POPULAR, INC. - FORM 10-Q - EX-12.1

Exhibit 12.1

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


	Nine Months Ended					Year Ended December 31,
	September 30,			September 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		($370,236	)	$	88,880		($232,959	)	$	266,909	$	551,893	$	665,045	$	536,128

Fixed charges :

Interest expense		582,766			742,243		994,919			1,246,577		1,200,508		859,075		543,267
Estimated interest component of net rental payments		21,941			22,741		34,975			31,296		25,670		23,755		21,593

Total fixed charges including interest on deposits		604,707			764,984		1,029,894			1,277,873		1,226,178		882,830		564,860

Less: Interest on deposits		395,432			528,596		700,122			765,794		580,094		430,813		330,351

Total fixed charges excluding interest on deposits		209,275			236,388		329,772			512,079		646,084		452,017		234,509

Income before income taxes and fixed charges(including interest on deposits)	$	234,471		$	853,864	$	796,935		$	1,544,782	$	1,778,071	$	1,547,875	$	1,100,988

(Loss) income before income taxes and fixed charges(excluding interest on deposits)		($160,961	)	$	325,268	$	96,813		$	778,988	$	1,197,977	$	1,117,062	$	770,637

Ratio of earnings to fixed charges

Including Interest on Deposits		(A	)		1.1		(A	)		1.2		1.5		1.8		1.9

Excluding Interest on Deposits		(A	)		1.4		(A	)		1.5		1.9		2.5		3.3

Ratio of earnings to fixed charges & Preferred Stock Dividends

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

Excluding Interest on Deposits		(A	)		1.6		(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 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 and $417 million to achieve ratios of 1:1 in 2008 and the first nine months of 2009, respectively.

POPULAR, INC. - FORM 10-Q - EX-12.1 - November 9, 2009