Citigroup (C) 10-Q2003 Q3 Quarterly report

Filed: 4 Nov 03, 12:00am

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New words: abetting, absent, aiding, andAsset, andPrivate, andRetail, andTransaction, APB, auditor, Banknet, Belgium, bothLife, byCapital, byLife, cent, comment, compliance, contrasted, coordinated, CVC, deferral, disallow, disallowance, domestically, evidenced, exemption, Fleet, forPrivate, Foundation, fraudulent, fromTransaction, front, GPN, higherLife, Hunter, inCapital, includesCapital, includesLife, inConsumer, inLife, inPrivate, inRetail, intent, intoPrivate, inTransaction, introductory, Ireland, lawsuit, legacy, lose, Luxembourg, mandatory, mentioned, minimal, narrowing, navigate, NII, ofCapital, ofLife, ourLife, overdraft, perception, plaintiff, Poland, possessed, preferential, pretrial, purportedly, rapidly, rarely, recapitalization, recapitalized, reclassed, referenced, reliance, rulemaking, satisfaction, sector, Siembra, sophistication, stake, Switzerland, theConsumer, thePrivate, theTransaction, toCapital, unfavorable, unregistered, vast, VTN, watching, whichAsset, whileConsumer, withinRetail, wrote

Removed: abandoning, adversely, American, bps, Certificate, compensate, copy, decreasing, defaulted, Designation, deterioration, disposing, duly, efficiency, exclusion, exhibit, Floating, foreclosure, functional, furnish, Hannon, Includable, incorporation, Index, iv, making, Patriotic, ranging, reference, seasonality, spending, Supplement, thereunto, Thomson, Todd, undersigned, valuable, William

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Exhibit 12.02

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

INCLUDING PREFERRED STOCK DIVIDENDS

(In millions of dollars)

												NINE MONTHS ENDED
	YEAR ENDED DECEMBER 31,											SEPTEMBER 30,
EXCLUDING INTEREST ON DEPOSITS:		2002⁽²⁾		2001⁽²⁾		2000⁽¹⁾⁽²⁾		1999⁽¹⁾⁽²⁾		1998⁽¹⁾⁽²⁾		2003		2002 ⁽²⁾
FIXED CHARGES:
INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS)		$	12,659	$	20,090	$	23,072	$	17,687	$	18,971	$	7,822	$	9,590
INTEREST FACTOR IN RENT EXPENSE		451		444		416		292		417		346		325
DIVIDENDS-PREFERRED STOCK		126		168		180		232		332		79		96
TOTAL FIXED CHARGES		$	13,236	$	20,702	$	23,668	$	18,211	$	19,720	$	8,247	$	10,011

INCOME:
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES		$	20,537	$	20,519	$	19,297	$	16,247	$	9,271	$	19,420	$	16,872
FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS)		13,110		20,534		23,488		17,979		19,388		8,168		9,915
TOTAL INCOME		$	33,647	$	41,053	$	42,785	$	34,226	$	28,659	$	27,588	$	26,787

RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS		2.54		1.98		1.81		1.88		1.45		3.35		2.68
INCLUDING INTEREST ON DEPOSITS:
FIXED CHARGES:
INTEREST EXPENSE		$	21,248	$	31,793	$	36,459	$	28,498	$	30,531	$	13,085	$	16,325
INTEREST FACTOR IN RENT EXPENSE		451		444		416		292		417		346		325
DIVIDENDS-PREFERRED STOCK		126		168		180		232		332		79		96
TOTAL FIXED CHARGES		$	21,825	$	32,405	$	37,055	$	29,022	$	31,280	$	13,510	$	16,746

INCOME:
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES		$	20,537	$	20,519	$	19,297	$	16,247	$	9,271	$	19,420	$	16,872
FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS)		21,699		32,237		36,875		28,790		30,948		13,431		16,650
TOTAL INCOME		$	42,236	$	52,756	$	56,172	$	45,037	$	40,219	$	32,851	$	33,522
RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS		1.94		1.63		1.52		1.55		1.29		2.43		2.00

(1) On Nov 30, 2000, Citigroup Inc. completed its acquisition of Associates First Capital Corporation (Associates) in a transaction accounted for as a pooling of interests.

(2) On Aug 20, 2002, Citigroup completed the distribution to its stockholders of a majority portion of its remaining ownership interest in Travelers Property Casualty Corp. (TPC) (an indirect wholly-owned subsidiary of Citigroup on Dec 31, 2001). Following the distribution, Citigroup began reporting TPC 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.