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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) July
20, 1998
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.)
North Castle Drive, MS NCA-306
Armonk, New York 10504-1785
__________________________________________ ___________
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (914) 765-1900
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 July 20, 1998, regarding
its financial results and selected balance sheet information
as of and for the period ended June 30, 1998, 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/ Michael J. Twomey
______________________________
Name: Michael J. Twomey
Date: July 20, 1998 Title: Controller and Treasurer
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IBM CREDIT CORPORATION REPORTS 1998 SECOND-QUARTER RESULTS
North Castle, New York, July 20, 1998 . . . IBM Credit Corporation today
reported second-quarter 1998 net earnings of $71.6 million, an increase
of 4 percent, compared with $68.6 million for the same 1997 period.
The return on average equity was 17.1 percent, compared with 20.0
percent in the second quarter of 1997.
New financing originations for commercial and government customers
acquiring computer hardware and other information technology products
and services in the second quarter of 1998 decreased 3 percent to $1.53
billion, compared with $1.57 billion in the second quarter of 1997.
New financing originations providing distribution channel partners with
working capital for inventory and accounts receivable in the second
quarter of 1998 decreased by 16 percent to $3.07 billion, compared with
$3.67 billion for the same 1997 period.
At June 30, 1998, total assets were $15.7 billion, compared with
$16.6 billion at December 31, 1997, a decrease of 5 percent. Retained
earnings at June 30, 1998, were $1.33 billion, compared with $1.21
billion at December 31, 1997, an increase of 10 percent.
For the first half of 1998, net earnings were $147.3 million, compared
with $147.8 million for the same period in 1997. For the first half
of 1998, financing originated for commercial and government customers
decreased by 1 percent to $2.88 billion, compared with $2.90 billion
for the first half of 1997. For the first half of 1998, working
capital financing originated for distribution channel partners
decreased by 8 percent to $6.27 billion, compared with $6.79 billion
for the same 1997 period.
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IBM Credit Corporation in the United States, and the IBM Global
Financing organizations worldwide, offer businesses of all sizes
leasing and financing for technology acquired from IBM or remarketers.
IBM Credit and the IBM Global Financing organizations also offer
customers in more than 40 countries a broad array of asset management
services and provide remarketers with inventory and accounts
receivable financing. Visit the IBM Global Financing home page at
www.financing.ibm.com
