exv12w1

Exhibit 12.1

POPULAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)


	Nine Months Ended					Year Ended December 31,
	September 30,		September 30,
	2010 ⁽¹⁾		2009 ⁽¹⁾			2009 ⁽¹⁾			2008 ⁽¹⁾			2007 ⁽¹⁾		2006⁽¹⁾		2005 ⁽¹⁾
(Loss) income from continuing operations before income taxes and cumulative effect of accounting changes	$	456,227		($370,236	)		($579,694	)		($232,959	)	$	266,909	$	551,893	$	665,045

Fixed charges :

Interest expense and capitalized		499,956		582,766			754,506			994,919			1,246,577		1,200,508		859,075
Estimated interest component of net rental payments		20,242		21,941			28,866			34,975			31,296		25,670		23,755

Total fixed charges including interest on deposits		520,198		604,707			783,372			1,029,894			1,277,873		1,226,178		882,830

Less: Interest on deposits		269,919		395,432			501,262			700,122			765,794		580,094		430,813

Total fixed charges excluding interest on deposits		250,279		209,275			282,110			329,772			512,079		646,084		452,017

Income before income taxes and fixed charges(including interest on deposits)	$	976,425	$	234,471		$	203,678		$	796,935		$	1,544,782	$	1,778,071	$	1,547,875

(Loss) income before income taxes and fixed charges(excluding interest on deposits)	$	706,506		($160,961	)		($297,584	)	$	96,813		$	778,988	$	1,197,977	$	1,117,062

Ratio of earnings to fixed charges

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

Excluding Interest on Deposits		2.8		(A	)		(A	)		(A	)		1.5		1.9		2.5

Ratio of earnings to fixed charges & Preferred Stock Dividends

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

Excluding Interest on Deposits		2.8		(A	)		(A	)		(A	)		1.5		1.8		2.4


⁽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, 2009 and the first nine 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, $625 million and $417 million to achieve ratios of 1:1 in 2008, 2009 and the first nine months of 2009, respectively.