EX-12.01 6 dex1201.htm CALCULATION OF RATIO OF INCOME TO FIXED CHARGES Calculation of Ratio of Income to Fixed Charges

Exhibit 12.01

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

 

     Year ended December 31,

In millions of dollars, except for ratios

    2007    2006(1)(2)    2005(1)(2)    2004(1)(2)    2003(1)(2)

EXCLUDING INTEREST ON DEPOSITS:

               

Fixed Charges

               

Interest expense (other than interest on deposits)

    $ 49,622    $ 35,682    $ 23,120    $ 13,271    $ 9,942

Interest factor in rent expense

      681      570      516      487      460
                                  

Total fixed charges

    $ 50,303    $ 36,252    $ 23,636    $ 13,758    $ 10,402
                                  

Income

               

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

    $ 1,701    $ 29,639    $ 29,433    $ 22,736    $ 25,170

Fixed charges (excluding preferred stock dividends)

      50,303      36,252      23,636      13,758      10,402
                                  

Total income

    $ 52,004    $ 65,891    $ 53,069    $ 36,494    $ 35,572
                                  

Ratio of income to fixed charges excluding interest on deposits

      1.03      1.82      2.25      2.65      3.42
                                  

INCLUDING INTEREST ON DEPOSITS:

               

Fixed Charges

               

Interest expense

    $ 77,531    $ 56,943    $ 36,676    $ 22,004    $ 17,184

Interest factor in rent expense

      681      570      516      487      460
                                  

Total fixed charges

    $ 78,212    $ 57,513    $ 37,192    $ 22,491    $ 17,644
                                  

Income

               

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

    $ 1,701    $ 29,639    $ 29,433    $ 22,736    $ 25,170

Fixed charges (excluding preferred stock dividends)

      78,212      57,513      37,192      22,491      17,644
                                  

Total income

    $ 79,913    $ 87,152    $ 66,625    $ 45,227    $ 42,814
                                  

Ratio of income to fixed charges including interest on deposits

      1.02      1.52      1.79      2.01      2.43
                                  

 

(1) On December 1, 2005, Citigroup completed the sale of substantially all of Citigroup’s Asset Management Business to Legg Mason, Inc. 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.

 

(2) On July 1, 2005, Citigroup completed the sale of Citigroup’s Travelers Life & Annuity and substantially all of Citigroup’s international insurance businesses to MetLife, Inc. Citigroup reports these businesses separately as discontinued operations in the Company’s Consolidated Statement of Income.