Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Year ended December 31,
	2014 (1)			2013		2012		2011		2010
Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes	($	156,892	)	$	320,305	$	160,282	$	239,148	$	242,942
Fixed charges:
Interest expense and capitalized interest		688,280			315,685		379,086		505,523		653,603
Estimated interest component of net rental payments		11,665			9,874		9,752		13,470		26,688
Total fixed charges including interest on deposits		699,945			325,559		388,838		518,993		680,291
Less: Interest on deposits		105,087			137,364		184,089		269,487		350,881
Total fixed charges excluding interest on deposits		594,858			188,195		204,749		249,506		329,410
Income before income taxes and fixed charges (including interest on deposits)	$	543,053		$	645,864	$	549,120	$	758,141	$	923,233
Income (loss) before income taxes and fixed charges (excluding interest on deposits)	$	437,966		$	508,500	$	365,031	$	488,654	$	572,352
Ratio of earnings to fixed charges
Including interest on deposits		(A	)		2.0		1.4		1.5		1.4
Excluding interest on deposits		(A	)		2.7		1.8		2.0		1.7
Ratio of earnings to fixed charges and preferred stock dividends
Including interest on deposits		(A	)		2.0		1.4		1.4		1.4
Excluding interest on deposits		(A	)		2.6		1.8		1.9		1.7

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

(A) During 2014, 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 $161 million to achieve ratios of 1:1 in the corresponding period of 2014.