<PAGE> 1
EXHIBIT 12.1
NATIONAL CITY CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30 Year Ended December 31
--------------------------- ------------------------------------------
(Dollars in Thousands) 2000 1999 1999 1998 1997
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<S> <C> <C> <C> <C> <C>
COMPUTATION EXCLUDING PREFERRED STOCK DIVIDENDS:
Income before income tax expense $ 1,504,552 $ 1,631,507 $ 2,148,613 $ 1,647,277 $ 1,640,033
Interest on non-deposit interest
bearing liabilities 1,257,149 903,247 1,277,054 998,753 738,923
Portion of rental expense deemed
representative of interest 26,213 22,545 30,567 30,397 27,597
----------- ----------- ----------- ----------- -----------
Total income for computation
excluding interest on deposits 2,787,914 2,557,299 3,456,234 2,676,427 2,406,553
Interest on deposits 1,410,657 1,209,684 1,635,533 1,846,276 1,813,251
----------- ----------- ----------- ----------- -----------
Total income for computation
including interest on deposits $ 4,198,571 $ 3,766,983 $ 5,091,767 $ 4,522,703 $ 4,219,804
=========== =========== =========== =========== ===========
Fixed charges excluding interest
on deposits $ 1,283,362 $ 925,792 $ 1,307,621 $ 1,029,150 $ 766,520
=========== =========== =========== =========== ===========
Fixed charges including interest
on deposits $ 2,694,019 $ 2,135,476 $ 2,943,154 $ 2,875,426 $ 2,579,771
=========== =========== =========== =========== ===========
Ratio excluding interest on
deposits 2.17x 2.76x 2.64x 2.60x 3.14x
Ratio including interest on
deposits 1.56x 1.76x 1.73x 1.57x 1.64x
COMPUTATION INCLUDING PREFERRED STOCK DIVIDENDS:
Total income for computation
excluding interest on deposits $ 2,787,914 $ 2,557,299 $ 3,456,234 $ 2,676,427 $ 2,406,553
=========== =========== =========== =========== ===========
Total income for computation
including interest on deposits $ 4,198,571 $ 3,766,983 $ 5,091,767 $ 4,522,703 $ 4,219,804
=========== =========== =========== =========== ===========
Fixed charges excluding interest
on deposits and dividends on
preferred stock $ 1,283,362 $ 925,792 $ 1,307,621 $ 1,029,150 $ 766,520
Pre-tax preferred stock dividends 1,842 1,972 2,691 3,357 -
----------- ----------- ----------- ----------- -----------
Fixed charges including preferred
stock dividends, excluding
interest on deposits 1,285,204 927,764 1,310,312 1,032,507 766,520
Interest on deposits 1,410,657 1,209,684 1,635,533 1,846,276 1,813,251
----------- ----------- ----------- ----------- -----------
Fixed charges including interest
on deposits and dividends on
preferred stock $ 2,695,861 $ 2,137,448 $ 2,945,845 $ 2,878,783 $ 2,579,771
=========== =========== =========== =========== ===========
Ratio excluding interest on
deposits 2.17x 2.76x 2.64x 2.59x 3.14x
Ratio including interest on
deposits 1.56x 1.76x 1.73x 1.57x 1.64x
COMPONENTS OF FIXED CHARGES:
Interest:
Interest on deposits $ 1,410,657 $ 1,209,684 $ 1,635,533 $ 1,846,276 $ 1,813,251
Interest on non-deposit interest
bearing liabilities 1,257,149 903,247 1,277,054 998,753 738,923
----------- ----------- ----------- ----------- -----------
Total interest charges $ 2,667,806 $ 2,112,931 $ 2,912,587 $ 2,845,029 $ 2,552,174
=========== =========== =========== =========== ===========
Rental Expense:
Building rental expense $ 79,434 $ 68,318 $ 92,626 $ 92,112 $ 83,627
Portion of rental expense deemed
representative of interest 26,213 22,545 30,567 30,397 27,597
Preferred Stock Charge:
Preferred stock dividends 1,197 1,282 1,749 2,182 -
Pre-tax preferred dividends 1,842 1,972 2,691 3,357 -
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31
---------------------------
(Dollars in Thousands) 1996 1995
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<S> <C> <C>
COMPUTATION EXCLUDING PREFERRED STOCK DIVIDENDS
Income before income tax expense $ 1,441,787 $ 1,208,000
Interest on non-deposit interest
bearing liabilities 611,741 673,000
Portion of rental expense deemed
representative of interest 25,053 23,563
----------- -----------
Total income for computation
excluding interest on deposits 2,078,581 1,904,563
Interest on deposits 1,862,084 1,975,000
----------- -----------
Total income for computation
including interest on deposits $ 3,940,665 $ 3,879,563
=========== ===========
Fixed charges excluding interest
on deposits $ 636,794 $ 696,563
=========== ===========
Fixed charges including interest
on deposits $ 2,498,878 $ 2,671,563
=========== ===========
Ratio excluding interest on
deposits 3.26x 2.73x
Ratio including interest on
deposits 1.58x 1.45x
COMPUTATION INCLUDING PREFERRED STOCK DIVIDENDS
Total income for computation
excluding interest on deposits $ 2,078,581 $ 1,904,563
=========== ===========
Total income for computation
including interest on deposits $ 3,940,665 $ 3,879,563
=========== ===========
Fixed charges excluding interest
on deposits and dividends on
preferred stock $ 636,794 $ 696,563
Pre-tax preferred stock dividends 6,197 22,815
----------- -----------
Fixed charges including preferred
stock dividends, excluding
interest on deposits 642,991 719,378
Interest on deposits 1,862,084 1,975,000
----------- -----------
Fixed charges including interest
on deposits and dividends on
preferred stock $ 2,505,075 $ 2,694,378
=========== ===========
Ratio excluding interest on
deposits 3.23x 2.65x
Ratio including interest on
deposits 1.57x 1.44x
COMPONENTS OF FIXED CHARGES:
Interest:
Interest on deposits $ 1,862,084 $ 1,975,000
Interest on non-deposit interest
bearing liabilities 611,741 673,000
----------- -----------
Total interest charges $ 2,473,825 $ 2,648,000
=========== ===========
Rental Expense:
Building rental expense $ 75,918 $ 71,403
Portion of rental expense deemed
representative of interest 25,053 23,563
Preferred Stock Charge:
Preferred stock dividends 4,028 14,830
Pre-tax preferred dividends 6,197 22,815
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