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 18, 2000
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.
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Results of Operations
(Unaudited)
This report summarizes the results of operations of Citicorp and its
subsidiaries for the three- and twelve-month periods ended December 31, 1999 and
December 31, 1998. Citigroup Inc., the parent company of Citicorp, filed a
Current Report on Form 8-K dated January 18, 2000. That report contains certain
additional information about Citicorp's businesses.
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CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES
(Unaudited)
(In Millions of
Dollars) Fourth Quarter Full Year
---------------- ----------------
1999 1998 1999 1998
---------------- ----------------
INTEREST REVENUE
Loans, including Fees $5,828 $5,999 $22,927 $22,545
Deposits with Banks 240 258 1,002 1,070
Federal Funds Sold and Securities
Purchased Under Resale Agreements 85 135 402 738
Securities, including Dividends 798 1,008 3,670 3,028
Trading Account Assets 175 172 692 1,059
Loans Held For Sale 115 140 549 533
--------------- -----------------
7,241 7,712 29,242 28,973
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INTEREST EXPENSE
Deposits 2,654 3,120 10,775 11,511
Trading Account Liabilities 23 26 88 269
Purchased Funds and Other Borrowings 416 549 1,984 2,146
Long-Term Debt 452 449 1,853 1,745
--------------- -----------------
3,545 4,144 14,700 15,671
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NET INTEREST REVENUE 3,696 3,568 14,542 13,302
--------------- -----------------
PROVISION FOR CREDIT LOSSES 686 680 2,837 2,751
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NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 3,010 2,888 11,705 10,551
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FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 2,121 1,738 7,547 6,457
Foreign Exchange 355 340 1,569 1,628
Trading Account 194 90 888 265
Securities Transactions 130 39 332 524
Other Revenue 685 577 3,270 2,502
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3,485 2,784 13,606 11,376
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OPERATING EXPENSE
Salaries 1,583 1,586 6,270 6,028
Employee Benefits 381 353 1,333 1,403
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Total Employee Expense 1,964 1,939 7,603 7,431
Net Premises and Equipment Expense 649 604 2,505 2,207
Restructuring/Merger Items (25) 1,011 154 1,011
Other Expense 1,807 1,836 6,756 6,362
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4,395 5,390 17,018 17,011
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INCOME BEFORE TAXES 2,100 282 8,293 4,916
Income Taxes 773 84 3,098 1,820
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NET INCOME $1,327 $ 198 $ 5,195 $ 3,096
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(a) The 1999 fourth quarter includes a charge of $82 million, a credit for the
reversal of prior charges of $120 million, and accelerated depreciation of $13
million. The 1999 full year includes a charge of $131 million, credits for the
reversal of prior charges of $157 million, and $180 million of accelerated
depreciation. The 1998 periods include a restructuring charge of $1,008 million
and merger-related expenses of $41 million, and a credit for the reversal of
prior charges of $38 million.
On August 4, 1999, CitiFinancial Credit Company (formerly Commercial Credit
Company) ("CCC"), an indirect wholly-owned subsidiary of Citigroup Inc., was
contributed to and 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
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Roger W. Trupin
Vice President
and Controller
Dated: January 20, 2000
