EX-12.01 6 a2129612zex-12_01.htm EXHIBIT 12.01

Exhibit 12.01

 

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

 

 

 

YEAR ENDED DECEMBER 31,

 

In millions of dollars, except for ratios

 

2003

 

2002 (2)

 

2001 (2)

 

2000 (1)(2)

 

1999 (1)(2)

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense (other than interest on deposits)

 

$

10,364

 

$

12,659

 

$

20,090

 

$

23,072

 

$

17,687

 

Interest factor in rent expense

 

466

 

451

 

444

 

416

 

292

 

Total fixed charges

 

$

10,830

 

$

13,110

 

$

20,534

 

$

23,488

 

$

17,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes

 

$

26,333

 

$

20,537

 

$

20,519

 

$

19,297

 

$

16,247

 

Fixed charges

 

10,830

 

13,110

 

20,534

 

23,488

 

17,979

 

Total income

 

$

37,163

 

$

33,647

 

$

41,053

 

$

42,785

 

$

34,226

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges excluding interest on deposits

 

3.43

 

2.57

 

2.00

 

1.82

 

1.90

 

 

 

 

 

 

 

 

 

 

 

 

 

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

17,271

 

$

21,248

 

$

31,793

 

$

36,459

 

$

28,498

 

Interest factor in rent expense

 

466

 

451

 

444

 

416

 

292

 

Total fixed charges

 

$

17,737

 

$

21,699

 

$

32,237

 

$

36,875

 

$

28,790

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes

 

$

26,333

 

$

20,537

 

$

20,519

 

$

19,297

 

$

16,247

 

Fixed charges (excluding preferred stock dividends)

 

17,737

 

21,699

 

32,237

 

36,875

 

28,790

 

Total income

 

$

44,070

 

$

42,236

 

$

52,756

 

$

56,172

 

$

45,037

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges including interest on deposits

 

2.48

 

1.95

 

1.64

 

1.52

 

1.56

 

 

(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.

 

(2)  On August 20, 2002, Citigroup completed the distribution to its stockholders of a majority portion of its remaining ownership interest in Travelers Property Casualty Corp. (TPC) (an indirectwholly owned subsidiary of Citigroup on December 31, 2001).  Following the distribution, Citigroup began reporting TPC as discontinued operations in the Company’s Consolidated Statement of Income.  The calculation of the ratio of income to fixed charges excludes discontinued operations.  Prior periods have been restated to conform to the 2003 presentation.