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<PAGE> 1
Exhibit 12
KEYCORP
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in millions)
(unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31, YEAR ENDED DECEMBER 31,
-------------------------------- ----------------------------
2000 1999 1999 1998
-------------- --------------- ------------- ------------
<S> <C> <C> <C> <C>
COMPUTATION OF EARNINGS
Net income $ 367 $ 293 $1,107 $ 996
Add: Provision for income taxes 200 142 577 483
Less: Extraordinary net gain -- -- -- --
-------------- --------------- ------------- ------------
Income before income taxes and
extraordinary net gain 567 435 1,684 1,479
Fixed charges, excluding interest on deposits 451 398 1,649 1,517
-------------- --------------- ------------- ------------
Total earnings for computation,
excluding interest on deposits 1,018 833 3,333 2,996
Interest on deposits 377 309 1,305 1,359
-------------- --------------- ------------- ------------
Total earnings for computation,
including interest on deposits $1,395 $1,142 $4,638 $4,355
============== =============== ============= ============
COMPUTATION OF FIXED CHARGES
Net rental expense $38 $45 $173 $139
============== =============== ============= ============
Portion of net rental expense deemed
representative of interest $10 $11 $ 46 $ 35
Interest on short-term borrowed funds 174 173 646 801
Interest on long-term debt, including capital securities 267 214 957 681
-------------- --------------- ------------- ------------
Total fixed charges, excluding interest
on deposits 451 398 1,649 1,517
Interest on deposits 377 309 1,305 1,359
-------------- --------------- ------------- ------------
Total fixed charges, including interest
on deposits $828 $707 $2,954 $2,876
============== =============== ============= ============
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Preferred stock dividend requirement on
a pre-tax basis -- -- -- --
Total fixed charges, excluding interest on deposits $451 $398 $1,649 $1,517
-------------- --------------- ------------- ------------
Combined fixed charges and preferred stock
dividends, excluding interest on deposits 451 398 1,649 1,517
Interest on deposits 377 309 1,305 1,359
-------------- --------------- ------------- ------------
Combined fixed charges and preferred stock
dividends, including interest on deposits $828 $707 $2,954 $2,876
============== =============== ============= ============
RATIO OF EARNINGS TO FIXED CHARGES
Excluding deposit interest 2.26 x 2.09 x 2.02 x 1.97 x
Including deposit interest 1.68 x 1.62 x 1.57 x 1.51 x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
Excluding deposit interest 2.26 x 2.09 x 2.02 x 1.97 x
Including deposit interest 1.68 x 1.62 x 1.57 x 1.51 x
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------------------------
1997 1996 1995
------------- ------------ -------------
<S> <C> <C> <C>
COMPUTATION OF EARNINGS
Net income $ 919 $ 783 $ 825
Add: Provision for income taxes 426 360 368
Less: Extraordinary net gain -- -- 36
------------- ------------ -------------
Income before income taxes and
extraordinary net gain 1,345 1,143 1,157
Fixed charges, excluding interest on deposits 1,085 810 819
------------- ------------ -------------
Total earnings for computation,
excluding interest on deposits 2,430 1,953 1,976
Interest on deposits 1,462 1,469 1,705
------------- ------------ -------------
Total earnings for computation,
including interest on deposits $3,892 $3,422 $3,681
============= ============ =============
COMPUTATION OF FIXED CHARGES
Net rental expense $123 $126 $117
============= ============ =============
Portion of net rental expense deemed
representative of interest $ 30 $ 42 $ 39
Interest on short-term borrowed funds 642 492 519
Interest on long-term debt, including capital securities 413 276 261
------------- ------------ -------------
Total fixed charges, excluding interest
on deposits 1,085 810 819
Interest on deposits 1,462 1,469 1,705
------------- ------------ -------------
Total fixed charges, including interest
on deposits $2,547 $2,279 $2,524
============= ============ =============
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Preferred stock dividend requirement on
a pre-tax basis -- $ 12 $ 23
Total fixed charges, excluding interest on deposits $1,085 810 819
------------- ------------ -------------
Combined fixed charges and preferred stock
dividends, excluding interest on deposits 1,085 822 842
Interest on deposits 1,462 1,469 1,705
------------- ------------ -------------
Combined fixed charges and preferred stock
dividends, including interest on deposits $2,547 $2,291 $2,547
============= ============ =============
RATIO OF EARNINGS TO FIXED CHARGES
Excluding deposit interest 2.24 x 2.41 x 2.42 x
Including deposit interest 1.53 x 1.50 x 1.46 x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
Excluding deposit interest 2.24 x 2.38 x 2.35 x
Including deposit interest 1.53 x 1.49 x 1.45 x
</TABLE>
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