Exhibit 12.1

POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)

	Year Ended December 31,
	2007			2006			2005			2004			2003
(Loss) Income before income taxes		($149,238	)	$	455,716		$	680,942		$	628,067		$	597,410
Fixed charges:
Interest expense		1,678,781			1,636,531			1,241,652			840,754			749,550
Estimated interest component of net rental payments		37,187			31,047			27,454			25,068			22,940
Total fixed charges including interest on deposits		1,715,968			1,667,578			1,269,106			865,822			772,490
Less: Interest on deposits		765,793			580,094			430,813			330,351			342,891
Total fixed charges excluding interest on deposits		950,175			1,087,484			838,293			535,471			429,599
Income before income taxes and fixed charges(including interest on deposits)	$	1,566,730		$	2,123,294		$	1,950,048		$	1,493,889		$	1,369,900
Income before income taxes and fixed charges(excluding interest on deposits)	$	800,937		$	1,543,200		$	1,519,235		$	1,163,538		$	1,027,009
Preferred stock dividends		11,913			11,913			11,913			11,913			9,919
Ratio of earnings to fixed charges
Including Interest on Deposits		(A)			1.3	x		1.5	x		1.7	x		1.8	x
Excluding Interest on Deposits		(A)			1.4	x		1.8	x		2.2	x		2.4	x
Ratio of earnings to fixed charges & Preferred Stock Dividends
Including Interest on Deposits		(A)			1.3	x		1.5	x		1.7	x		1.7	x
Excluding Interest on Deposits		(A)			1.4	x		1.8	x		2.1	x		2.3	x

(A)   During 2007, earnings were not sufficient to cover fixed charges or preferred dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of $125 million to achieve ratios of 1:1 in 2007.