EXHIBIT 12.03
CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
(In Millions)
YEAR ENDED DECEMBER 31, SIX MONTHS
JUNE 30,
EXCLUDING INTEREST ON DEPOSITS: 1997 1996 1995 1994 1993 1998 1997
------- ------- ------- ------- ------- ------- -------
FIXED CHARGES:
INTEREST EXPENSE (OTHER THAN
INTEREST ON DEPOSITS) 14,911 12,362 13,488 13,532 13,145 8,232 6,851
INTEREST FACTOR IN RENT EXPENSE 301 282 275 302 252 145 138
------- ------- ------- ------- ------- ------- -------
TOTAL FIXED CHARGES 15,212 12,644 13,763 13,834 13,397 8,377 6,989
------- ------- ------- ------- ------- ------- -------
INCOME:
INCOME BEFORE TAXES & MINORITY INTEREST 10,750 11,087 8,914 5,656 5,911 7,050 6,035
OTHER -- 1 -- -- (126) -- --
FIXED CHARGES 15,212 12,644 13,763 13,834 13,397 8,377 6,989
------- ------- ------- ------- ------- ------- -------
TOTAL INCOME 25,962 23,732 22,677 19,490 19,182 15,427 13,024
------- ------- ------- ------- ------- ------- -------
RATIO OF INCOME TO FIXED CHARGES
EXCLUDING INTEREST ON DEPOSITS 1.71 1.88 1.65 1.41 1.43 1.84 1.86
------- ------- ------- ------- ------- ------- -------
INCLUDING INTEREST ON DEPOSITS:
FIXED CHARGES:
INTEREST EXPENSE 24,524 21,336 22,390 22,528 22,942 13,637 11,501
INTEREST FACTOR IN RENT EXPENSE 301 282 275 302 252 145 138
------- ------- ------- ------- ------- ------- -------
TOTAL FIXED CHARGES 24,825 21,618 22,665 22,830 23,194 13,782 11,639
------- ------- ------- ------- ------- ------- -------
INCOME:
INCOME BEFORE TAXES & MINORITY INTEREST 10,750 11,087 8,914 5,656 5,911 7,050 6,035
OTHER -- 1 -- -- (126) -- --
FIXED CHARGES 24,825 21,618 22,665 22,830 23,194 13,782 11,639
------- ------- ------- ------- ------- ------- -------
TOTAL INCOME 35,575 32,706 31,579 28,486 28,979 20,832 17,674
------- ------- ------- ------- ------- ------- -------
RATIO OF INCOME TO FIXED CHARGES
INCLUDING INTEREST ON DEPOSITS 1.43 1.51 1.39 1.25 1.25 1.51 1.52
------- ------- ------- ------- ------- ------- -------
(A) NET INCOME FOR THE YEAR ENDED DECEMBER 31, 1994 EXCLUDES THE
CUMULATIVE EFFECT OF ADOPTING STATEMENT OF FINANCIAL ACCOUNTING
STANDARDS NO. 112, "EMPLOYERS' ACCOUNTING FOR POSTEMPLOYMENT
BENEFITS", OF $(56) MILLION.
(B) NET INCOME FOR THE YEAR ENDED DECEMBER 31, 1993 EXCLUDES THE
CUMULATIVE EFFECT OF ADOPTING STATEMENT OF FINANCIAL ACCOUNTING
STANDARDS NO. 109, "ACCOUNTING FOR INCOME TAXES", OF $300 MILLION.
CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
(In Millions)
YEAR ENDED DECEMBER 31, SIX MONTHS
JUNE 30,
EXCLUDING INTEREST ON DEPOSITS: 1997 1996 1995 1994 1993 1998 1997
------- ------- ------- ------- ------- ------- -------
FIXED CHARGES:
INTEREST EXPENSE (OTHER THAN
INTEREST ON DEPOSITS) 14,911 12,362 13,488 13,532 13,145 8,232 6,851
INTEREST FACTOR IN RENT EXPENSE 301 282 275 302 252 145 138
DIVIDENDS--PREFERRED STOCK 433 505 800 704 589 188 226
------- ------- ------- ------- ------- ------- -------
TOTAL FIXED CHARGES 15,645 13,149 14,563 14,538 13,986 8,565 7,215
------- ------- ------- ------- ------- ------- -------
INCOME:
INCOME BEFORE TAXES & MINORITY INTEREST 10,750 11,087 8,914 5,656 5,911 7,050 6,035
OTHER -- 1 -- -- (126) -- --
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 15,212 12,644 13,763 13,834 13,397 8,377 6,989
------- ------- ------- ------- ------- ------- -------
TOTAL INCOME 25,962 23,732 22,677 19,490 19,182 15,427 13,024
------- ------- ------- ------- ------- ------- -------
RATIO OF INCOME TO FIXED CHARGES
EXCLUDING INTEREST ON DEPOSITS 1.66 1.80 1.56 1.34 1.37 1.80 1.81
------- ------- ------- ------- ------- ------- -------
INCLUDING INTEREST ON DEPOSITS:
FIXED CHARGES:
INTEREST EXPENSE 24,524 21,336 22,390 22,528 22,942 13,637 11,501
INTEREST FACTOR IN RENT EXPENSE 301 282 275 302 252 145 138
DIVIDENDS--PREFERRED STOCK 433 505 800 704 589 188 226
------- ------- ------- ------- ------- ------- -------
TOTAL FIXED CHARGES 25,258 22,123 23,465 23,534 23,783 13,970 11,865
------- ------- ------- ------- ------- ------- -------
INCOME:
INCOME BEFORE TAXES & MINORITY INTEREST 10,750 11,087 8,914 5,656 5,911 7,050 6,035
OTHER -- 1 -- -- (126) -- --
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 24,825 21,618 22,665 22,830 23,194 13,782 11,639
------- ------- ------- ------- ------- ------- -------
TOTAL INCOME 35,575 32,706 31,579 28,486 28,979 20,832 17,674
------- ------- ------- ------- ------- ------- -------
RATIO OF INCOME TO FIXED CHARGES
INCLUDING INTEREST ON DEPOSITS 1.41 1.48 1.35 1.21 1.22 1.49 1.49
------- ------- ------- ------- ------- ------- -------