EX-12.02 4 a2216163zex-12_02.htm EX-12.02

Exhibit 12.02

 

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

INCLUDING PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

Years ended December 31,

 

June 30,

 

In millions of dollars, except for ratios

 

2012(2)(3)(6)

 

2011(3)(5)(6)(7)

 

2010(4)(5)(6)(7)

 

2009 (5)(6)(7)

 

2008 (5)(6)(7)

 

2013(1)(2)

 

2012(3)(6)

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (other than interest on deposits)

 

$

12,739

 

$

15,542

 

$

16,674

 

$

17,711

 

$

33,410

 

$

5,186

 

$

6,912

 

Interest factor in rent expense

 

490

 

503

 

493

 

522

 

734

 

235

 

243

 

Dividends—Preferred Stock

 

26

 

34

 

11

 

22,708

 

2,830

 

19

 

17

 

Total fixed charges

 

$

13,255

 

$

16,079

 

$

17,178

 

$

40,941

 

$

36,974

 

$

5,440

 

$

7,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

$

11,816

 

$

7,739

 

Fixed charges (excluding preferred stock dividends)

 

13,229

 

16,045

 

17,167

 

18,233

 

34,144

 

5,421

 

7,155

 

Total income

 

$

21,165

 

$

30,669

 

$

30,351

 

$

10,434

 

$

(18,211

)

$

17,237

 

$

14,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges excluding interest on deposits

 

1.60

 

1.91

 

1.77

 

NM

 

NM

 

3.17

 

2.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

20,535

 

$

24,234

 

$

25,096

 

$

27,902

 

$

53,133

 

$

8,488

 

$

10,921

 

Interest factor in rent expense

 

490

 

503

 

493

 

522

 

734

 

235

 

243

 

Dividends—Preferred Stock

 

26

 

34

 

11

 

22,708

 

2,830

 

19

 

17

 

Total fixed charges

 

$

21,051

 

$

24,771

 

$

25,600

 

$

51,132

 

$

56,697

 

$

8,742

 

$

11,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

$

11,816

 

$

7,739

 

Fixed charges (excluding preferred stock dividends)

 

21,025

 

24,737

 

25,589

 

28,424

 

53,867

 

8,723

 

11,164

 

Total income

 

$

28,961

 

$

39,361

 

$

38,773

 

$

20,625

 

$

1,512

 

$

20,539

 

$

18,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges including interest on deposits

 

1.38

 

1.59

 

1.51

 

NM

 

NM

 

2.35

 

1.69

 

 

(1) On May 14, 2013, Citi announced a definitive agreement of the sale of Credicard, its Brazil non-Citibank branded cards business, as well as its consumer finance business (Brazil Credicard). This announced sale is reported as discontinued operations for the current and all historical periods. 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.

 

(2) 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

 

(3) 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.

 

(4) 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.

 

(5) 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.

 

(6) 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.

 

(7) 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.