Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Ratios in accordance with Colombian GAAP(1)
1) Excluding interest on deposits
Year Ended December 31, | ||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||||
Income before tax | (millions COP | ) | 1,783,210 | 1,733,944 | 1,958,128 | 2,145,762 | 2,174,843 | |||||||||||||||||
Interest expense | 2,753,341 | 2,625,416 | 1,571,581 | 2,042,006 | 2,894,860 | |||||||||||||||||||
Interest on deposits | 1,885,717 | 1,870,643 | 1,054,266 | 1,209,825 | 1,801,721 | |||||||||||||||||||
Preferred share dividends | — | — | — | — | — | |||||||||||||||||||
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Ratio | 3.06 | 3.30 | 4.79 | 3.58 | 2.99 | |||||||||||||||||||
2) Including interest on deposits | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||||
Income before tax | (millions COP | ) | 1,783,210 | 1,733,944 | 1,958,128 | 2,145,762 | 2,174,843 | |||||||||||||||||
Interest expense | 2,753,341 | 2,625,416 | 1,571,581 | 2,042,006 | 2,894,860 | |||||||||||||||||||
Preferred share dividends | — | — | — | — | — | |||||||||||||||||||
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Ratio | 1.65 | 1.66 | 2.25 | 2.05 | 1.75 | |||||||||||||||||||
Ratios in accordance with U.S. GAAP(1) | ||||||||||||||||||||||||
1) Excluding interest on deposits | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||||
Income before tax | (millions COP | ) | 1,135,738 | 1,497,238 | 1,957,791 | 1,398,850 | 2,178,069 | |||||||||||||||||
Interest expense | 2,944,406 | 2,944,742 | 1,907,641 | 2,382,799 | 3,133,236 | |||||||||||||||||||
Interest on deposits | 1,865,157 | 1,872,971 | 1,046,740 | 1,211,907 | 1,809,470 | |||||||||||||||||||
Preferred share dividends | — | — | — | — | — | |||||||||||||||||||
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Ratio | 2.05 | 2.40 | 3.27 | 2.19 | 2.65 | |||||||||||||||||||
2) Including interest on deposits | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||||
Income before tax U.S. GAAP for continuing operations | (millions COP | ) | 1,135,738 | 1,497,238 | 1,957,791 | 1,398,850 | 2,178,069 | |||||||||||||||||
Interest expense | 2,944,405 | 2,944,742 | 1,907,641 | 2,382,799 | 3,133,236 | |||||||||||||||||||
Preferred share dividends | — | — | — | — | — | |||||||||||||||||||
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Ratio | 1.39 | 1.51 | 2.03 | 1.59 | 1.70 |
(1) | For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of income before minority interest and income taxes. Fixed charges consist of total interest expense. |