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                                                                  EXHIBIT 12.0  
               
  
                             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                                 7,065    6,012    5,568      4,827      4,691            
                                                                                                                    
  Total fixed charges including                                                                                     
    interest on deposits                                 598,605  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 deposits                                 248,384  197,853  109,475     65,388     51,451            
                                                                                                                    
                                                                                                                    
Income before income taxes and                                                                                      
  fixed charges(including interest                                                                                  
  on deposits)                                          $854,633 $733,766 $532,378   $416,975   $404,971            
                                                                                                                    
Income before income taxes and                                                                                      
  fixed charges(excluding interest                                                                                  
  on deposits)                                          $504,412 $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