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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
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.)
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 20, 1998, regarding
its financial results and selected balance sheet information
as of and for the period ended December 31, 1997, 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: January 23, 1998 Title: Controller and Treasurer
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IBM CREDIT CORPORATION REPORTS 1997 FINANCIAL RESULTS
WHITE PLAINS, New York, January 20, 1998 . . . IBM Credit Corporation
today reported 1997 net earnings of $283.9 million, an increase of 5
percent, compared with $271.1 million in 1996. New financing originations
for commercial and government customers rose 21 percent, while new
financing originations for IBM's distribution channel partners rose 12
percent.
"Our business continues to exhibit healthy growth in new financing
originations and in assets, demonstrating strong demand for the
financial services we offer in support of our customers' acquisition
of IBM products and services," said W. Wilson Lowery, Jr., chairman
of IBM Credit Corporation and general manager, IBM Global Financing.
"Our preferred rate offerings will be extended to cover an even
broader range of IBM solutions, expanding our ability to help
customers manage the technology they need to run their businesses."
New financing originations for commercial and government customers
purchasing computer hardware and other information technology products
and services rose 21 percent in 1997 to $7.0 billion, compared with
$5.8 billion in 1996. New financing originations to distribution
channel partners to meet their working capital requirements increased
by 12 percent in 1997 to $15.0 billion, compared with $13.4 billion for
the same 1996 period.
At December 31, 1997, total assets were $16.6 billion, compared with
$12.9 billion at December 31, 1996, an increase of 28 percent. Retained
earnings at December 31, 1997, were $1.2 billion compared with $977.6
million at December 31, 1996, an increase of 24 percent. The return on
average equity was 18.6 percent in 1997, compared with 20.7 percent in
1996.
In the fourth quarter of 1997, net earnings were $73.7 million, an
increase of 43 percent from 1996's $51.5 million. Financing originated
for commercial and government customers in the fourth quarter of 1997
was $2.3 billion, an increase of 12 percent compared with the same 1996
period. For the fourth quarter of 1997, working capital financing for
distribution channel partners was $4.3 billion, a 6 percent increase
compared with the same 1996 period.
IBM Credit Corporation provides customers with flexible and attractive
leasing and financing solutions that make it as fast and easy as
possible to acquire the information technology products and services
they need to run their businesses. IBM Credit also offers a broad array
of asset management services, and provides remarketers with inventory
and accounts receivable financing. To learn more about IBM Credit
Corporation, visit the IBM Global Financing home page at
www.financing.ibm.com
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