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): January 27, 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 twelve month periods ended December 31, 1998 and
1997. Citigroup Inc., the parent company of Citicorp, filed a Current Report
on Form 8-K on January 26, 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 Fourth Quarter Full Year
Dollars) -------------- ---------
1998 1997 1998 1997
---------------------------------
INTEREST REVENUE
Loans, including Fees $5,556 $4,883 $20,825 $18,967
Deposits with Banks 258 268 1,070 995
Federal Funds Sold and Securities
Purchased Under Resale Agreements 135 234 738 872
Securities
U.S. Treasury and Federal Agencies 63 54 287 293
State and Municipal 38 34 145 136
Other, including dividends (Principally
in offices outside the U.S.) 888 448 2,530 1,768
Trading Account Assets 172 261 1,059 1,012
Loans Held For Sale 140 108 533 440
---------------------------------
7,250 6,290 27,187 24,483
---------------------------------
INTEREST EXPENSE
Deposits 3,119 2,525 11,504 9,613
Trading Account Liabilities 26 83 269 310
Purchased Funds and Other Borrowings 502 481 1,919 1,814
Long-Term Debt 338 342 1,298 1,344
---------------------------------
3,985 3,431 14,990 13,081
---------------------------------
NET INTEREST REVENUE 3,265 2,859 12,197 11,402
---------------------------------
PROVISION FOR CREDIT LOSSES 574 486 2,381 1,907
---------------------------------
NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 2,691 2,373 9,816 9,495
---------------------------------
FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 1,682 1,546 6,251 5,817
Foreign Exchange 339 443 1,627 1,486
Trading Account 90 (188) 265 241
Securities Transactions 39 250 524 668
Other Revenue 528 658 2,380 2,002
---------------------------------
2,678 2,709 11,047 10,214
---------------------------------
OPERATING EXPENSE
Salaries 1,553 1,380 5,884 5,286
Employee Benefits 343 287 1,364 1,311
---------------------------------
Total Employee Expense 1,896 1,667 7,248 6,597
Net Premises and Equipment Expense 596 496 2,173 1,961
Restructuring Charge and
Merger-related Costs 1,009 - 1,009 880
Other Expense 1,723 1,240 5,964 4,520
---------------------------------
5,224 3,403 16,394 13,958
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INCOME BEFORE TAXES 145 1,679 4,469 5,751
Income Taxes 35 616 1,659 2,142
---------------------------------
NET INCOME $ 110 $1,063 $ 2,810 $ 3,609
---------------------------------
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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: January 27, 1999
