<PAGE>
 
                                                                      Exhibit 12
                                                                     Page 1 of 2

                            BankAmerica Corporation
                      Ratio of Earnings to Fixed Charges

<TABLE>
<CAPTION>
                                                                                              Year Ended December 31              
                                                                                --------------------------------------------------
(dollar amounts in millions)                                                         1997      1996      1995      1994      1993 
                                                                                     ----      ----      ----      ----      ---- 
<S>                                                                                 <C>       <C>       <C>       <C>       <C>   
EXCLUDING INTEREST ON DEPOSITS
                                                                                                                                  
Fixed charges:                                                                                                                    
        Interest expense (other than interest on deposits)                         $ 2,995   $ 2,713   $ 2,455    $1,505    $1,215
        Interest payments on trust preferred securities (see footnote (a))             143         7         -         -         -
        Interest factor in rent expense                                                122       125       120       109       112
        Other                                                                            2         -         -         3         2
                                                                                 --------- --------- --------- --------- --------- 
                                                                                   $ 3,262   $ 2,845   $ 2,575    $1,617    $1,329
                                                                                 ========= ========= ========= ========= =========
Earnings:                                                                                                                         
        Income from operations                                                     $ 3,210   $ 2,873   $ 2,664    $2,176    $1,954
        Applicable income taxes                                                      2,116     1,900     1,903     1,541     1,474
        Fixed charges                                                                3,262     2,845     2,575     1,617     1,329
        Other                                                                         (51)       (9)      (12)      (55)      (39)
                                                                                 --------- --------- --------- --------- --------- 
                                                                                   $ 8,537   $ 7,609   $ 7,130    $5,279    $4,718
                                                                                 ========= ========= ========= ========= =========
Ratio of earnings to fixed charges,                                                                                               
  excluding interest on deposits                                                      2.62      2.67      2.77      3.26      3.55
                                                                                                                                  
                                                                                                                                  
INCLUDING INTEREST ON DEPOSITS
                                                                                                                                  
Fixed charges:                                                                                                                    
        Interest expense                                                           $ 8,788   $ 8,072   $ 7,378    $4,842    $4,186
        Interest payments on trust preferred securities (see footnote (a))             143         7         -         -         -
        Interest factor in rent expense                                                122       125       120       109       112
        Other                                                                            2         -         -         3         2
                                                                                 --------- --------- --------- --------- --------- 
                                                                                   $ 9,055   $ 8,204   $ 7,498    $4,954    $4,300
                                                                                 ========= ========= ========= ========= =========
Earnings:                                                                                                                         
        Income from operations                                                     $ 3,210   $ 2,873    $2,664    $2,176    $1,954
        Applicable income taxes                                                      2,116     1,900     1,903     1,541     1,474
        Fixed charges                                                                9,055     8,204     7,498     4,954     4,300
        Other                                                                         (51)       (9)      (12)      (55)      (39)
                                                                                 --------- --------- --------- --------- --------- 
                                                                                   $14,330   $12,968   $12,053    $8,616    $7,689
                                                                                 ========= ========= ========= ========= =========
Ratio of earnings to fixed charges, 
including interest on deposits                                                        1.58      1.58      1.61      1.74      1.79 
</TABLE>

(a) Trust preferred securities represent corporation obligated mandatorily
    redeemable preferred securities of subsidiary trusts holding solely junior
    subordinated deferrable interest debentures of the corporation.


<PAGE>
 
                                                                      Exhibit 12
                                                                     Page 2 of 2
                            BankAmerica Corporation
       Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
<TABLE>
<CAPTION>
                                                                                          Year Ended December 31             
                                                                               ---------------------------------------------
(dollar amounts in millions)                                                       1997     1996     1995     1994     1993 
                                                                                   ----     ----     ----     ----     ---- 
<S>                                                                            <C>         <C>      <C>      <C>      <C>   
EXCLUDING INTEREST ON DEPOSITS                                                                                              
                                                                                                                            
Fixed charges and preferred dividends:                                                                                      
        Interest expense (other than interest on deposits)                       $ 2,995  $ 2,713  $ 2,455   $1,505   $1,215
        Interest payments on trust preferred securities (see footnote (a))           143        7        -        -        -
        Interest factor in rent expense                                              122      125      120      109      112
        Preferred dividend requirements (see footnote (b))                           166      307      389      424      423
        Other                                                                          2        -        -        3        2
                                                                                -------- -------- -------- -------- --------
                                                                                 $ 3,428  $ 3,152  $ 2,964   $2,041   $1,752
                                                                                ======== ======== ======== ======== ========
Earnings:                                                                                                                   
        Income from operations                                                   $ 3,210  $ 2,873  $ 2,664   $2,176   $1,954
        Applicable income taxes                                                    2,116    1,900    1,903    1,541    1,474
        Fixed charges, excluding preferred dividend requirements                   3,262    2,845    2,575    1,617    1,329
        Other                                                                       (51)      (9)     (12)     (55)     (39)
                                                                                -------- -------- -------- -------- --------
                                                                                 $ 8,537  $ 7,609  $ 7,130   $5,279   $4,718
                                                                                ======== ======== ======== ======== ========
Ratio of earnings to fixed charges and preferred dividends,                                                                 
  excluding interest on deposits                                                    2.49     2.41     2.41     2.59     2.69
                                                                                                                            
                                                                                                                            
INCLUDING INTEREST ON DEPOSITS                                                                                              
                                                                                                                            
Fixed charges and preferred dividends:                                                                                      
        Interest expense                                                         $ 8,788  $ 8,072  $ 7,378   $4,842   $4,186
        Interest payments on trust preferred securities (see footnote (a))           143        7        -        -        -
        Interest factor in rent expense                                              122      125      120      109      112
        Preferred dividend requirements (see footnote (b))                           166      307      389      424      423
        Other                                                                          2        -        -        3        2
                                                                                -------- -------- -------- -------- --------
                                                                                 $ 9,221  $ 8,511  $ 7,887   $5,378   $4,723
                                                                                ======== ======== ======== ======== ========
Earnings:                                                                                                                   
        Income from operations                                                   $ 3,210  $ 2,873  $ 2,664   $2,176   $1,954
        Applicable income taxes                                                    2,116    1,900    1,903    1,541    1,474
        Fixed charges, excluding preferred dividend requirements                   9,055    8,204    7,498    4,954    4,300
        Other                                                                       (51)      (9)     (12)     (55)     (39)
                                                                                -------- -------- -------- -------- --------
                                                                                 $14,330  $12,968  $12,053   $8,616   $7,689
                                                                                ======== ======== ======== ======== ========
Ratio of earnings to fixed charges and preferred dividends,                                                                 
  including interest on deposits                                                    1.55     1.52     1.53     1.60     1.63 

</TABLE> 
(a) Trust preferred securities represent corporation obligated mandatorily
    redeemable preferred securities of subsidiary trusts holding solely junior
    subordinated deferrable interest debentures of the corporation.

(b) Preferred stock dividend requirements represent pre-tax earnings necessary
    to cover preferred stock dividends declared during the years ended December
    31, 1997, 1996, 1995, 1994, and 1993 of $100 million, $185 million, $227
    million, $248 million, and $241 million, respectively.