EX-12.01 3 a2111423zex-12_01.txt EXHIBIT 12.01 EXHIBIT 12.01 CITICORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES (In millions of dollars)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, MARCH 31, -------------------------------------------------------------------- EXCLUDING INTEREST ON DEPOSITS: 2002 2001 2000(1) 1999(1) 1998(1) 2003 2002 -------- -------- -------- -------- -------- -------- -------- FIXED CHARGES: INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS) $ 6,282 $ 8,316 $ 8,722 $ 7,795 $ 7,308 $ 1,473 $ 1,693 INTEREST FACTOR IN RENT EXPENSE 322 303 283 235 213 92 74 -------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES $ 6,604 $ 8,619 $ 9,005 $ 8,030 $ 7,521 $ 1,565 $ 1,767 ======== ======== ======== ======== ======== ======== ======== INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $ 16,166 $ 15,221 $ 12,876 $ 10,496 $ 6,732 $ 4,592 $ 3,781 FIXED CHARGES 6,604 8,619 9,005 8,030 7,521 1,565 1,767 -------- -------- -------- -------- -------- -------- -------- TOTAL INCOME $ 22,770 $ 23,840 $ 21,881 $ 18,526 $ 14,253 $ 6,157 $ 5,548 ======== ======== ======== ======== ======== ======== ======== RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS 3.45 2.77 2.43 2.31 1.90 3.93 3.14 ======== ======== ======== ======== ======== ======== ======== INCLUDING INTEREST ON DEPOSITS: FIXED CHARGES: INTEREST EXPENSE $ 15,079 $ 20,181 $ 22,045 $ 18,606 $ 18,868 $ 3,353 $ 3,544 INTEREST FACTOR IN RENT EXPENSE 322 303 283 235 213 92 74 -------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES $ 15,401 $ 20,484 $ 22,328 $ 18,841 $ 19,081 $ 3,445 $ 3,618 ======== ======== ======== ======== ======== ======== ======== INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $ 16,166 $ 15,221 $ 12,876 $ 10,496 $ 6,732 $ 4,592 $ 3,781 FIXED CHARGES 15,401 20,484 22,328 18,841 19,081 3,445 3,618 -------- -------- -------- -------- -------- -------- -------- TOTAL INCOME $ 31,567 $ 35,705 $ 35,204 $ 29,337 $ 25,813 $ 8,037 $ 7,399 ======== ======== ======== ======== ======== ======== ======== RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS 2.05 1.74 1.58 1.56 1.35 2.33 2.05 ======== ======== ======== ======== ======== ======== ========
(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.