EXHIBITS



Exhibit Number 12.1



GREAT WESTERN BANCORPORATION, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS



|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|------------------------------------------------------------------------------------------ |  | ---------------------- | - |  | ---------------------- | - |  | ---------------------- | - |  | ---------------------- | - |  | ---------------------- | -
|                                                                                           |  | Year EndedJune 30,2004 |   |  | Year EndedJune 30,2003 |   |  | Year EndedJune 30,2002 |   |  | Year EndedJune 30,2001 |   |  | Year EndedJune 30,2000 |  
|Income before income taxes and minority interest in net income of subsidiaries             |  | 39,996                 |   |  | 26,388                 |   |  | 21,246                 |   |  | 14,862                 |   |  | 13,988                 |  
|Add:                                                                                       |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Interest expense, including interest on deposits                                           |  | 42,063                 |   |  | 48,205                 |   |  | 60,181                 |   |  | 51,825                 |   |  | 31,515                 |  
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Income as adjusted                                                                         |  | 82,059                 |   |  | 74,593                 |   |  | 81,427                 |   |  | 66,687                 |   |  | 45,503                 |  
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Preferred dividend requirements                                                            |  | 676                    |   |  | 721                    |   |  | 900                    |   |  | 152                    |   |  | 152                    |  
|Ratio of income before provision for income taxes to income before minority interest       |  | 154                    | % |  | 159                    | % |  | 153                    | % |  | 150                    | % |  | 147                    | %
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Preferred dividend factor on pretax basis                                                  |  | 1,043                  |   |  | 1,150                  |   |  | 1,380                  |   |  | 227                    |   |  | 223                    |  
|Fixed charges                                                                              |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Interest expense, including interest on deposits                                           |  | 42,063                 |   |  | 48,205                 |   |  | 60,181                 |   |  | 51,825                 |   |  | 31,515                 |  
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Fixed charges and preferred dividends                                                      |  | 43,106                 |   |  | 49,355                 |   |  | 61,561                 |   |  | 52,052                 |   |  | 31,738                 |  
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Ratio of earnings to fixed charges and preferred dividends, including interest on deposits |  | 1.90                   | x |  | 1.51                   | x |  | 1.32                   | x |  | 1.28                   | x |  | 1.43                   | x
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Income before income taxes and minority interest in net income of subsidiaries             |  | 39,996                 |   |  | 26,388                 |   |  | 21,246                 |   |  | 14,862                 |   |  | 13,988                 |  
|Add:                                                                                       |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Interest expense, including interest on deposits                                           |  | 13,035                 |   |  | 12,412                 |   |  | 13,561                 |   |  | 9,520                  |   |  | 5,699                  |  
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Income as adjusted                                                                         |  | 53,031                 |   |  | 38,800                 |   |  | 34,807                 |   |  | 24,382                 |   |  | 19,687                 |  
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Preferred dividend requirements                                                            |  | 676                    |   |  | 721                    |   |  | 900                    |   |  | 152                    |   |  | 152                    |  
|Ratio of income before provision for income taxes to income before minority interest       |  | 154                    | % |  | 159                    | % |  | 153                    | % |  | 150                    | % |  | 147                    | %
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Preferred dividend factor on pretax basis                                                  |  | 1,043                  |   |  | 1,150                  |   |  | 1,380                  |   |  | 227                    |   |  | 223                    |  
|Fixed charges                                                                              |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Interest expense, excluding interest on deposits                                           |  | 13,035                 |   |  | 12,412                 |   |  | 13,561                 |   |  | 9,520                  |   |  | 5,699                  |  
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  
|Fixed charges and preferred dividends                                                      |  | 14,078                 |   |  | 13,562                 |   |  | 14,941                 |   |  | 9,747                  |   |  | 5,922                  |  
|Ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits |  | 3.77                   | x |  | 2.86                   | x |  | 2.33                   | x |  | 2.50                   | x |  | 3.32                   | x
|                                                                                           |  |                        |   |  |                        |   |  |                        |   |  |                        |   |  |                        |  



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