EX-12.01 4 a2211642zex-12_01.htm EX-12.01

Exhibit 12.01

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

 
  Year ended December 31,   Nine Months
Ended
Sept 30,
 
In millions of dollars, except for ratios   2011(2)(4)(5)(6)   2010(3)(4)(5)(6)   2009(4)(5)(6)   2008(4)(5)(6)   2007(4)(5)(6)   2012(1)(2)(5)   2011(1)(2)(5)  

EXCLUDING INTEREST ON DEPOSITS:

                                           

Fixed Charges

                                           

Interest expense (other than interest on deposits)

  $ 15,542   $ 16,674   $ 17,711   $ 33,410   $ 48,387   $ 10,103   $ 11,958  

Interest factor in rent expense

    503     493     522     734     623     370     380  
                               

Total fixed charges

  $ 16,045   $ 17,167   $ 18,233   $ 34,144   $ 49,010   $ 10,473   $ 12,338  
                               

Income

                                           

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

  $ 14,624   $ 13,184   $ (7,799 ) $ (52,355 ) $ 646   $ 6,806   $ 13,535  

Fixed charges (excluding preferred stock dividends)

    16,045     17,167     18,233     34,144     49,010     10,473     12,338  
                               

Total income

  $ 30,669   $ 30,351   $ 10,434   $ (18,211 ) $ 49,656   $ 17,279   $ 25,873  
                               

Ratio of income to fixed charges excluding interest on deposits

    1.91     1.77     NM     NM     1.01     1.65     2.10  
                               

INCLUDING INTEREST ON DEPOSITS:

                                           

Fixed Charges

                                           

Interest expense

  $ 24,234   $ 25,096   $ 27,902   $ 53,133   $ 75,958   $ 16,052   $ 18,522  

Interest factor in rent expense

    503     493     522     734     623     370     380  
                               

Total fixed charges

  $ 24,737   $ 25,589   $ 28,424   $ 53,867   $ 76,581   $ 16,422   $ 18,902  
                               

Income

                                           

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

  $ 14,624   $ 13,184   $ (7,799 ) $ (52,355 ) $ 646   $ 6,806   $ 13,535  

Fixed charges (excluding preferred stock dividends)

    24,737     25,589     28,424     53,867     76,581     16,422     18,902  
                               

Total income

  $ 39,361   $ 38,773   $ 20,625   $ 1,512   $ 77,227   $ 23,228   $ 32,437  
                               

Ratio of income to fixed charges including interest on deposits

    1.59     1.52     NM     NM     1.01     1.41     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, which is part of the Institutional Clients Group segment, to certain employees responsible for managing those operations. The transaction will be accounted for as a sale and is currently expected to close in the first quarter of 2013 reported as discontinued operations for the third quarter of 2012 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.

(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 first and second quarters 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.