exv12w1

Exhibit 12.1

POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)


	Six Months Ended					Year Ended December 31,
	June 30,			June 30,
	2009 ⁽¹⁾			2008 ⁽¹⁾		2008 ⁽¹⁾			2007 ⁽¹⁾		2006⁽¹⁾		2005 ⁽¹⁾		2004⁽¹⁾
(Loss) income from continuing operations before income taxes and cumulative effect of accounting changes		($247,079	)	$	151,744		($232,959	)	$	266,909	$	551,893	$	665,045	$	536,128

Fixed charges :

Interest expense		404,692			511,044		994,919			1,246,577		1,200,508		859,075		543,267
Estimated interest component of net rental payments		14,568			15,479		34,975			31,296		25,670		23,755		21,593

Total fixed charges including interest on deposits		419,260			526,523		1,029,894			1,277,873		1,226,178		882,830		564,860

Less: Interest on deposits		276,491			362,985		700,122			765,794		580,094		430,813		330,351

Total fixed charges excluding interest on deposits		142,769			163,538		329,772			512,079		646,084		452,017		234,509

Income before income taxes and fixed charges(including interest on deposits)	$	172,181		$	678,267	$	796,935		$	1,544,782	$	1,778,071	$	1,547,875	$	1,100,988

Income before income taxes and fixed charges(excluding interest on deposits)		($104,310	)	$	315,282	$	96,813		$	778,988	$	1,197,977	$	1,117,062	$	770,637

Preferred stock dividends		43,332			8,981		34,814			11,913		11,913		11,913		11,913

Ratio of earnings to fixed charges

Including Interest on Deposits		(A	)		1.3		(A	)		1.2		1.5		1.8		1.9

Excluding Interest on Deposits		(A	)		1.9		(A	)		1.5		1.9		2.5		3.3

Ratio of earnings to fixed charges & Preferred Stock Dividends

Including Interest on Deposits		(A	)		1.3		(A	)		1.2		1.4		1.7		1.9

Excluding Interest on Deposits		(A	)		1.8		(A	)		1.5		1.8		2.4		3.1


⁽¹⁾		On November 3, 2008, the Corporation sold residual interests and servicing related assets of Popular Financial Holding (“PFH”) and Popular, FS to Goldman Sachs Mortgage Company, Goldman, Sachs & Co. and Litton Loan Servicing, LP. In addition, on September 18, 2008, the Corporation announced the consummation of the sale of manufactured housing loans of PFH to 21st Mortgage Corp. and Vanderbilt Mortgage and Finance, Inc. The above transactions and past sales and restructuring plans executed at PFH in the past two years have resulted in the discontinuance of the Corporation’s PFH operations and PFH’s results are reflected as such in the Corporation’s Consolidated Statement of Operations. The computation of earnings to fixed charges and preferred stock dividends excludes discontinued operations. Prior periods have been retrospectively adjusted on a comparable basis.

(A)		During 2008 and the first six months of 2009, earnings were not sufficient to cover fixed charges or preferred dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $235 million and $290 million to achieve ratios of 1:1 in 2008 and the first six months of 2009, respectively.