EX-12.01 4 a2195256zex-12_01.htm EXHIBIT 12.01

Exhibit 12.01

 

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

 

 

 

Year ended December 31,

 

Nine Months Ended
September 30,

 

In millions of dollars, except for ratios

 

2008 (1)(2)(3)

 

2007 (1)(2)(3)

 

2006 (2)(3)(4)(5)

 

2005 (2)(3)(4)(5)

 

2004 (2)(3)(4)(5)

 

2009(1)(2)(3)(4)

 

2008(1)(2)(3)

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (other than interest on deposits)

 

$

33,027

 

$

48,387

 

$

34,743

 

$

22,298

 

$

12,507

 

$

13,190

 

$

26,008

 

Interest factor in rent expense

 

734

 

623

 

556

 

502

 

474

 

525

 

669

 

Total fixed charges

 

$

33,761

 

$

49,010

 

$

35,299

 

$

22,800

 

$

12,981

 

$

13,715

 

$

26,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(52,355

)

$

646

 

$

28,489

 

$

28,557

 

$

21,416

 

$

7,294

 

$

(20,664

)

Fixed charges (excluding preferred stock dividends)

 

33,761

 

49,010

 

35,299

 

22,800

 

12,981

 

13,715

 

26,677

 

Total income

 

$

(18,594

)

$

49,656

 

$

63,788

 

$

51,357

 

$

34,397

 

$

21,009

 

$

6,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges excluding interest on deposits

 

NM

 

1.01

 

1.81

 

2.25

 

2.65

 

1.53

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

52,750

 

$

75,958

 

$

55,683

 

$

35,631

 

$

21,029

 

$

21,179

 

$

42,150

 

Interest factor in rent expense

 

734

 

623

 

556

 

502

 

474

 

525

 

669

 

Total fixed charges

 

$

53,484

 

$

76,581

 

$

56,239

 

$

36,133

 

$

21,503

 

$

21,704

 

$

42,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(52,355

)

$

646

 

$

28,489

 

$

28,557

 

$

21,416

 

$

7,294

 

$

(20,664

)

Fixed charges (excluding preferred stock dividends)

 

53,484

 

76,581

 

56,239

 

36,133

 

21,503

 

21,704

 

42,819

 

Total income

 

$

1,129

 

$

77,227

 

$

84,728

 

$

64,690

 

$

42,919

 

$

28,998

 

$

22,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges including interest on deposits

 

NM

 

1.01

 

1.51

 

1.79

 

2.00

 

1.34

 

NM

 

 

(1)  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.

      

(2)  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.

      

(3)  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.

      

(4)  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.

      

(5)  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.