  on deposits)                        $197,528   $151,596   $140,255       $100,075   $115,977   $102,810             
                                                                                                                      
                                                                                                                      
                                                                                                                      
                                                                                                                      
Ratio of earnings to fixed charges                                                                                    
                                                                                                                      
  Including Interest on Deposits           1.5        1.3        1.2            1.3        1.2        1.2             
                                                                                                                      
  Excluding Interest on Deposits           3.0        2.9        2.1            3.6        2.4        2.2             
                                                                      

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