Citigroup (C) 10-Q2007 Q1 Quarterly report

Filed: 4 May 07, 12:00am

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Readability	8th grade Bad

New words: AA, AAMG, abroad, acrossAsia, aforementioned, ancillary, AOCI, areunobservable, Bermuda, BOOC, buyout, CAI, category, Channel, Chinese, Clarification, commencing, commensurate, companion, confuse, consortium, Cooperation, Cordial, Corporacion, Cuscatlan, customary, Dakota, debit, description, domestic, earliest, economy, effort, Egg, en, Energy, entry, Europe, ExcludingJapan, Exit, exiting, fall, FAS, faster, Focal, force, forsimilar, foundation, frozen, GDB, GP, Guangdong, Guide, hierarchy, important, inappropriate, influence, infrastructure, insignificant, instill, Internacional, internationally, Ireland, irrevocable, jurisdiction, Lane, LaSalle, leasehold, Lendingportfolio, linked, matrix, maximize, maximizing, migrate, minimize, moderate, Morgan, multiple, narrowing, Nikko, notify, NYSE, online, opportunity, optimized, orderly, Pacific, Pandit, panel, passage, passing, permission, plc, prepay, procurement, Produce, properly, proportionate, Prudential, pure, Quilter, quoted, rationalize, receipt, reconsideration, redeployment, redundant, rehearing, reinvest, relief, renewed, replaced, reprice, repricing, requesting, residential, resume, revoked, Safety, salvage, shape, shortened, South, stake, Stanley, streamlined, successful, successfully, suffer, suite, superseded, Taiwanese, Task, team, tentative, turn, UBC, unacceptable, unbiased, unequal, unobservable, unpaid, unusually, USA, viability, Vikram, workforce, XVI, XVII, XX, XXI

Removed: absolute, accreted, adding, administered, agree, alter, amortization, ANALYST, andOther, Architecture, assumption, atSmith, attract, August, Australian, authorization, avoid, award, awarded, binomial, book, Brazilian, brought, cancellation, CIB, CitiBuilder, CitiCapital, compensate, compete, comprise, contractholder, COP, CVC, CWA, demand, Department, depositary, design, divestiture, encourage, entirety, euro, exercised, exercising, existence, expectation, expiration, extension, FAB, feature, Fed, gave, GE, Germany, Glendale, good, hearing, Hurricane, improvement, improving, inCapital, includesCapital, indirectly, intermediate, intersegment, Katrina, Korean, labor, manufactured, Mexican, modified, Moody, motivate, multinational, nonowner, occurring, ofGlendale, participant, participate, participating, partner, Paul, peso, plaintiff, Policyholder, practice, predecessor, prospectively, quickly, ratably, RC, receive, recently, recipient, reload, reloadable, removal, rented, represented, requiring, resetting, restoration, robust, run, Russia, safeguarded, shorter, shutdown, significantly, space, St, standardizing, surrender, terminated, Toronto, transferable, treated, understand, undiscounted, unexpectedly, UNISEN, unit, unvested, vest, vested, vote, WealthBuilder, weighted, withholding, won, worth, XIX, XVIII

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Exhibit 12.01

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

											Three Months Ended
	Year ended December 31,										March 31,
*In millions of dollars, except for ratios*	2006⁽¹⁾⁽²⁾		2005⁽¹⁾⁽²⁾		2004⁽¹⁾⁽²⁾		2003⁽¹⁾⁽²⁾		2002^(1)(2)(3)		2007		2006⁽¹⁾⁽²⁾
EXCLUDING INTEREST ON DEPOSITS:

Fixed Charges
Interest expense (other than interest on deposits)	$	35,682	$	23,120	$	13,271	$	9,942	$	12,273	$	11,192	$	7,602
Interest factor in rent expense	570		516		487		460		445		154		141
Total fixed charges	$	36,252	$	23,636	$	13,758	$	10,402	$	12,718	$	11,346	$	7,743

Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	29,639	$	29,433	$	22,736	$	25,170	$	19,388	$	6,921	$	7,152
Fixed charges (excluding preferred stock dividends)	36,252		23,636		13,758		10,402		12,718		11,346		7,743
Total income	$	65,891	$	53,069	$	36,494	$	35,572	$	32,106	$	18,267	$	14,895

Ratio of income to fixed charges excluding interest on deposits	1.82		2.25		2.65		3.42		2.52		1.61		1.92

INCLUDING INTEREST ON DEPOSITS:

Fixed Charges
Interest expense	$	56,943	$	36,676	$	22,004	$	17,184	$	21,177	$	17,562	$	12,107
Interest factor in rent expense	570		516		487		460		445		154		141
Total fixed charges	$	57,513	$	37,192	$	22,491	$	17,644	$	21,622	$	17,716	$	12,248

Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	29,639	$	29,433	$	22,736	$	25,170	$	19,388	$	6,921	$	7,152
Fixed charges (excluding preferred stock dividends)	57,513		37,192		22,491		17,644		21,622		17,716		12,248
Total income	$	87,152	$	66,625	$	45,227	$	42,814	$	41,010	$	24,637	$	19,400

Ratio of income to fixed charges including interest on deposits	1.52		1.79		2.01		2.43		1.90		1.39		1.58

(1) 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. 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 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.

(3) On August 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.