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UNITED STATES
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
21, 1997
IBM CREDIT CORPORATION
_________________________________________________
(Exact Name of Registrant as Specified in Charter)
Delaware 1-8175 22-2351962
____________________________ _____________ _____________________
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1133 Westchester Avenue, Room 3C2108
White Plains, New York 10604
__________________________________________ ___________
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (914) 642-3000
Not Applicable
_____________________________________________________________
(Former Name or Former Address, if changed Since Last
Report)
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Item 5. Other Events
The Registrant's press release dated January 21, 1997, regarding
its financial results and selected balance sheet information
as of and for the period ended December 31, 1996, is attached.
SIGNATURES
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 duty authorized.
IBM CREDIT CORPORATION
(Registrant)
By:
/s/ Kimberly A. Kispert
______________________________
Name: Kimberly A. Kispert
Date: January 21, 1997 Title: Controller and Treasurer
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IBM CREDIT CORPORATION ANNOUNCES 1996 FINANCIAL RESULTS
WHITE PLAINS, NY, January 21, 1997 ... IBM Credit Corporation today
reported 1996 net earnings of $271.1 million, compared with $230.5
million in 1995, an increase of 18 percent. Total assets at December
31, 1996, were $12.9 billion, compared with $11.4 billion at year-end
1995. The return on average equity was 20.7 percent in 1996, compared
with 20.9 percent in 1995.
During 1996, capital equipment financing originated for end users
was $5.8 billion, a 28 percent increase compared with 1995. For 1996,
working capital originated for distribution channels was $13.4 billion,
a 30 percent increase compared with 1995. Retained earnings at December
31, 1996, were $977.6 million, compared with $751.6 million at December
31, 1995, an increase of 30 percent. To support the increased financing
volumes, total debt at December 31, 1996, rose to $8.1 billion from $7.6
billion at December 31, 1995, an increase of 7 percent.
In the fourth quarter of 1996, net earnings were $51.5 million, a
decrease of 7 percent from 1995's $55.1 million. Capital equipment
financing originated for end users in the fourth quarter of 1996 was
$2.1 billion, an increase of 62 percent compared with the same 1995
period. For the fourth quarter of 1996, working capital financing for
distribution channels was $4.1 billion, a 28 percent increase compared
with the same 1995 period.
W. Wilson Lowery, Jr., chairman of IBM Credit Corporation and general
manager, IBM customer financing, said, "Our customers have responded to
our financing offerings with ever-increasing commitments, both in the
United States and worldwide from IBM's other customer financing
organizations. IBM customer financing employees' dedication to solving
customers' problems together with their skill and professionalism have
contributed to these record results."
Mr. Lowery added that IBM customer financing offerings will continue
to be flexible and attractive, responding to customers' total
information technology financing needs by providing low-interest-rate
solutions for hardware, software and services for businesses of all
sizes, combined with easy technology migration paths that protect
customers' investments, and industry-leading asset management
solutions that satisfy the emerging concern for control of distributed
IT assets.
IBM Credit Corporation is a wholly owned subsidiary of IBM Corporation,
offering end-user customer leasing and financing for IBM and
complementary solutions and non-IBM information technology acquired from
IBM or remarketers. A broad array of asset management services is
offered, and IBM Credit also provides remarketers with inventory and
accounts receivable financing.
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