EX-12.1 5 s002196x1_ex12-1.htm EXHIBIT 12.1
Exhibit 12.1
 
STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE SHARE DIVIDENDS

The following table shows our unaudited ratios of earnings to (a) fixed charges and (b) fixed charges and preference share dividends for each of the preceding five fiscal years.

   
For the year ended December 31,
  
   
2017
    
2016
    
2015
    
2014
    
2013
  
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES1
                              
Excluding interest on deposits
    31.94     26.27     17.23     19.91     7.74  
Including interest on deposits
    10.65      8.09      4.39       5.06     3.16  
                                         
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERERENCE SHARE DIVIDENDS2
                                        
Excluding interest on deposits
    N/A3 
 
    6.76      4.70       5.85     3.40  
Including interest on deposits
    N/A3 
 
    4.64      2.99       3.50     2.37  

(1)
For this purpose, earnings consist of income before tax plus fixed charges. Fixed charges consist of total interest expense, including or excluding interest on deposits, as appropriate.
(2)
Prefererence share dividends include cash dividends declared and paid and guarantee fees paid on preference shares.
(3)
In December 2016, the Bank redeemed and canceled all of its issued and outstanding preference shares.