EX-12.1 2 a4q17erfexhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES - 4Q17 Exhibit


EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
 
Year ended December 31, (in millions, except ratios)
2017

Excluding interest on deposits
 
Income before income tax expense
$
35,900

Fixed charges:
 
Interest expense
11,418

One-third of rents, net of income from subleases (a)
534

Total fixed charges
11,952

Add: Equity in undistributed income of affiliates
1,352

Income before income tax expense and fixed charges, excluding capitalized interest
$
49,204

Fixed charges, as above
$
11,952

Ratio of earnings to fixed charges
4.12

Including interest on deposits
 
Fixed charges, as above
$
11,952

Add: Interest on deposits
2,857

Total fixed charges and interest on deposits
$
14,809

Income before income tax expense and fixed charges, excluding capitalized interest, as above
$
49,204

Add: Interest on deposits
2,857

Total income before income tax expense, fixed charges and interest on deposits
$
52,061

Ratio of earnings to fixed charges
3.52



(a)
The proportion deemed representative of the interest factor.