Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Quarter ended				Year ended December 31,
	March 31,		March 31,
	2016		2015		2015		2014			2013		2012		2011
Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes (1)	$	111,388	$	104,965	$	388,604	($	156,892	)	$	279,796	$	122,464	$	212,938
Fixed charges :
Interest expense and capitalized interest		51,560		46,831		193,840		688,280			315,685		379,086		505,523
Estimated interest component of net rental payments		2,532		3,324		11,391		11,665			9,874		9,752		13,470
Total fixed charges including interest on deposits		54,092		50,155		205,231		699,945			325,559		388,838		518,993
Less: Interest on deposits		29,874		25,864		107,533		105,087			137,364		184,089		269,487
Total fixed charges excluding interest on deposits		24,218		24,291		97,698		594,858			188,195		204,749		249,506
Income before income taxes and fixed charges (including interest on deposits)	$	165,480	$	155,120	$	593,835	$	543,053		$	605,355	$	511,302	$	731,931
Income before income taxes and fixed charges (excluding interest on deposits)	$	135,606	$	129,256	$	486,302	$	437,966		$	467,991	$	327,213	$	462,444
Ratio of earnings to fixed charges
Including interest on deposits		3.1		3.1		2.9		(A	)		1.9		1.3		1.4
Excluding interest on deposits		5.6		5.3		5.0		(A	)		2.5		1.6		1.9
Ratio of earnings to fixed charges and preferred stock dividends
Including interest on deposits		3.0		3.0		2.8		(A	)		1.8		1.3		1.4
Excluding interest on deposits		5.4		5.0		4.8		(A	)		2.4		1.6		1.8

(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.

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