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Previous: CENTRAL MAINE POWER CO, DEF 14A, 1999-04-20 |
Next: CLEVETRUST REALTY INVESTORS, 15-12G, 1999-04-20 |
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): April 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)
<PAGE>
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 month periods ended March 31, 1999 and
1998. Citigroup Inc., the parent company of Citicorp, filed a Current Report
on Form 8-K dated April 19, 1999. That report contains certain additional
information about Citicorp's businesses.
<PAGE>
CONSOLIDATED STATEMENT OF INCOME CITICORP AND SUBSIDIARIES
(Preliminary and Unaudited)
(In Millions of Three Months Ended
Dollars) March 31,
-----------------------
1999 1998
-----------------------
INTEREST REVENUE
Loans, including Fees $ 5,381 $ 4,843
Deposits with Banks 232 282
Federal Funds Sold and Securities
Purchased Under Resale Agreements 141 242
Securities
U.S. Treasury and Federal Agencies 67 62
State and Municipal 36 33
Other, including dividends (Principally
in offices outside the U.S.) 1,019 477
Trading Account Assets 162 255
Loans Held For Sale 139 109
-----------------------
7,177 6,303
-----------------------
INTEREST EXPENSE
Deposits 2,865 2,622
Trading Account Liabilities 19 92
Purchased Funds and Other Borrowings 648 429
Long-Term Debt 390 321
-----------------------
3,922 3,464
-----------------------
NET INTEREST REVENUE 3,255 2,839
-----------------------
PROVISION FOR CREDIT LOSSES 633 507
-----------------------
NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 2,622 2,332
-----------------------
FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 1,638 1,441
Foreign Exchange 488 349
Trading Account 304 236
Securities Transactions 23 241
Other Revenue 734 499
-----------------------
3,187 2,766
-----------------------
OPERATING EXPENSE
Salaries 1,520 1,355
Employee Benefits 305 354
-----------------------
Total Employee Expense 1,825 1,709
Net Premises and Equipment Expense 672* 499
Other Expense 1,509 1,181
-----------------------
4,006 3,389
-----------------------
INCOME BEFORE TAXES 1,803 1,709
Income Taxes 678 641
-----------------------
NET INCOME $ 1,125 $ 1,068
-----------------------
*First quarter 1999 includes $77 million of restructuring-related accelerated
depreciation.
<PAGE>
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: April 20, 1999
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