EX-12.1 30 y05475exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12.1:
 

Exhibit 12.1
JPMorgan Chase & Co.

Computation of ratio of earnings to fixed charges

         
Year ended December 31, 2004 (in millions, except ratios)        
 
 
        
Excluding interest on deposits
        
Income before income taxes
   $ 6,194  
 
      
Fixed charges:
        
Interest expense
     9,234  
One-third of rents, net of income from subleases(a)
     343  
 
      
Total fixed charges
     9,577  
 
      
Add: equity in undistributed loss of affiliates
     44  
 
      
Earnings before taxes and fixed charges, excluding capitalized interest
   $ 15,815  
 
      
Fixed charges, as above
   $ 9,577  
 
      
Ratio of earnings to fixed charges
     1.65  
 
      
 
        
Including interest on deposits
        
Fixed charges, as above
   $ 9,577  
Add: interest on deposits
     4,600  
 
      
Total fixed charges and interest on deposits
   $ 14,177  
 
      
Earnings before taxes and fixed charges, excluding capitalized interest, as above
   $ 15,815  
Add: interest on deposits
     4,600  
 
      
Total earnings before taxes, fixed charges and interest on deposits
   $ 20,415  
 
      
Ratio of earnings to fixed charges
     1.44  
 
      
 
(a)  
The proportion deemed representative of the interest factor.

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