<PAGE>
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 17, 2000
CITICORP
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
DELAWARE 1-5738 06-1515595
(State or other jurisdiction of (Commission File Number) (IRS Employer Identification
incorporation) Number)
</TABLE>
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
(Unaudited)
This report summarizes the results of operations of Citicorp and its
subsidiaries for the three- and nine-month periods ended September 30, 2000 and
September 30, 1999. Citigroup Inc., the parent company of Citicorp, filed a
Current Report on Form 8-K dated October 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)
Third Quarter Nine Months
---------------- ----------------
2000 1999 2000 1999
---------------- ----------------
INTEREST REVENUE
Loans, including Fees $7,031 $5,735 $19,507 $17,099
Deposits with Banks 312 268 844 762
Federal Funds Sold and Securities
Purchased Under Resale Agreements 102 79 273 317
Securities, including Dividends 708 877 2,319 2,872
Trading Account Assets 250 143 720 517
Loans Held For Sale 236 148 527 434
--------------- ----------------
8,639 7,250 24,190 22,001
--------------- ----------------
INTEREST EXPENSE
Deposits 3,608 2,689 9,609 8,121
Trading Account Liabilities 11 27 44 65
Purchased Funds and Other Borrowings 687 423 1,777 1,568
Long-Term Debt 493 469 1,424 1,401
--------------- ----------------
4,799 3,608 12,854 11,155
--------------- ----------------
NET INTEREST REVENUE 3,840 3,642 11,336 10,846
--------------- ----------------
PROVISION FOR CREDIT LOSSES 633 632 2,095 2,151
--------------- ----------------
NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 3,207 3,010 9,241 8,695
--------------- ----------------
FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 2,328 1,872 6,826 5,426
Foreign Exchange 284 358 1,104 1,214
Trading Account 469 252 1,149 694
Securities Transactions 452 28 749 202
Other Revenue 634 971 3,394 2,585
--------------- ----------------
4,167 3,481 13,222 10,121
--------------- ----------------
OPERATING EXPENSE
Salaries 1,752 1,585 5,181 4,687
Employee Benefits 316 312 956 952
--------------- ----------------
Total Employee Expense 2,068 1,897 6,137 5,639
Net Premises and Equipment Expense 642 624 1,913 1,856
Restructuring-Related Items {a} 36 53 60 179
Other Expense 1,810 1,662 5,515 4,949
--------------- ----------------
4,556 4,236 13,625 12,623
--------------- ----------------
INCOME BEFORE TAXES 2,818 2,255 8,838 6,193
Income Taxes 1,049 845 3,257 2,325
--------------- ----------------
NET INCOME $1,769 $1,410 $ 5,581 $ 3,868
--------------- ----------------
{a} Includes restructuring charges of $24 million and $49 million in the 2000
and 1999 third quarters, respectively, credits for the reversal of prior charges
of $37 million in the 1999 third quarter, and accelerated depreciation charges
of $12 million and $41 million in the 2000 and 1999 third quarters,
respectively. The 2000 and 1999 nine-month periods include restructuring charges
of $46 million and $49 million, respectively, credits for the reversal of prior
charges of $47 million and $37 million, respectively, and accelerated
depreciation charges of $61 million and $167 million, respectively.
<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: October 18, 2000
