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                                                                   EXHIBIT 12(A)



                                                                 BANPONCE CORPORATION
                                                    COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                             AND PREFERRED STOCK DIVIDENDS
                                                                (Dollars in thousands)
                                       
                                                                Year Ended December 31,
                                       
                                               1996          1995        1994         1993          1992        
                                                                                              
Income before income taxes                    256,028      206,130      175,177      132,140      100,145       
                                                                                                                
Fixed charges                                                                                                   
                                                                                                                
  Interest expense                            591,540      521,624      351,633      280,008      300,135       
  Estimated interest component                                                                                  
   of net rental payments                       6,346        6,012        5,568        4,827        4,691       
                                                                                                                
  Total fixed charges including                                                                                 
   interest on deposits                       597,886      527,636      357,201      284,835      304,826       
                                                                                                                
  Less: Interest on deposits                  350,221      329,783      247,726      219,447      253,375       
                                                                                                                
  Total fixed charges excluding                                                                                 
   Interest on deposit                        247,665      187,853      109,475       65,388       51,451       
                                                                                                                
  Income before income taxes and                                                                                
   fixed charges (including interest                                                                            
    on deposits)                             $853,914     $733,766     $532,378     $416,975     $404,971       
                                                                                                                
  Income before income taxes and                                                                                
   fixed charges (excluding interest                                                                            
    on deposits                              $503,693     $403,983     $284,652     $197,528     $151,596       
                                                                                                                
  Preferred stock dividends                  $  8,350     $  8,350     $  4,630     $    770     $    770       
                                                                                                                
                                                                                                                
  Ratio of earnings to fixed charges                                                                            
                                                                                                                
   Including Interest on Deposits                 1.4          1.4          1.5          1.5          1.3       
                                                                                                                
   Excluding Interest on Deposits                 2.0          2.0          2.6          3.0          2.9       
                                                                                                                
  Ratio of earnings to fixed charges &                                                                          
    Preferred Stock Dividends                                                                                   
                                                                                                                
    Including Interest on Deposits                1.4          1.4          1.5          1.5          1.3       
                                                                                                                
    Excluding Interest on Deposits                2.0          2.0          2.5          3.0          2.9