EX-12.2 2 v346612_ex12-2.htm EXHIBIT 12.2

Exhibit 12.2

 

Ratio of earnings to fixed charges

 

Ratios in accordance with Colombian GAAP(1)

 

1) Excluding interest on deposits

      

  31-Mar-12 31-Mar-13
Income before taxes (in millions COP)                595,216                680,562
Interest expense                653,527                792,676
Interest on deposits                396,434                525,249
Ratio                       3.32                       3.54

  

2) Including interest on deposits     

 

  31-Mar-12 31-Mar-13
Income before taxes (in millions COP)                595,216                680,562
Interest expense                653,527                792,676
Ratio                       1.91                       1.86

 

(1)For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of income before minority interest and income taxes. Fixed charges consist of total interest expense.