EXHIBIT 12

 

STATE STREET CORPORATION

 

Ratio of Earnings to Fixed Charges

 

(Dollars in millions)		Six Months Ended June 30, 2003			Years Ended December 31,
					2002				2001			2000			1999			1998
(A) Excluding interest on deposits:
Earnings:
Income before income taxes		$	129		$	1,555			$	944		$	914		$	974		$	662
Fixed charges			198			506				983			1,360			954			856
Earnings as adjusted		$	327		$	2,061			$	1,927		$	2,274		$	1,928		$	1,518
Income before income taxes:
Pretax income from continuing operations as reported		$	129		$	1,556			$	930		$	906		$	968		$	657
Share of pretax income (loss) of 50% owned subsidiaries not included in above			–			(1	)			14			8			6			5
Net income as adjusted		$	129		$	1,555			$	944		$	914		$	974		$	662
Fixed charges:
Interest on other borrowings		$	159		$	426			$	881		$	1,268		$	874		$	770
Interest on long-term debt including amortization of debt issue costs			34			71				93			82			70			66
Portion of rents representative of the interest factor in long term lease			5			9				9			10			10			20
Fixed charges		$	198		$	506			$	983		$	1,360		$	954		$	856
Ratio of earnings to fixed charges			1.65x			4.07x				1.96x			1.67x			2.02x			1.77x
(B) Including interest on deposits:
Adjusted earnings from (A) above		$	327		$	2,061			$	1,927		$	2,274		$	1,928		$	1,518
Add interest on deposits			208			498				856			1,012			712			656
Earnings as adjusted		$	535		$	2,559			$	2,783		$	3,286		$	2,640		$	2,174
Fixed charges:
Fixed charges from (A) above		$	198		$	506			$	983		$	1,360		$	954		$	856
Interest on deposits			208			498				856			1,012			712			656
Adjusted fixed charges		$	406		$	1,004			$	1,839		$	2,372		$	1,666		$	1,512
Adjusted earnings to adjusted fixed charges			1.32x			2.55x				1.51x			1.39x			1.58x			1.44x

 

 

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