Exhibit 12.1



GREAT WESTERN BANCORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS



|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|------------------------------------------------------------------------------------------ |  | --------------------- | - |  | --------------------- | - |  | --------------------- | - |  | --------------------- | - |  | --------------------- | - |  | --------------------- | -
|                                                                                           |  | Year EndedJune 302005 |   |  | Year EndedJune 302004 |   |  | Year EndedJune 302003 |   |  | Year EndedJune 302002 |   |  | Year EndedJune 302001 |   |  | Year EndedJune 302000 |  
|Income before income taxes and minority interest in net income of subsidiaries             |  | 46,995                |   |  | 39,996                |   |  | 26,388                |   |  | 21,246                |   |  | 14,862                |   |  | 13,988                |  
|Add:                                                                                       |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Interest expense, including interest on deposits                                           |  | 49,976                |   |  | 42,063                |   |  | 48,205                |   |  | 60,181                |   |  | 51,825                |   |  | 31,515                |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Income as adjusted                                                                         |  | 96,971                |   |  | 82,059                |   |  | 74,593                |   |  | 81,427                |   |  | 66,687                |   |  | 45,503                |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Preferred dividend requirements                                                            |  | 671                   |   |  | 676                   |   |  | 721                   |   |  | 900                   |   |  | 152                   |   |  | 152                   |  
|Ratio of income before provision for income taxes to income before minority interest       |  | 153                   | % |  | 154                   | % |  | 159                   | % |  | 153                   | % |  | 150                   | % |  | 147                   | %
|Preferred dividend factor on pretax basis                                                  |  | 1,027                 |   |  | 1,043                 |   |  | 1,150                 |   |  | 1,380                 |   |  | 227                   |   |  | 223                   |  
|Fixed charges interest expense, including interest on deposits                             |  | 49,976                |   |  | 42,063                |   |  | 48,205                |   |  | 60,181                |   |  | 51,825                |   |  | 31,515                |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Fixed charges and preferred dividends                                                      |  | 51,003                |   |  | 43,106                |   |  | 49,355                |   |  | 61,561                |   |  | 52,052                |   |  | 31,738                |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Ratio on earnings to fixed charges and preferred dividends, including interest on deposits |  | 1.90                  | % |  | 1.90                  | % |  | 1.51                  | % |  | 1.32                  | % |  | 1.28                  | % |  | 1.43                  | %
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Income before income taxes and minority interest in net income of subsidiaries             |  | 46,995                |   |  | 39,996                |   |  | 26,388                |   |  | 21,246                |   |  | 14,862                |   |  | 13,988                |  
|Add:                                                                                       |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Interest expense, excluding interest on deposits                                           |  | 15,082                |   |  | 13,035                |   |  | 12,412                |   |  | 13,561                |   |  | 9,520                 |   |  | 5,699                 |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Income as adjusted                                                                         |  | 62,077                |   |  | 53,031                |   |  | 38,800                |   |  | 34,807                |   |  | 24,382                |   |  | 19,687                |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Preferred dividend requirements                                                            |  | 671                   |   |  | 676                   |   |  | 721                   |   |  | 900                   |   |  | 152                   |   |  | 152                   |  
|Ratio of income before provision for income taxes to income before minority interest       |  | 153                   | % |  | 154                   | % |  | 159                   | % |  | 153                   | % |  | 150                   | % |  | 147                   | %
|Preferred dividend factor on pretax basis                                                  |  | 1,027                 |   |  | 1,043                 |   |  | 1,150                 |   |  | 1,380                 |   |  | 227                   |   |  | 223                   |  
|Fixed charges interest expense, excluding interest on deposits                             |  | 15,082                |   |  | 13,035                |   |  | 12,412                |   |  | 13,561                |   |  | 9,520                 |   |  | 5,699                 |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Fixed charges and preferred dividends                                                      |  | 16,109                |   |  | 14,078                |   |  | 13,562                |   |  | 14,941                |   |  | 9,747                 |   |  | 5,922                 |  
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |  
|Ratio on earnings to fixed charges and preferred dividends, excluding interest on deposits |  | 3.85                  | % |  | 3.77                  | % |  | 2.86                  | % |  | 2.33                  | % |  | 2.50                  | % |  | 3.32                  | %
|                                                                                           |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |   |  |                       |