EX-12.01 3 a2122766zex-12_01.htm EXHIBIT 12.01
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Exhibit 12.01

CITICORP
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
(In millions of dollars)

 
    
    
    
    
    
   NINE MONTHS
ENDED
SEPTEMBER 30,
 
   YEAR ENDED DECEMBER 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   $ 3,997   $ 4,876
  INTEREST FACTOR IN RENT EXPENSE     322     303     283     235     213     269     231
   
 
 
 
 
 
 
    TOTAL FIXED CHARGES   $ 6,604   $ 8,619   $ 9,005   $ 8,030   $ 7,521   $ 4,266   $ 5,107
   
 
 
 
 
 
 
INCOME:                                          
  INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES   $ 16,166   $ 15,221   $ 12,876   $ 10,496   $ 6,732   $ 14,580   $ 12,900
  FIXED CHARGES     6,604     8,619     9,005     8,030     7,521     4,266     5,107
   
 
 
 
 
 
 
    TOTAL INCOME   $ 22,770   $ 23,840   $ 21,881   $ 18,526   $ 14,253   $ 18,846   $ 18,007
   
 
 
 
 
 
 
RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS     3.45     2.77     2.43     2.31     1.90     4.42     3.53
   
 
 
 
 
 
 
INCLUDING INTEREST ON DEPOSITS:                                          
FIXED CHARGES:                                          
  INTEREST EXPENSE   $ 15,079   $ 20,181   $ 22,045   $ 18,606   $ 18,868   $ 9,441   $ 11,767
  INTEREST FACTOR IN RENT EXPENSE     322     303     283     235     213     269     231
   
 
 
 
 
 
 
    TOTAL FIXED CHARGES   $ 15,401   $ 20,484   $ 22,328   $ 18,841   $ 19,081   $ 9,710   $ 11,998
   
 
 
 
 
 
 
INCOME:                                          
  INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES   $ 16,166   $ 15,221   $ 12,876   $ 10,496   $ 6,732   $ 14,580   $ 12,900
  FIXED CHARGES     15,401     20,484     22,328     18,841     19,081     9,710     11,998
   
 
 
 
 
 
 
    TOTAL INCOME   $ 31,567   $ 35,705   $ 35,204   $ 29,337   $ 25,813   $ 24,290   $ 24,898
   
 
 
 
 
 
 
RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS     2.05     1.74     1.58     1.56     1.35     2.50     2.08
   
 
 
 
 
 
 
(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.


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