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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 19, 1999
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)
Item 5. Other Events
The Registrant's press release dated July 19, 1999, regarding its
financial results and selected balance sheet information as of and
for the period ended June 30, 1999, 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:
______________________________
Name: John V. Palermo, Jr.
Date: July 19, 1999 Title: Controller and Treasurer
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IBM CREDIT CORPORATION REPORTS 1999 SECOND-QUARTER RESULTS
North Castle, New York, July 19, 1999 . . . IBM Credit Corporation
today reported second-quarter 1999 net earnings of $102.4 million, an
increase of 43 percent, compared with $71.6 million for the same 1998 period.
The return on average equity was 20.2 percent, compared with 17.1 percent
in the second quarter of 1998.
In the second quarter of 1999, new customer financing originations*
for acquisition of information technology products and services increased
30 percent to $1.99 billion, compared with $1.53 billion in the second
quarter of 1998. New commercial financing originations, providing
working capital for inventory and accounts receivable financing,
increased by 16 percent to $3.55 billion in the second quarter of 1999,
compared with $3.07 billion for the same 1998 period.
At June 30, 1999, total assets were $16.2 billion, compared with
$16.4 billion at December 31, 1998, a decrease of 1 percent. Retained
earnings at June 30, 1999, were $1.5 billion, compared with $1.4 billion
at December 31, 1998, an increase of 7 percent.
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For the first half of 1999, net earnings were $193.7 million, an
increase of 32 percent, compared with $147.3 million for the
period in 1998. For the first half of 1999, customer financing originations*
increased by 16 percent to $3.33 billion, compared with $2.88 billion for
the first half of 1998. For the first half of 1999, commercial financing
originations increased by 10 percent to $6.88 billion, compared with
$6.27 billion for the same 1998 period.
IBM Credit Corporation in the United States is part of the
worldwide IBM Global Financing organization. IBM Global Financing
offers businesses of all sizes leasing and financing solutions for
hardware, software and services acquired from IBM and IBM
Business Partners. Serving customers in more than 40 countries,
IBM Global Financing provides a broad array of asset management
services. In addition, IBM Global Financing provides flexible
commercial financing offerings for inventory and accounts
receivable financing to resellers and remarketers. Visit the IBM
Global Financing home page at www.financing.ibm.com.
*New customer financing originations reflect assets both owned
and managed by IBM Credit Corporation.
