EX-12.1 10 exhibit12-1.htm EXHIBIT 12.1 Exhibit
EXHIBIT 12.1

CITIZENS FINANCIAL GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Three Months
 
Six Months
 
Year Ended December 31,
(dollars in millions)
Ended June 30, 2017
 
2016
 
2015
 
2014
 
2013(2)
 
2012
Computation of Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income tax expense

$462

 

$896

 

$1,534

 

$1,263

 

$1,268

 

($3,468
)
 

$1,024

Fixed charges
192

 
360

 
559

 
503

 
417

 
499

 
669

Total Adjusted Earnings

$654

 

$1,256

 

$2,093

 

$1,766

 

$1,685

 

($2,969
)
 

$1,693

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Computation of Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense

$179

 

$334

 

$508

 

$452

 

$363

 

$443

 

$619

Portion of net rental expense deemed representative of interest (1)
13

 
26

 
51

 
51

 
54

 
56

 
50

Total Fixed Charges

$192

 

$360

 

$559

 

$503

 

$417

 

$499

 

$669

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
3.4
%
 
3.5
%
 
3.7
%
 
3.5
%
 
4.0
%
 
(5.9
%)
 
2.5
%

(1) The portion of rents shown as representative of the interest factor is one-quarter of total net operating lease expenses.
(2) The deficiency for this period was $3,468 million due in part to a goodwill impairment charge of $4,435 million ($4,080 million after tax).