SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 19, 1999
CITICORP
(Exact name of registrant as specified in charter)
DELAWARE 1-5738 06-1515595
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
399 PARK AVENUE, NEW YORK, NEW YORK 10043
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (212) 559-1000
NOT APPLICABLE
(Former name or former address, if changed since last report)
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Item 5. Other Events
Results of Operations
(Preliminary and Unaudited)
This report summarizes the results of operations of Citicorp and its
subsidiaries for the three- and six-month periods ended June 30, 1999 and
June 30, 1998. Citigroup Inc., the parent company of Citicorp, filed a Current
Report on Form 8-K dated July 19, 1999. That report contains certain additional
information about Citicorp's businesses.
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CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES
(Preliminary and Unaudited)
(In Millions of Three Months Six Months
Dollars) Ended June 30, Ended June 30,
--------------- ----------------
1999 1998 1999 1998
--------------- ----------------
INTEREST REVENUE
Loans, including Fees $5,070 $5,096 $10,451 $ 9,939
Deposits with Banks 262 267 494 549
Federal Funds Sold and Securities
Purchased Under Resale Agreements 97 187 238 429
Securities, including Dividends 836 646 1,958 1,218
Trading Account Assets 212 325 374 580
Loans Held For Sale 147 137 286 246
-------------- ----------------
6,624 6,658 13,801 12,961
-------------- ----------------
INTEREST EXPENSE
Deposits 2,564 2,783 5,429 5,405
Trading Account Liabilities 19 85 38 177
Purchased Funds and Other Borrowings 424 474 1,072 903
Long-Term Debt 324 321 714 642
-------------- ----------------
3,331 3,663 7,253 7,127
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NET INTEREST REVENUE 3,293 2,995 6,548 5,834
-------------- ----------------
PROVISION FOR CREDIT LOSSES 681 564 1,314 1,071
-------------- ----------------
NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 2,612 2,431 5,234 4,763
-------------- ----------------
FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 1,800 1,553 3,438 2,994
Foreign Exchange 368 465 856 814
Trading Account 138 98 442 334
Securities Transactions 151 300 174 541
Other Revenue 819 791 1,553 1,290
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3,276 3,207 6,463 5,973
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OPERATING EXPENSE
Salaries 1,496 1,471 3,016 2,826
Employee Benefits 309 349 614 703
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Total Employee Expense 1,805 1,820 3,630 3,529
Net Premises and Equipment Expense 619 528 1,214 1,027
Restructuring-Related Items 47 - 124 -
Other Expense 1,545 1,530 3,054 2,711
-------------- ----------------
4,016 3,878 8,022 7,267
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INCOME BEFORE TAXES 1,872 1,760 3,675 3,469
Income Taxes 705 660 1,383 1,301
-------------- ----------------
NET INCOME $1,167 $1,100 $ 2,292 $ 2,168
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CITICORP
(Registrant)
By: /s/ Roger W. Trupin
---------------------
Roger W. Trupin
Vice President
and Controller
Dated: July 20, 1999
