EX-12.02 7 a2205087zex-12_02.htm EX-12.02

Exhibit 12.02

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS

 
   Year ended December 31,   Six Months Ended
June 30, 		 
In millions of dollars, except for ratios
  2010(2)(3)(4)(5)(7)   2009(3)(4)(5)(6)   2008(3)(4)(5)(7)   2007(3)(4)(5)   2006(4)(5)(6)(7)   2011(1)(3)(4)(5)   2010(3)(4)(5)  

EXCLUDING INTEREST ON DEPOSITS:

                                            

Fixed Charges

                                            

Interest expense (other than interest on deposits)

   $ 16,674   $ 17,711   $ 33,410   $ 48,387   $ 34,743   $ 8,193   $ 8,610  

Interest factor in rent expense

     493     522     734     623     556     235     242  

Dividends—Preferred Stock

     11     22,708     2,830     51     93     17     0  
                               

Total fixed charges

   $ 17,178   $ 40,941   $ 36,974   $ 49,061   $ 35,392   $ 8,445   $ 8,852  
                               

Income

                                            

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

   $ 13,184   $ (7,799 ) $ (52,355 ) $ 646   $ 28,489   $ 8,515   $ 8,825  

Fixed charges (excluding preferred stock dividends)

     17,167     18,233     34,144     49,010     35,299     8,428     8,852  
                               

Total income

   $ 30,351   $ 10,434   $ (18,211 ) $ 49,656   $ 63,788   $ 16,943   $ 17,677  
                               

Ratio of income to fixed charges excluding interest on deposits

     1.77     NM     NM     1.01     1.80     2.01     2.00  
                               

INCLUDING INTEREST ON DEPOSITS:

                                            

Fixed Charges

                                            

Interest expense

   $ 25,096   $ 27,902   $ 53,133   $ 75,958   $ 55,683   $ 12,491   $ 12,771  

Interest factor in rent expense

     493     522     734     623     556     235     242  

Dividends—Preferred Stock

     11     22,708     2,830     51     93     17     —  
                               

Total fixed charges

   $ 25,600   $ 51,132   $ 56,697   $ 76,632   $ 56,332   $ 12,743   $ 13,013  
                               

Income

                                            

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

   $ 13,184   $ (7,799 ) $ (52,355 ) $ 646   $ 28,489   $ 8,515   $ 8,825  

Fixed charges (excluding preferred stock dividends)

     25,589     28,424     53,867     76,581     56,239     12,726     13,013  
                               

Total income

   $ 38,773   $ 20,625   $ 1,512   $ 77,227   $ 84,728   $ 21,241   $ 21,838  
                               

Ratio of income to fixed charges including interest on deposits

     1.51     NM     NM     1.01     1.50     1.67     1.68  
                               
(1)
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 first and second quarters of 2011 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 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.

(3)
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.

(4)
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.

(5)
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.

(6)
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.

(7)
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.