Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Six months ended					Year ended December 31,
	June 30,			June 30,
	2013			2012		2012		2011		2010		2009 (1)			2008 (1)
(Loss) income from continuing operations before income taxes and cumulative effect of accounting changes	$	(110,624	)	$	42,780	$	160,282	$	239,148	$	242,942	$	(579,694	)	$	(232,959	)
Fixed charges:
Interest expense and capitalized interest		165,406			201,151		379,086		505,523		653,603		754,506			994,919
Estimated interest component of net rental payments		4,679			6,324		9,752		13,470		26,688		28,866			34,975
Total fixed charges including interest on deposits		170,085			207,475		388,838		518,993		680,291		783,372			1,029,894
Less: Interest on deposits		74,120			100,193		184,089		269,487		350,881		501,262			700,122
Total fixed charges excluding interest on deposits		95,965			107,282		204,749		249,506		329,410		282,110			329,772
Income before income taxes and fixed charges (including interest on deposits)	$	59,461		$	250,255	$	549,120	$	758,141	$	923,233	$	203,678		$	796,935
(Loss) income before income taxes and fixed charges (excluding interest on deposits)	$	(14,659	)	$	150,062	$	365,031	$	488,654	$	572,352	$	(297,584	)	$	96,813
Ratio of earnings to fixed charges
Including interest on deposits			(A)		1.2		1.4		1.5		1.4			(A)			(A)
Excluding interest on deposits			(A)		1.4		1.8		2.0		1.7			(A)			(A)
Ratio of earnings to fixed charges and preferred stock dividends
Including interest on deposits			(A)		1.2		1.4		1.4		1.4			(A)			(A)
Excluding interest on deposits			(A)		1.4		1.8		1.9		1.7			(A)			(A)

(1) The computation of earnings to fixed charges and preferred stock dividends excludes the results of discontinued operations.

(A) During the six months ended June 30, 2013 and the years ended December 31, 2009 and 2008, earnings were not sufficient to cover fixed charges or preferred stock dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $112 million, $625 million and $235 million to achieve ratios of 1:1 in the corresponding periods of 2013, 2009 and 2008.