<PAGE> 1
_____________________________________________________________________
______
_____________________________________________________________________
______
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) October 12, 1995
J.P. MORGAN & CO. INCORPORATED
(Exact name of registrant as specified in its charter)
DELAWARE 1-5885 13-2625764
(State or other juris- (Commission (IRS Employer
diction of File Number) Identification No.)
incorporation)
60 WALL STREET, NEW YORK, NEW YORK 10260-
0060
(Address of principal executive offices) (Zip
Code)
Registrant's telephone number, including area code (212) 483-2323
_________________________________________________________________
(Former name or former address, if changed since last report)
_____________________________________________________________________
______
_____________________________________________________________________
______
<PAGE> 2
ITEM 5. OTHER EVENTS
On October 12, 1995, the Registrant issued a press release
announcing
its earnings for the three-month period ended September 30,
1995. A copy
of such press release is filed herein as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(a) Financial Statements
NONE. The financial statements included in this report
are not
required to be filed as part of this report.
(b) Pro Forma Financial Information
NONE.
(c) Exhibits
99. Copy of press release of J.P. Morgan & Co.
Incorporated
dated October 12, 1995.
<PAGE> 3
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 hereunto duly authorized.
J.P. MORGAN & CO. INCORPORATED
______________________________
(REGISTRANT)
/s/ PATRICIA A. JONES
____________________________
NAME: PATRICIA A. JONES
TITLE: MANAGING DIRECTOR
DATE: October 12, 1995
<PAGE> 1
October 12, 1995
J.P. MORGAN REPORTS 1995 THIRD QUARTER RESULTS
J.P. Morgan & Co. Incorporated reported net income of $360 million in
the third quarter of 1995, up 10% from the third quarter of 1994 and
14% higher than in the second quarter of this year. Third quarter
earnings per share were $1.78 versus $1.63 a year earlier and $1.56
in the 1995 second quarter.
Net income for the first nine months of 1995 totaled $930 million,
compared with $1.022 billion in the first nine months of 1994. Nine-
month net income for 1995 includes a first quarter special charge of
$55 million ($33 million after tax, or $0.17 a share) primarily
related to severance. Nine-month earnings per share were $4.62
versus $5.05 a year ago.
Douglas A. Warner III, chairman, said: OIncreasing business momentum
produced solid, globally diversified results for the quarter. We are
earning a growing share of our clients' business, with advances in
equity and debt underwriting, corporate finance advisory, market-
making, and investment management results.O
<TABLE>
THIRD QUARTER RESULTS AT A GLANCE
<CAPTION>
In millions of dollars, Second
except per share data Third quarter quarter
1995 1994 1995
_____________________________________________________________________
________
<S> <C> <C> <C>
Revenues $1,549 $1,432 $1,449
Operating expenses (1,022) (941) (984)
Income taxes (167) (164) (150)
_____________________________________________________________________
_________
Net income $ 360 $ 327 $ 315
Net income per share $ 1.78 $ 1.63 $ 1.56
_____________________________________________________________________
_________
Dividends declared per $ 0.75 $ 0.68 $ 0.75
share
_____________________________________________________________________
____ _____
</TABLE>
REVENUES in the third quarter rose 8% from a year earlier on
improved results in trading, advisory, and underwriting
activities:
-Combined trading and related net interest revenue advanced
22% to $434 million from a year ago on strong client
volumes in favorable market conditions.
-Corporate finance revenue was up 81% to $195 million.
Securities underwriting revenue more than tripled from a
year ago. Advisory and syndication fees were up 44%.
-Investment management fees rose 13% to $150 million, while
credit-related fees declined from a year earlier.
-Net equity investment securities gains were $91 million in
the third quarter versus $148 million in the corresponding
1994 quarter.
OPERATING EXPENSES rose 9% from a year ago and were up 4% from
the second quarter of 1995.
The remainder of this release contains information on specific areas
of results, a financial summary, and the consolidated financial
statements.
<PAGE> 2
REVENUES
Revenues totaled $1.549 billion in the third quarter of 1995, up 8%
from $1.432 billion a year earlier.
Net interest revenue declined 4% to $507 million from a year ago,
primarily as a result of lower trading-related net interest revenue
from debt instruments.
Trading revenue increased 41% to $399 million from the third quarter
of 1994. Reported trading revenue does not include net interest
revenue associated with trading activities, which was $35 million in
the third quarter of 1995 and $73 million in the third quarter of
1994.
Client demand was strong across the range of the firm's market-making
activities. Combined trading and related net interest revenue rose
22% to $434 million from a year earlier. (See the table of combined
trading and related net interest revenue by principal markets on page
9.) Combined revenue from swaps and other interest rate contracts
increased $36 million to $156 million. Combined revenue from foreign
exchange trading totaled $49 million, up $23 million from a year
earlier. Combined revenue from equities and commodities trading was
$70 million, an increase of $21 million, primarily from equity
derivatives. Debt instrument trading produced combined revenue of
$159 million versus $160 million a year earlier.
Corporate finance revenue rose 81% to $195 million in the third
quarter from the year-earlier quarter. Underwriting revenue recorded
a threefold increase to $71 million, reflecting debt and equity
capital-raising activity for a broad range of clients. Advisory and
syndication fees increased 44% to $124 million as levels of merger
and acquisition activity increased.
