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): July 19, 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)
<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 six-month periods ended June 30, 2000 and
June 30, 1999. Citigroup Inc., the parent company of Citicorp, filed a
Current Report on Form 8-K dated July 19, 2000. That report contains certain
additional information about Citicorp's businesses.
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES
(Unaudited)
(In Millions of Dollars)
Second Quarter Six Months
---------------- ----------------
2000 1999 2000 1999
---------------- ----------------
INTEREST REVENUE
Loans, including Fees $6,506 $5,544 $12,476 $11,364
Deposits with Banks 276 262 532 494
Federal Funds Sold and Securities
Purchased Under Resale Agreements 99 97 171 238
Securities, including Dividends 786 855 1,611 1,995
Trading Account Assets 256 212 470 374
Loans Held For Sale 172 147 291 286
--------------- ----------------
8,095 7,117 15,551 14,751
--------------- ----------------
INTEREST EXPENSE
Deposits 3,198 2,567 6,001 5,432
Trading Account Liabilities 14 19 33 38
Purchased Funds and Other Borrowings 626 463 1,090 1,145
Long-Term Debt 456 432 931 932
--------------- ----------------
4,294 3,481 8,055 7,547
--------------- ----------------
NET INTEREST REVENUE 3,801 3,636 7,496 7,204
--------------- ----------------
PROVISION FOR CREDIT LOSSES 711 790 1,462 1,519
--------------- ----------------
NET INTEREST REVENUE AFTER
PROVISION FOR CREDIT LOSSES 3,090 2,846 6,034 5,685
--------------- ----------------
FEES, COMMISSIONS, AND OTHER REVENUE
Fees and Commissions 2,343 1,859 4,498 3,554
Foreign Exchange 398 368 820 856
Trading Account 311 138 680 442
Securities Transactions 252 151 297 174
Other Revenue 746 852 2,760 1,614
--------------- ----------------
4,050 3,368 9,055 6,640
--------------- ----------------
OPERATING EXPENSE
Salaries 1,734 1,541 3,429 3,102
Employee Benefits 318 322 640 640
--------------- ----------------
Total Employee Expense 2,052 1,863 4,069 3,742
Net Premises and Equipment Expense 627 628 1,271 1,232
Restructuring-Related Items {a} 4 47 24 126
Other Expense 1,797 1,666 3,708 3,287
--------------- ----------------
4,480 4,204 9,072 8,387
--------------- ----------------
INCOME BEFORE TAXES 2,660 2,010 6,017 3,938
Income Taxes 993 756 2,205 1,480
--------------- ----------------
NET INCOME $1,667 $1,254 $ 3,812 $ 2,458
--------------- ----------------
{a} Includes a restructuring charge of $22 million in the 2000 second quarter,
credits for the reversal of prior charges of $47 million in the 2000
second quarter, and accelerated depreciation charges of $29 million and
$49 million in the 2000 second quarter and six months, respectively, and
$47 million and $126 million in the 1999 second quarter and six months,
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: July 20, 2000
