EX-12.1 3 e93280exv12w1.htm EXHIBIT 12.1 Exhibit 12.1
 

EXHIBIT 12.1

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

         
Year ended December 31, (in millions, except ratios)   2003  
 
Excluding Interest on Deposits
        
Income before income taxes
   $ 10,028  
 
      
 
Fixed charges:
        
Interest expense
     7,503  
One-third of rents, net of income from subleases (a)
     318  
 
      
Total fixed charges
     7,821  
 
      
 
Less: Equity in undistributed income of affiliates
     (102 )
 
      
 
Earnings before taxes and fixed charges, excluding capitalized interest
   $ 17,747  
 
      
 
Fixed charges, as above
   $ 7,821  
 
      
 
Ratio of earnings to fixed charges
     2.27  
 
      
 
Including Interest on Deposits
        
Fixed charges, as above
   $ 7,821  
 
Add: Interest on deposits
     3,604  
 
      
 
Total fixed charges and interest on deposits
   $ 11,425  
 
      
 
Earnings before taxes and fixed charges, excluding capitalized interest, as above
   $ 17,747  
 
Add: Interest on deposits
     3,604  
 
      
Total earnings before taxes, fixed charges and interest on deposits
   $ 21,351  
 
      
 
Ratio of earnings to fixed charges
     1.87  
 
      

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