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Exhibit 12.01

CITICORP

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

											Three Months Ended March 31,
	Year Ended December 31,
In millions of dollars, except for ratios
	2004		2003		2002		2001		2000(1)		2005		2004
EXCLUDING INTEREST ON DEPOSITS:
Fixed charges
Interest expense (other than interest on deposits)	$	6,744	$	5,323	$	6,282	$	8,316	$	8,722	$	2,064	$	1,434
Interest factor in rent expense		380		363		322		303		283		100		92
Total fixed charges	$	7,124	$	5,686	$	6,604	$	8,619	$	9,005	$	2,164	$	1,526
Income
Income before taxes, minority interest and cumulative effect of accounting changes	$	24,405	$	19,646	$	16,166	$	15,221	$	12,876	$	6,300	$	5,836
Fixed charges (excluding preferred stock dividends)		7,124		5,686		6,604		8,619		9,005		2,164		1,526
Total income	$	31,529	$	25,332	$	22,770	$	23,840	$	21,881	$	8,464	$	7,362
Ratio of income to fixed charges excluding interest on deposits		4.43		4.46		3.45		2.77		2.43		3.91		4.82
INCLUDING INTEREST ON DEPOSITS:
Fixed charges
Interest expense	$	15,856	$	12,474	$	15,079	$	20,181	$	22,045	$	5,032	$	3,309
Interest factor in rent expense		380		363		322		303		283		100		92
Total fixed charges	$	16,236	$	12,837	$	15,401	$	20,484	$	22,328	$	5,132	$	3,401
Income
Income before taxes, minority interest and cumulative effect of accounting changes	$	24,405	$	19,646	$	16,166	$	15,221	$	12,876	$	6,300	$	5,836
Fixed charges (excluding preferred stock dividends)		16,236		12,837		15,401		20,484		22,328		5,132		3,401
Total income	$	40,641	$	32,483	$	31,567	$	35,705	$	35,204	$	11,432	$	9,237
Ratio of income to fixed charges including interest on deposits		2.50		2.53		2.05		1.74		1.58		2.23		2.72

(1)

On November 30, 2000, Citigroup completed its acquisition of Associates First Capital Corporation (Associates) in a transaction accounted for as a pooling of interests. Subsequent to the acquisition, Associates was contributed to and became a wholly owned subsidiary of Citicorp and Citicorp issued a full and unconditional guarantee of the outstanding long-term debt securities and commercial paper of Associates.

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CITICORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES