Exhibit 12.01

CITICORP
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

											Nine Months Ended September 30,
	Year Ended December 31,
In millions of dollars, except for ratios
	2003		2002		2001		2000(1)		1999(1)		2004		2003(2)
EXCLUDING INTEREST ON DEPOSITS:
Fixed charges
Interest expense (other than interest on deposits)	$	5,323	$	6,282	$	8,316	$	8,722	$	7,795	$	4,784	$	3,793
Interest factor in rent expense		363		322		303		283		235		289		269
Total fixed charges	$	5,686	$	6,604	$	8,619	$	9,005	$	8,030	$	5,073	$	4,062
Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	19,646	$	16,166	$	15,221	$	12,876	$	10,496	$	18,132	$	14,580
Fixed charges		5,686		6,604		8,619		9,005		8,030		5,073		4,062
Total income	$	25,332	$	22,770	$	23,840	$	21,881	$	18,526	$	23,205	$	18,642
Ratio of income to fixed charges excluding interest on deposits		4.46		3.45		2.77		2.43		2.31		4.57		4.59
INCLUDING INTEREST ON DEPOSITS:
Fixed charges
Interest expense	$	12,474	$	15,079	$	20,181	$	22,045	$	18,606	$	11,239	$	9,441
Interest factor in rent expense		363		322		303		283		235		289		269
Total fixed charges	$	12,837	$	15,401	$	20,484	$	22,328	$	18,841	$	11,528	$	9,710
Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	19,646	$	16,166	$	15,221	$	12,876	$	10,496	$	18,132	$	14,580
Fixed charges (excluding preferred stock dividends)		12,837		15,401		20,484		22,328		18,841		11,528		9,710
Total income	$	32,483	$	31,567	$	35,705	$	35,204	$	29,337	$	29,660	$	24,290
Ratio of income to fixed charges including interest on deposits		2.53		2.05		1.74		1.58		1.56		2.57		2.50

(1)

On November 30, 2000, Citigroup 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.

(2)

Reclassified to conform to the current period's presentation.