EX-12.01 4 a2105717zex-12_01.txt EXHIBIT 12.01 EXHIBIT 12.01 CITICORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES (In millions of dollars)
YEAR ENDED DECEMBER 31, ------------------------------------------------- EXCLUDING INTEREST ON DEPOSITS: 2002 2001 2000 (1) 1999 (1) 1998 (1) ------ ------ -------- -------- -------- FIXED CHARGES: INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS) $ 6,282 $ 8,316 $ 8,722 $ 7,795 $ 7,308 INTEREST FACTOR IN RENT EXPENSE 322 303 283 235 213 ------- ------- -------- -------- -------- TOTAL FIXED CHARGES $ 6,604 $ 8,619 $ 9,005 $ 8,030 $ 7,521 ======= ======= ======== ======== ======== INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $16,166 $15,221 $ 12,876 $ 10,496 $ 6,732 FIXED CHARGES 6,604 8,619 9,005 8,030 7,521 ------- ------- -------- -------- -------- TOTAL INCOME $22,770 $23,840 $ 21,881 $ 18,526 $ 14,253 ======= ======= ======== ======== ======== RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS 3.45 2.77 2.43 2.31 1.90 ======= ======= ======== ======== ======== INCLUDING INTEREST ON DEPOSITS: FIXED CHARGES: INTEREST EXPENSE $15,079 $20,181 $ 22,045 $ 18,606 $ 18,868 INTEREST FACTOR IN RENT EXPENSE 322 303 283 235 213 ------- ------- -------- -------- -------- TOTAL FIXED CHARGES $15,401 $20,484 $ 22,328 $ 18,841 $ 19,081 ======= ======= ======== ======== ======== INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $16,166 $15,221 $ 12,876 $ 10,496 $ 6,732 FIXED CHARGES 15,401 20,484 22,328 18,841 19,081 ------- ------- -------- -------- -------- TOTAL INCOME $31,567 $35,705 $ 35,204 $ 29,337 $ 25,813 ======= ======= ======== ======== ======== RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS 2.05 1.74 1.58 1.56 1.35 ======= ======= ======== ======== ========
Note: (1) On November 30, 2000, Citigroup Inc. completed its acquisition of Associates First Capital Corporation (Associates) in a transaction accounted for as a pooling of interests. Subsequent to the acquisition, Associates was contributed to and became a wholly owned subsidiary of Citicorp and Citicorp issued a full and unconditional guarantee of the outstanding long-term debt securities and commercial paper of Associates.