Exhibit 12.1

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

	Quarter ended				Year Ended December 31,
	March 31,		March 31,
	2006		2005 (1)		2005		2004		2003		2002		2001
Income before income taxes	$	152,134	$	203,343	$	680,942	$	628,067	$	597,410	$	463,606	$	408,404
Fixed charges :
Interest expense		382,446		275,994		1,241,652		840,754		749,550		863,553		1,039,105
Estimated interest component of net rental payments		5,273		6,548		27,454		25,068		22,940		19,963		18,713
Total fixed charges including interest on deposits		387,719		282,542		1,269,106		865,822		772,490		883,516		1,057,818
Less: Interest on deposits		124,411		97,056		430,813		330,351		342,891		432,415		517,881
Total fixed charges excluding interest on deposits		263,308		185,486		838,293		535,471		429,599		451,101		539,937
Income before income taxes and fixed charges(including interest on deposits)	$	539,853	$	485,885	$	1,950,048	$	1,493,889	$	1,369,900	$	1,347,122	$	1,466,222
Income before income taxes and fixed charges(excluding interest on deposits)	$	415,442	$	388,829	$	1,519,235	$	1,163,538	$	1,027,009	$	914,707	$	948,341
Preferred stock dividends		2,978		2,978		11,913		11,913		9,919		2,510		8,350
Ratio of earnings to fixed charges
Including Interest on Deposits		1.4		1.7		1.5		1.7		1.8		1.5		1.4
Excluding Interest on Deposits		1.6		2.1		1.8		2.2		2.4		2.0		1.8
Ratio of earnings to fixed charges & Preferred Stock Dividends
Including Interest on Deposits		1.4		1.7		1.5		1.7		1.7		1.5		1.4
Excluding Interest on Deposits		1.6		2.1		1.8		2.1		2.3		2.0		1.7

(1) In December 2005, the Corporation changed the estimate of the interest component of net rental payments. This change was applied retroactively to the March 31, 2005 quarterly computation of the ratio of earnings to fixed charges and preferred stock dividends, presented in the table above.