EX-12 4 dp08934_ex1200.htm
 
Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
       
 
Year Ended December 31,
  
       
2007
    
2006
    
2005
    
2004
    
2003
  
       
(in thousands of euros, except ratios)
  
   
EU-IFRS(1)
  
   
Earnings
 
                              
  1  
Income before taxes, minority interest and extraordinary items
     8,494,568       7,030,336       5,591,753       4,136,840       -  
  2  
Add: Interest expenses and preferred dividend
     8,048,747       5,522,499       4,413,641       3,183,688       -  
  3  
Earnings excluding Interest on deposits
     16,543,315       12,552,835       10,005,394       7,320,528       -  
  4  
Add: Interest on deposits
     7,760,789       5,548,207       4,387,394       3,285,268       -  
  5  
Earnings including Interest on deposits
     24,304,104       18,101,042       14,392,788       10,605,796       -  
     
Fixed Charges
                                        
  6  
Fixed Charges excluding Interest on deposits (Line 2)
     8,048,747       5,522,499       4,413,641       3,183,688       -  
  7  
Add: Interest on deposits (Line 4)
     7,760,789       5,548,207       4,387,394       3,285,268       -  
  8  
Fixed Charges including Interest on deposits
     15,809,536       11,070,706       8,801,035       6,468,956       -  
 
Consolidated Ratios of Earnings to Fixed Charges
  
 
Including Interests on deposits (Line 5 / Line 8)
     1.54       1.64       1.64       1.64       -  
 
Excluding Interest on deposits (Line 3 / Line 6)
     2.06       2.27       2.27       2.30       -  
                                                       
     
Spanish GAAP(2)
  
     
Earnings
                                          
                                                 
  1  
Income before taxes, minority interest and extraordinary items
       -       -       -       -       3,812,140  
  2  
Add: Interest expenses and preferred dividend
       -       -       -       -       3,026,750  
  3  
Earnings excluding Interest on deposits
       -       -       -       -       6,838,890  
  4  
Add: Interest on deposits
       -       -       -       -       3,523,440  
  5  
Earnings including Interest on deposits
       -       -       -       -       10,362,330  
     
Fixed Charges
                               -          
  6  
Fixed Charges excluding Interest on deposits (Line 2)
       -       -       -       -       3,026,750  
  7  
Add: Interest on deposits (Line 4)
       -       -       -       -       3,523,440  
  8  
Fixed Charges including Interest on deposits
       -       -       -       -       6,550,190  
 
Consolidated Ratios of Earnings to Fixed Charges
  
 
Including Interests on deposits (Line 5 / Line 8)
     -       -       -       -       1.58  
 
Excluding Interest on deposits (Line 3 / Line 6)
     -       -       -       -       2.26  
 
 
 
(1)
EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004.

(2)
For quantitative information regarding the adjustments required to reconcile BBVA’s Spanish GAAP financial information to EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004, see Appendix VI to BBVA’s consolidated financial statements, which are included in the 2006 Form 20-F.