EX-12.02 4 a2192899zex-12_02.htm EXHIBIT 12.02

Exhibit 12.02

 

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

INCLUDING PREFERRED STOCK DIVIDENDS

 

 

 

Year ended December 31,

 

Three Months Ended
March 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)

 

2009

 

2008(1)(2)

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (other than interest on deposits)

 

$

33,240

 

$

48,480

 

$

34,743

 

$

22,298

 

$

12,507

 

$

4,894

 

$

9,880

 

Interest factor in rent expense

 

810

 

672

 

556

 

502

 

474

 

154

 

193

 

Dividends—Preferred Stock

 

2,835

 

51

 

88

 

98

 

95

 

1,817

 

145

 

Total fixed charges

 

$

36,885

 

$

49,203

 

$

35,387

 

$

22,898

 

$

13,076

 

$

6,865

 

$

10,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(53,055

)

$

776

 

$

28,489

 

$

28,557

 

$

21,416

 

$

2,395

 

$

(9,186

)

Fixed charges (excluding preferred stock dividends)

 

34,050

 

49,152

 

35,299

 

22,800

 

12,981

 

5,048

 

10,073

 

Total income

 

$

(19,005

)

$

49,928

 

$

63,788

 

$

51,357

 

$

34,397

 

$

7,443

 

$

887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges excluding interest on deposits

 

NM

 

1.01

 

1.80

 

2.24

 

2.63

 

1.08

 

0.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

52,963

 

$

76,051

 

$

55,683

 

$

35,631

 

$

21,029

 

$

7,711

 

$

16,122

 

Interest factor in rent expense

 

810

 

672

 

556

 

502

 

474

 

154

 

193

 

Dividends—Preferred Stock

 

2,835

 

51

 

88

 

98

 

95

 

1,817

 

145

 

Total fixed charges

 

$

56,608

 

$

76,774

 

$

56,327

 

$

36,231

 

$

21,598

 

$

9,682

 

$

16,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(53,055

)

$

776

 

$

28,489

 

$

28,557

 

$

21,416

 

$

2,395

 

$

(9,186

)

Fixed charges (excluding preferred stock dividends)

 

53,773

 

76,723

 

56,239

 

36,133

 

21,503

 

7,865

 

16,315

 

Total income

 

$

718

 

$

77,499

 

$

84,728

 

$

64,690

 

$

42,919

 

$

10,260

 

$

7,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges including interest on deposits

 

NM

 

1.01

 

1.50

 

1.79

 

1.99

 

1.06

 

0.43

 

 

(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 calcula

 

(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.