Exhibit 12(b).
NORWEST CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Unaudited)
Year Ended December 31,
-----------------------------------------------------
In thousands 1997 1996 1995 1994 1993
--------- --------- --------- --------- ---------
Computation of Income:
Income before
income taxes $2,049,726 1,781,509 1,422,814 1,180,601 879,755
Capitalized interest (22) (14) (112) (69) (65)
--------- --------- --------- --------- ---------
Income before income
taxes and capitalized
interest 2,049,704 1,781,495 1,422,702 1,180,532 879,690
Fixed charges 2,734,466 2,685,447 2,503,603 1,640,049 1,485,936
--------- --------- --------- --------- ---------
Total income for
computation $4,784,170 4,466,942 3,926,305 2,820,581 2,365,626
========= ========= ========= ========= =========
Total income for
computation excluding
interest on deposits
from fixed charges $3,337,488 3,142,024 2,770,005 1,957,224 1,513,317
========= ========= ========= ========= =========
Computation of Fixed
Charges:
Net rental
expense (a) $ 211,191 205,409 166,591 149,462 128,573
========= ========= ========= ========= =========
Portion of rentals
deemed
representative
of interest $ 70,397 68,470 55,530 49,821 42,858
--------- --------- --------- --------- ---------
Interest:
Interest on
deposits 1,446,682 1,324,918 1,156,300 863,357 852,309
Interest on
federal funds
and other
short-term
borrowings 439,492 454,013 515,646 290,211 238,046
Interest on
long-term debt 777,873 838,032 776,015 436,591 352,658
Capitalized
interest 22 14 112 69 65
--------- --------- --------- --------- ---------
Total interest 2,664,069 2,616,977 2,448,073 1,590,228 1,443,078
--------- --------- --------- --------- ---------
Total fixed
charges $2,734,466 2,685,447 2,503,603 1,640,049 1,485,936
========= ========= ========= ========= =========
Total fixed
charges excluding
interest on
deposits $1,287,784 1,360,529 1,347,303 776,692 633,627
========= ========= ========= ========= =========
Preferred stock
dividends 17,763 17,763 41,220 27,827 31,170
Pre-tax earnings
needed to meet
preferred stock
dividend
requirements 26,950 27,424 61,349 41,044 44,728
Total combined fixed
charges and preferred
stock dividends $2,761,416 2,712,871 2,564,952 1,681,093 1,530,664
Total combined ========= ========= ========= ========= =========
fixed charges
and preferred stock
dividends excluding
interest on
deposits $1,314,734 1,387,953 1,408,652 817,736 678,355
========= ========= ========= ========= =========
(a) Includes equipment rentals.
Exhibit 12(b).
(continued)
NORWEST CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Unaudited)
Year Ended December 31,
-----------------------------------------------------
In thousands 1997 1996 1995 1994 1993
--------- --------- --------- -------- --------
Ratio of Income to Combined
Fixed Charges and Preferred
Stock Dividends:
Excluding interest on
deposits 2.54x 2.26 1.97 2.39 2.23
Including interest on
Deposits 1.73x 1.65 1.53 1.68 1.55