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CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
| | | | | | Three Months Ended March 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year ended December 31, | ||||||||||||||||||||
In millions of dollars, except for ratios | |||||||||||||||||||||
2007 | 2006(1)(2) | 2005(1)(2) | 2004(1)(2) | 2003(1)(2) | 2008 | 2007 | |||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | |||||||||||||||||||||
Fixed Charges | |||||||||||||||||||||
Interest expense (other than interest on deposits) | $ | 49,622 | $ | 35,682 | $ | 23,120 | $ | 13,271 | $ | 9,942 | $ | 10,235 | $ | 11,192 | |||||||
Interest factor in rent expense | 681 | 570 | 516 | 487 | 460 | 194 | 154 | ||||||||||||||
Total fixed charges | $ | 50,303 | $ | 36,252 | $ | 23,636 | $ | 13,758 | $ | 10,402 | $ | 10,429 | $ | 11,346 | |||||||
Income | |||||||||||||||||||||
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes | $ | 1,701 | $ | 29,639 | $ | 29,433 | $ | 22,736 | $ | 25,170 | $ | (9,023 | ) | $ | 6,921 | ||||||
Fixed charges (excluding preferred stock dividends) | 50,303 | 36,252 | 23,636 | 13,758 | 10,402 | 10,429 | 11,346 | ||||||||||||||
Total income | $ | 52,004 | $ | 65,891 | $ | 53,069 | $ | 36,494 | $ | 35,572 | $ | 1,406 | $ | 18,267 | |||||||
Ratio of income to fixed charges excluding interest on deposits | 1.03 | 1.82 | 2.25 | 2.65 | 3.42 | 0.13 | 1.61 | ||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | |||||||||||||||||||||
Fixed Charges | |||||||||||||||||||||
Interest expense | $ | 77,531 | $ | 56,943 | $ | 36,676 | $ | 22,004 | $ | 17,184 | $ | 16,477 | $ | 17,562 | |||||||
Interest factor in rent expense | 681 | 570 | 516 | 487 | 460 | 194 | 154 | ||||||||||||||
Total fixed charges | $ | 78,212 | $ | 57,513 | $ | 37,192 | $ | 22,491 | $ | 17,644 | $ | 16,671 | $ | 17,716 | |||||||
Income | |||||||||||||||||||||
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes | $ | 1,701 | $ | 29,639 | $ | 29,433 | $ | 22,736 | $ | 25,170 | $ | (9,023 | ) | $ | 6,921 | ||||||
Fixed charges (excluding preferred stock dividends) | 78,212 | 57,513 | 37,192 | 22,491 | 17,644 | 16,671 | 17,716 | ||||||||||||||
Total income | $ | 79,913 | $ | 87,152 | $ | 66,625 | $ | 45,227 | $ | 42,814 | $ | 7,648 | $ | 24,637 | |||||||
Ratio of income to fixed charges including interest on deposits | 1.02 | 1.52 | 1.79 | 2.01 | 2.43 | 0.46 | 1.39 | ||||||||||||||
- (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.