Exhibit 12.1

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

	For the six months ended				Year Ended December 31,
	June 30		June 30
	2006		2005 (1)		2005		2004		2003		2002		2001
Income before income taxes	$	273,346	$	374,495	$	680,942	$	628,067	$	597,410	$	463,606	$	408,404
Fixed charges:
Interest expense		778,703		565,660		1,241,652		840,754		749,550		863,553		1,039,105
Estimated interest component of net rental payments		15,523		14,269		27,454		25,068		22,940		19,963		18,713
Total fixed charges including interest on deposits		794,226		579,929		1,269,106		865,822		772,490		883,516		1,057,818
Less: Interest on deposits		260,372		196,744		430,813		330,351		342,891		432,415		517,881
Total fixed charges excluding interest on deposits		533,854		383,185		838,293		535,471		429,599		451,101		539,937
Income before income taxes and fixed charges(including interest on deposits)	$	1,067,572	$	954,424	$	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)	$	807,200	$	757,680	$	1,519,235	$	1,163,538	$	1,027,009	$	914,707	$	948,341
Preferred stock dividends		5,956		5,956		11,913		11,913		9,919		2,510		8,350
Ratio of earnings to fixed charges
Including Interest on Deposits		1.3		1.6		1.5		1.7		1.8		1.5		1.4
Excluding Interest on Deposits		1.5		2.0		1.8		2.2		2.4		2.0		1.8
Ratio of earnings to fixed charges & Preferred Stock Dividends
Including Interest on Deposits		1.3		1.6		1.5		1.7		1.7		1.5		1.4
Excluding Interest on Deposits		1.5		1.9		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 June 30, 2005 quarterly computation of the ratio of earnings to fixed charges and preferred stock dividends, presented in the table above.