EX-12.02 6 a2214911zex-12_02.htm EX-12.02

Exhibit 12.02

 

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

INCLUDING PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Years ended December 31,

 

March 31,

 

In millions of dollars, except for ratios

 

2012(1)(2)(5)

 

2011(2)(4)(5)(6)

 

2010(3)(4)(5)(6)

 

2009 (4)(5)(6)

 

2008 (4)(5)(6)

 

2013(1)

 

2012(2)(5)

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (other than interest on deposits)

 

$

12,739

 

$

15,542

 

$

16,674

 

$

17,711

 

$

33,410

 

$

2,586

 

$

3,539

 

Interest factor in rent expense

 

490

 

503

 

493

 

522

 

734

 

121

 

124

 

Dividends—Preferred Stock

 

26

 

34

 

11

 

22,708

 

2,830

 

6

 

5

 

Total fixed charges

 

$

13,255

 

$

16,079

 

$

17,178

 

$

40,941

 

$

36,974

 

$

2,713

 

$

3,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

7,936

 

$

14,624

 

$

13,184

 

$

(7,799

)

$

(52,355

)

$

5,553

 

$

4,068

 

Fixed charges (excluding preferred stock dividends)

 

13,229

 

16,045

 

17,167

 

18,233

 

34,144

 

2,707

 

3,663

 

Total income

 

$

21,165

 

$

30,669

 

$

30,351

 

$

10,434

 

$

(18,211

)

$

8,260

 

$

7,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges excluding interest on deposits

 

1.60

 

1.91

 

1.77

 

NM

 

NM

 

3.04

 

2.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

20,535

 

$

24,234

 

$

25,096

 

$

27,902

 

$

53,133

 

$

4,281

 

$

5,590

 

Interest factor in rent expense

 

490

 

503

 

493

 

522

 

734

 

121

 

124

 

Dividends—Preferred Stock

 

26

 

34

 

11

 

22,708

 

2,830

 

6

 

5

 

Total fixed charges

 

$

21,051

 

$

24,771

 

$

25,600

 

$

51,132

 

$

56,697

 

$

4,408

 

$

5,719

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

7,936

 

$

14,624

 

$

13,184

 

$

(7,799

)

$

(52,355

)

$

5,553

 

$

4,068

 

Fixed charges (excluding preferred stock dividends)

 

21,025

 

24,737

 

25,589

 

28,424

 

53,867

 

4,402

 

5,714

 

Total income

 

$

28,961

 

$

39,361

 

$

38,773

 

$

20,625

 

$

1,512

 

$

9,955

 

$

9,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges including interest on deposits

 

1.38

 

1.59

 

1.51

 

NM

 

NM

 

2.26

 

1.71

 

 

(1) During the third quarter of 2012, the Company executed definitive agreements to transition a carve-out of its liquid strategies business within Citi Capital Advisors (CCA). This transaction is reported as discontinued operations for the second half of 2012 and going forward. Prior periods have not been restated due to the immateriality of the impact in those periods. The calculation of the ratio of income to fixed charges excludes discontinued operations

 

(2) On March 1, 2011, Citigroup announced an agreement to sell its Egg credit card business to Barclays Bank PLC. Citigroup reports this business separately as discontinued operations in the Company’s Consolidated Statement of Income for the full year of 2011 and the full year of 2012. The calculation of the ratio of income to fixed charges excludes discontinued operations. Prior periods have not been restated due to the immateriality of the impact in those periods.

 

(3) On September 17, 2010, Citigroup announced an agreement to sell its The Student Loan Corporation to Discover Financial Services (“Discover”) and SLM Corporation (“Sallie Mae”). Citigroup reports these businesses separately as discontinued operations in the Company’s Consolidated Statement of Income for the third and fourth quarters of 2010 only. The calculation of the ratio of income to fixed charges excludes discontinued operations. Prior periods have not been restated due to the immateriality of the impact in those periods.

 

(4) On May 1, 2009, Citigroup announced an agreement to sell its Nikko Cordial Securities to Sumitomo Mitsui Banking Corporation (hereafter SMBC). Citigroup reports these businesses separately 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 on a comparable basis.

 

(5) On July 11, 2008, the Company announced an agreement to sell its German retail banking operations to Credit Mutuel. Citigroup reports these businesses separately 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 on a comparable basis.

 

(6) On April 17, 2008, Citigroup announced an agreement to sell most of Citigroup’s CitiCapital business unit to GE Capital. Citigroup reports these businesses separately 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 on a comparable basis.