EX-12.02 12 dex1202.htm CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK Calculation of Ratio of Income to Fixed Charges Including Preferred Stock

Exhibit 12.02

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

INCLUDING PREFERRED STOCK DIVIDENDS

 

     Year ended December 31,

In millions of dollars, except for ratios

   2008(1)(2)     2007(1)(2)    2006(1)(2)
(3)(4)
   2005(1)(2)
(3)(4)
   2004(1)(2)
(3)(4)

EXCLUDING INTEREST ON DEPOSITS:

             

Fixed Charges

             

Interest expense (other than interest on deposits)

   $ 33,240     $ 48,480    $ 34,743    $ 22,298    $ 12,507

Interest factor in rent expense

     810       672      556      502      474

Dividends—Preferred Stock

     2,835       51      88      98      95
                                   

Total fixed charges

   $ 36,885     $ 49,203    $ 35,387    $ 22,898    $ 13,076
                                   

Income

             

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

   $ (53,055 )   $ 776    $ 28,489    $ 28,557    $ 21,416

Fixed charges (excluding preferred stock dividends)

     34,050       49,152      35,299      22,800      12,981
                                   

Total income

   $ (19,005 )   $ 49,928    $ 63,788    $ 51,357    $ 34,397
                                   

Ratio of income to fixed charges excluding interest on deposits

     NM       1.01      1.80      2.24      2.63
                                   

INCLUDING INTEREST ON DEPOSITS:

             

Fixed Charges

             

Interest expense

   $ 52,963     $ 76,051    $ 55,683    $ 35,631    $ 21,029

Interest factor in rent expense

     810       672      556      502      474

Dividends—Preferred Stock

     2,835       51      88      98      95
                                   

Total fixed charges

   $ 56,608     $ 76,774    $ 56,327    $ 36,231    $ 21,598
                                   

Income

             

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

   $ (53,055 )   $ 776    $ 28,489    $ 28,557    $ 21,416

Fixed charges (excluding preferred stock dividends)

     53,773       76,723      56,239      36,133      21,503
                                   

Total income

   $ 718     $ 77,499    $ 84,728    $ 64,690    $ 42,919
                                   

Ratio of income to fixed charges including interest on deposits

     NM       1.01      1.50      1.79      1.99
                                   

 

(1) 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.

 

(2) 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.

 

(3) 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.

 

(4) 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.