EX-12.1 3 y90829exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 

EXHIBIT 12.1

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)

                 
    Nine Months Ended          
    September 30, 2003          
Excluding Interest on Deposits
                
Income before income taxes
   $ 7,319          
 
              
Fixed charges:
                
Interest expense
     5,697          
One-third of rents, net of income from subleases (a)
     236          
 
              
Total fixed charges
     5,933          
 
              
Less: Equity in undistributed income of affiliates
     (58 )        
 
              
Earnings before taxes and fixed charges, excluding capitalized interest
   $ 13,194          
 
              
Fixed charges, as above
   $ 5,933          
 
              
Ratio of earnings to fixed charges
     2.22          
 
              
Including Interest on Deposits
                
Fixed charges, as above
   $ 5,933          
Add: Interest on deposits
     2,807          
 
              
Total fixed charges and interest on deposits
   $ 8,740          
 
              
Earnings before taxes and fixed charges, excluding capitalized interest, as above
   $ 13,194          
Add: Interest on deposits
     2,807          
 
              
Total earnings before taxes, fixed charges and interest on deposits
   $ 16,001          
 
              
Ratio of earnings to fixed charges
     1.83          
 
              
 
                
 

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