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Exhibit 12.02
CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
| | | | | | Nine Months Ended September 30, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year ended December 31, | ||||||||||||||||||||
In millions of dollars, except for ratios | |||||||||||||||||||||
2003 | 2002(2) | 2001(2) | 2000(1)(2) | 1999(1)(2) | 2004 | 2003(3) | |||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | |||||||||||||||||||||
Fixed Charges | |||||||||||||||||||||
Interest expense (other than interest on deposits) | $ | 10,364 | $ | 12,659 | $ | 20,090 | $ | 23,072 | $ | 17,687 | $ | 9,114 | $ | 7,618 | |||||||
Interest factor in rent expense | 466 | 451 | 444 | 416 | 292 | 367 | 346 | ||||||||||||||
Dividends—Preferred Stock | 103 | 126 | 168 | 180 | 232 | 71 | 79 | ||||||||||||||
Total fixed charges | $ | 10,933 | $ | 13,236 | $ | 20,702 | $ | 23,668 | $ | 18,211 | $ | 9,552 | $ | 8,043 | |||||||
Income | |||||||||||||||||||||
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes | $ | 26,333 | $ | 20,537 | $ | 20,519 | $ | 19,297 | $ | 16,247 | $ | 16,653 | $ | 19,420 | |||||||
Fixed charges (excluding preferred stock dividends) | 10,830 | 13,110 | 20,534 | 23,488 | 17,979 | 9,481 | 7,964 | ||||||||||||||
Total income | $ | 37,163 | $ | 33,647 | $ | 41,053 | $ | 42,785 | $ | 34,226 | $ | 26,134 | $ | 27,384 | |||||||
Ratio of income to fixed charges excluding interest on deposits | 3.40 | 2.54 | 1.98 | 1.81 | 1.88 | 2.74 | 3.40 | ||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | |||||||||||||||||||||
Fixed Charges | |||||||||||||||||||||
Interest expense (other than interest on deposits) | $ | 17,271 | $ | 21,248 | $ | 31,793 | $ | 36,459 | $ | 28,498 | $ | 15,367 | $ | 13,085 | |||||||
Interest factor in rent expense | 466 | 451 | 444 | 416 | 292 | 367 | 346 | ||||||||||||||
Dividends—Preferred Stock | 103 | 126 | 168 | 180 | 232 | 71 | 79 | ||||||||||||||
Total fixed charges | $ | 17,840 | $ | 21,825 | $ | 32,405 | $ | 37,055 | $ | 29,022 | $ | 15,805 | $ | 13,510 | |||||||
Income | |||||||||||||||||||||
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes | $ | 26,333 | $ | 20,537 | $ | 20,519 | $ | 19,297 | $ | 16,247 | $ | 16,653 | $ | 19,420 | |||||||
Fixed charges (excluding preferred stock dividends) | 17,737 | 21,699 | 32,237 | 36,875 | 28,790 | 15,734 | 13,431 | ||||||||||||||
Total income | $ | 44,070 | $ | 42,236 | $ | 52,756 | $ | 56,172 | $ | 45,037 | $ | 32,387 | $ | 32,851 | |||||||
Ratio of income to fixed charges including interest on deposits | 2.47 | 1.94 | 1.63 | 1.52 | 1.55 | 2.05 | 2.43 | ||||||||||||||
- (1)
- On November 30, 2000, Citigroup 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.
- (3)
- Reclassified to conform to the current period's presentation.
CITIGROUP INC. CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK DIVIDENDS