Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Year ended December 31,
	2013		2012		2011		2010 (1)		2009 (1)
Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes		$320,305		$160,282		$239,148		$242,942		($579,694	)
Fixed charges:
Interest expense and capitalized interest		315,685		379,086		505,523		653,603		754,506
Estimated interest component of net rental payments		9,874		9,752		13,470		26,688		28,866
Total fixed charges including interest on deposits		325,559		388,838		518,993		680,291		783,372
Less: Interest on deposits		137,364		184,089		269,487		350,881		501,262
Total fixed charges excluding interest on deposits		188,195		204,749		249,506		329,410		282,110
Income before income taxes and fixed charges (including interest on deposits)		$646,864		$549,120		$758,141		$923,233		$203,678
Income (loss) before income taxes and fixed charges (excluding interest on deposits)		$508,500		$365,031		$488,654		$572,352		($297,584	)
Ratio of earnings to fixed charges
Including interest on deposits		2.0		1.4		1.5		1.4		(A	)
Excluding interest on deposits		2.7		1.8		2.0		1.7		(A	)
Ratio of earnings to fixed charges and preferred stock dividends
Including interest on deposits		2.0		1.4		1.4		1.4		(A	)
Excluding interest on deposits		2.6		1.8		1.9		1.7		(A	)

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

(A) During 2009, 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 $625 million to achieve ratios of 1:1 in the corresponding period of 2009.