Exhibit 12.1

POPULAR, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Years ended December 31,
	2016		2015		2014			2013		2012
Income (loss) from continuing operations before income taxes and cumulative effect of accounting changes (1)	$	280,009	$	388,604	($	156,892	)	$	279,796	$	122,464
Fixed charges:
Interest expense and capitalized interest		212,327		193,840		688,280			315,685		379,086
Estimated interest component of net rental payments		10,009		11,391		11,665			9,874		9,752
Total fixed charges including interest on deposits		222,336		205,231		699,945			325,559		388,838
Less: Interest on deposits		127,577		107,533		105,087			137,364		184,089
Total fixed charges excluding interest on deposits		94,759		97,698		594,858			188,195		204,749
Income before income taxes and fixed charges (including interest on deposits)	$	502,345	$	593,835	$	543,053		$	605,355	$	511,302
Income before income taxes and fixed charges (excluding interest on deposits)	$	374,768	$	486,302	$	437,966		$	467,991	$	327,213
Ratio of earnings to fixed charges
Including interest on deposits		2.3		2.9		(A	)		1.9		1.3
Excluding interest on deposits		4.0		5.0		(A	)		2.5		1.6
Ratio of earnings to fixed charges and preferred stock dividends
Including interest on deposits		2.2		2.8		(A	)		1.8		1.3
Excluding interest on deposits		3.8		4.8		(A	)		2.4		1.6

(1) The computation of earnings to fixed charges and preferred stock dividends excludes the results of discontinued operations.

(A) During 2014, earnings were not sufficient to cover fixed charges or preferred stock dividends and the ratios were less than 1:1. The Corporation would have had to generate additional earnings of approximately $161 million to achieve ratios of 1:1 in the corresponding period of 2014.