EXHIBIT 12 (a)
FLEET FINANCIAL GROUP, INC.
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS
(dollars in millions)
Six Three
Months Months
Ended Ended
June 30, June 30, Year ended December 31,
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1998 1998 1997 1996 1995 1994 1993
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Earnings:
Income before income taxes and cumulative effect of
accounting changes $ 1,181 $ 646 $ 2,294 $ 2,070 $ 1,156 $ 1,460 $ 1,173
Adjustments:
(a) Fixed charges:
(1) Interest on borrowed funds 497 271 737 813 1,413 1,074 790
(2) 1/3 of rent 27 13 53 55 52 53 54
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(b) Adjusted earnings $ 1,705 $ 930 $ 3,084 $ 2,938 $ 2,621 $ 2,587 $ 2,017
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Fixed charges $ 524 $ 284 $ 790 $ 868 $ 1,465 $ 1,127 $ 844
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Adjusted earnings/Fixed charges 3.27x 3.30x 3.90x 3.38x 1.79x 2.30x 2.39x
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INCLUDING INTEREST ON DEPOSITS
(dollars in millions)
Six Three
Months Months
Ended Ended
June 30, June 30, Year ended December 31,
- -------------------------------------------------------------------- ------------------------------------------------------
1998 1998 1997 1996 1995 1994 1993
- -------------------------------------------------------------------- ------------------------------------------------------
Earnings:
Income before income taxes and cumulative effect of
accounting changes $1,181 $ 646 $2,294 $2,070 $1,156 $1,460 $1,173
Adjustments:
(a) Fixed charges:
(1) Interest on borrowed funds 497 271 737 813 1,413 1,074 790
(2) 1/3 of rent 27 13 53 55 52 53 54
(3) Interest on deposits 912 474 1,654 1,754 1,726 1,170 1,165
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(b) Adjusted earnings $2,617 $1,404 $4,738 $4,692 $4,347 $3,757 $3,182
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Fixed charges $1,436 $ 758 $2,444 $2,622 $3,191 $2,297 $2,009
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Adjusted earnings/Fixed charges 1.83x 1.86x 1.94x 1.79x 1.36x 1.64x 1.58x
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