EX-12.2 4 y90829exv12w2.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 

EXHIBIT 12.2

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(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          
Preferred stock dividends (pre-tax)
     57          
 
              
Fixed charges including preferred stock dividends
   $ 5,990          
 
              
Ratio of earnings to fixed charges and preferred stock dividend requirements
     2.20          
 
              
Including Interest on Deposits
                
Fixed charges including preferred stock dividends, as above
   $ 5,990          
Add: Interest on deposits
     2,807          
 
              
Total fixed charges including preferred stock dividends and interest on deposits
   $ 8,797          
 
              
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 and preferred stock dividend requirements
     1.82          
 
              
 
                
 

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