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 17, 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.
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, 2000 and March 31,
1999. Citigroup Inc., the parent company of Citicorp, filed a Current Report on
Form 8-K dated April 17, 2000. That report contains certain additional
information about Citicorp's businesses.
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES
(Unaudited)
(In Millions of
Dollars) First Quarter
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2000 1999
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INTEREST REVENUE
Loans, including Fees $5,970 $5,820
Deposits with Banks 256 232
Federal Funds Sold and Securities
Purchased Under Resale Agreements 72 141
Securities, including Dividends 825 1,140
Trading Account Assets 214 162
Loans Held For Sale 119 139
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7,456 7,634
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INTEREST EXPENSE
Deposits 2,803 2,865
Trading Account Liabilities 19 19
Purchased Funds and Other Borrowings 464 682
Long-Term Debt 475 500
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3,761 4,066
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NET INTEREST REVENUE 3,695 3,568
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PROVISION FOR CREDIT LOSSES 751 729
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NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 2,944 2,839
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FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 2,155 1,695
Foreign Exchange 422 488
Trading Account 369 304
Securities Transactions 45 23
Other Revenue 2,014 762
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5,005 3,272
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OPERATING EXPENSE
Salaries 1,695 1,561
Employee Benefits 322 318
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Total Employee 2,017 1,879
Net Premises and Equipment 644 604
Restructuring-Related Items {a} 20 79
Other Expense 1,911 1,621
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4,592 4,183
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INCOME BEFORE TAXES 3,357 1,928
Income Taxes 1,212 724
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NET INCOME $2,145 $1,204
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{a} Represents 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
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Roger W. Trupin
Vice President
and Controller
Dated: April 18, 2000
