EX-12.02 3 a2210461zex-12_02.htm EX-12.02
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Exhibit 12.02

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

 
    
    
    
    
    
   Six Months Ended
June 30, 		 
 
   Year ended December 31,  
In millions of dollars, except for ratios  
  2011(1)(3)(4)(5)   2010(2)(3)(4)(5)   2009(3)(4)(5)   2008(3)(4)(5)   2007(3)(4)(5)   2012(1)(4)   2011(1)(4)  

EXCLUDING INTEREST ON DEPOSITS:

                                            

Fixed Charges

                                            

Interest expense (other than interest on deposits)

   $ 15,542   $ 16,674   $ 17,711   $ 33,410   $ 48,387   $ 7,022   $ 8,193  

Interest factor in rent expense

     503     493     522     734     623     245     250  

Dividends—Preferred Stock

     34     11     22,708     2,830     51     17     17  
                               

Total fixed charges

   $ 16,079   $ 17,178   $ 40,941   $ 36,974   $ 49,061   $ 7,284   $ 8,460  
                               

Income

                                            

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

   $ 14,624   $ 13,184   $ (7,799 ) $ (52,355 ) $ 646   $ 7,770   $ 8,515  

Fixed charges (excluding preferred stock dividends)

     16,045     17,167     18,233     34,144     49,010     7,267     8,443  
                               

Total income

   $ 30,669   $ 30,351   $ 10,434   $ (18,211 ) $ 49,656   $ 15,037   $ 16,958  
                               

Ratio of income to fixed charges excluding interest on deposits

     1.91     1.77     NM     NM     1.01     2.06     2.00  
                               

INCLUDING INTEREST ON DEPOSITS:

                                            

Fixed Charges

                                            

Interest expense

   $ 24,234   $ 25,096   $ 27,902   $ 53,133   $ 75,958   $ 11,031   $ 12,491  

Interest factor in rent expense

     503     493     522     734     623     245     250  

Dividends—Preferred Stock

     34     11     22,708     2,830     51     17     17  
                               

Total fixed charges

   $ 24,771   $ 25,600   $ 51,132   $ 56,697   $ 76,632   $ 11,293   $ 12,758  
                               

Income

                                            

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

   $ 14,624   $ 13,184   $ (7,799 ) $ (52,355 ) $ 646   $ 7,770   $ 8,515  

Fixed charges (excluding preferred stock dividends)

     24,737     25,589     28,424     53,867     76,581     11,276     12,741  
                               

Total income

   $ 39,361   $ 38,773   $ 20,625   $ 1,512   $ 77,227   $ 19,046   $ 21,256  
                               

Ratio of income to fixed charges including interest on deposits

     1.59     1.51     NM     NM     1.01     1.69     1.67  
                               
(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 full year of 2011 and the first and second quarters of 2012. 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.



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