.
.
.
EXHIBIT 99.3
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
TWELVE MONTHS ENDED DECEMBER 31,
---------------------------------------------------------------------------------
(in thousands of dollars) 2002 2001 2000 1999 1998
- -----------------------------------------------------------------------------------------------------------------------------------
EARNINGS:
Income before taxes $ 542,819 $ 122,281 $ 466,433 $ 651,428 $ 433,827
- -----------------------------------------------------------------------------------------------------------------------------------
Add: Fixed charges, excluding
interest on deposits 169,788 299,872 398,214 356,563 316,075
- -----------------------------------------------------------------------------------------------------------------------------------
Earnings available for fixed charges,
excluding interest on deposits 712,607 422,153 864,647 1,007,991 749,902
Add: Interest on deposits 389,895 657,892 782,076 639,605 672,433
- -----------------------------------------------------------------------------------------------------------------------------------
Earnings available for fixed charges,
including interest on deposits $1,102,502 $1,080,045 $1,646,723 $1,647,596 $1,422,335
===================================================================================================================================
FIXED CHARGES:
Interest expense, excluding
interest on deposits 157,888 285,445 383,997 344,635 305,838
Interest factor in net rental expense 11,900 14,427 14,217 11,928 10,237
- -----------------------------------------------------------------------------------------------------------------------------------
Total fixed charges, excluding
interest on deposits 169,788 299,872 398,214 356,563 316,075
Add: Interest on deposits 389,895 657,892 782,076 639,605 672,433
- -----------------------------------------------------------------------------------------------------------------------------------
Total fixed charges, including
interest on deposits $ 559,683 $ 957,764 $1,180,290 $ 996,168 $ 988,508
===================================================================================================================================
RATIO OF EARNINGS TO FIXED CHARGES
Excluding interest on deposits 4.20x 1.41x 2.17x 2.83x 2.37x
Including interest on deposits 1.97x 1.13x 1.40x 1.65x 1.44x