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): October 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
(Unaudited)
This report summarizes the results of operations of Citicorp and its
subsidiaries for the three- and nine-month periods ended September 30, 1999 and
September 30, 1998. Citigroup Inc., the parent company of Citicorp, filed a
Current Report on Form 8-K dated October 19, 1999. That report contains certain
additional information about Citicorp's businesses.
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES
(Unaudited)
(In Millions of
Dollars) Third Quarter Nine Months
---------------- ----------------
1999 1998 1999 1998
---------------- ----------------
INTEREST REVENUE
Loans, including Fees $5,735 $5,778 $17,099 $16,546
Deposits with Banks 268 263 762 812
Federal Funds Sold and Securities
Purchased Under Resale Agreements 79 174 317 603
Securities, including Dividends 877 771 2,872 2,020
Trading Account Assets 143 307 517 887
Loans Held For Sale 148 147 434 393
--------------- ----------------
7,250 7,440 22,001 21,261
--------------- ----------------
INTEREST EXPENSE
Deposits 2,689 2,982 8,121 8,391
Trading Account Liabilities 27 66 65 243
Purchased Funds and Other Borrowings 423 583 1,568 1,597
Long-Term Debt 469 428 1,401 1,296
--------------- ----------------
3,608 4,059 11,155 11,527
--------------- ----------------
NET INTEREST REVENUE 3,642 3,381 10,846 9,734
--------------- ----------------
PROVISION FOR CREDIT LOSSES 632 821 2,151 2,071
--------------- ----------------
NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 3,010 2,560 8,695 7,663
--------------- ----------------
FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 1,872 1,627 5,426 4,719
Foreign Exchange 358 474 1,214 1,288
Trading Account 252 (159) 694 175
Securities Transactions 28 (56) 202 485
Other Revenue 971 590 2,585 1,925
--------------- ----------------
3,481 2,476 10,121 8,592
--------------- ----------------
OPERATING EXPENSE
Salaries 1,585 1,544 4,687 4,442
Employee Benefits 312 327 952 1,050
--------------- ----------------
Total Employee Expense 1,897 1,871 5,639 5,492
Net Premises and Equipment Expense 624 560 1,856 1,603
Restructuring-Related Items 52 - 179 -
Other Expense 1,663 1,627 4,949 4,526
--------------- ----------------
4,236 4,058 12,623 11,621
--------------- ----------------
INCOME BEFORE TAXES 2,255 978 6,193 4,634
Income Taxes 845 368 2,325 1,736
--------------- ----------------
NET INCOME $1,410 $ 610 $ 3,868 $ 2,898
--------------- ----------------
On August 4, 1999, Commercial Credit Company (CCC), an indirect wholly-owned
subsidiary of Citigroup, became a subsidiary of Citicorp Banking Corporation, a
wholly-owned subsidiary of Citicorp. In connection with the restructuring of
CCC, Citicorp issued a guarantee of all outstanding long-term debt ($6.05
billion) and commercial paper ($3.75 billion) of CCC. Following the
restructuring, CCC ceased issuing commercial paper. In addition, Citicorp
guaranteed the obligations of CCC under its committed and available five-year
revolving credit facilities under which no borrowings are currently outstanding.
Under these facilities, which expire in 2002, CCC can borrow up to $3.4 billion.
All balances have been restated to reflect this transaction.
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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: October 19, 1999