Credit-related fees were $38 million in the third quarter, 22% lower
than in the third quarter of 1994, primarily because of lower
securities lending revenue.
Investment management fees increased 13% to $150 million from a year
earlier, reflecting an increase in assets under management, primarily
from net new business.
Operational service fees in the third quarter totaled $137 million,
relatively unchanged from a year ago.
Net investment securities losses were $22 million in the third
quarter. In the year-earlier quarter, net investment securities
losses were $27 million.
Other revenue was $145 million in the third quarter, compared with
$226 million in the 1994 third quarter. The 1995 third quarter
reflected net equity investment securities gains of $91 million,
versus $148 million in the year-earlier quarter. Also included in
the third quarter of 1995 was $35 million of revenue associated with
hedging anticipated foreign currency revenues and expenses. The 1994
third quarter included $54 million related to the sale of the firm's
domestic corporate trust business.
<PAGE> 3
OPERATING EXPENSES
Operating expenses were $1.022 billion in the third quarter of 1995,
9% higher than a year earlier. The weakening in the dollar's value
accounted for two percentage points of the increase. Employee
compensation and benefits expense rose, primarily due to higher
incentive compensation accruals linked to improved earnings and to
higher severance costs. Operating expenses in the third quarter were
4% higher than in the second quarter, mostly related to higher
incentive compensation accruals. Expenses other than employee
compensation and benefits were essentially unchanged. At September
30, 1995, staff totaled 16,394 employees compared with 17,055
employees at December 31, 1994.
Income tax expense of $167 million in the third quarter reflects an
effective tax rate of 32%, compared with an effective tax rate of 33%
in the third quarter of 1994.
ASSETS
Total assets were $178 billion at September 30, 1995, compared with
$167 billion at June 30, 1995. Nonperforming assets at September 30,
1995, were $188 million, compared with $187 million at June 30, 1995.
No provision for credit losses was deemed necessary in the 1995 third
quarter. The allowance for credit losses was $1.132 billion at
September 30, 1995. (For details, see asset quality tables on page
10.)
CAPITAL
At September 30, 1995, J.P. Morgan's estimated Tier 1 and total risk-
based capital ratios were 8.4% and 12.4%, respectively, compared with
Tier 1 and total risk-based capital ratios of 8.7% and 12.8%,
respectively, at June 30, 1995. The September 30, 1995, leverage
ratio was 6.3%, versus 6.0% at June 30, 1995.
At September 30, 1995, stockholders' equity included approximately
$495 million of net unrealized appreciation on debt investment and
marketable equity investment securities, net the related deferred tax
liability of $309 million. This compares with $459 million of net
unrealized appreciation at June 30, 1995. The unrealized
appreciation on debt investment securities was $357 million and $283
million at September 30, 1995, and at June 30, 1995, respectively.
The unrealized appreciation on marketable equity investment
securities was $447 million at September 30, 1995, and $463 million
at June 30, 1995.
# # #
J.P. Morgan is a global banking firm that serves clients with complex
financial needs through an integrated range of advisory, financing,
trading, investment, and related capabilities.
Attached are the financial summary, the financial statements, the
combined trading and related net interest revenue table, and the
asset quality tables. J.P. Morgan news releases, including quarterly
financial results, are available on the Internet
(http://www.jpmorgan.com).
<PAGE> 4
<TABLE>
FINANCIAL SUMMARY
J.P. Morgan & Co. Incorporated
_____________________________________________________________________
_____________
<CAPTION>
Dollars in
millions,
except per
share data Third Quarter Second Nine Months
__________________________ Quarter
_________________________
1995 1994 1995 1995 1994
_____________________________________________________________________
_____________
<S> <C> <C> <C> <C> <C>
Net income $360 $327 $315 $930 $1,022
PER COMMON
SHARE
Net income (a) $ 1.78 $ 1.63 $ 1.56 $ 4.62 $ 5.05
Dividends 0.75 0.68 0.75 2.25 2.04
declared
Book value (b) 49.36 47.36 48.14 49.36 47.36
_____________________________________________________________________
_____________
Weighted-
average
number of
common and
common 199,300, 198,193, 198,241, 198,179, 200,009,
equivalent 749 982 301 495 067
shares
outstanding
_____________________________________________________________________
_____________
Dividends
declared on $140 $129 $141 $422 $390
common stock
Dividends
declared on 6 5 6 18 15
preferred
stock
SELECTED
RATIOS
Annualized
rate of return
on average
common
stockholders' % 13.9 % 13.4 % 13.2 % 14.5 %
equity (c) 14.9
As % of period-
end total
assets:
Common 5.4 6.0 5.6
equity
Total equity 5.7 6.3 5.9
Regulatory
capital ratios
(d)
Tier 1 risk-
based
capital 8.4 9.8 8.7
ratio
Total risk-
based 12.4 14.7 12.8
capital
ratio
Leverage 6.3 6.5 6.0
ratio
_____________________________________________________________________
_____________
AVERAGE
BALANCES
Debt
investment $ 21,542 $ 20,259 $ 20,659 $ $
securities 21,636 19,957
(e)
Loans 23,777 23,448 24,639 24,029 24,148
Total
interest- 132,423 129,147 128,235 132,255 133,387
earning
assets
Total assets 174,014 170,267 174,502 174,731
173,202
Total
interest-
bearing 124,442 123,466 124,177 125,948
liabilities 126,538
Total
liabilities 164,055 160,551 164,753 164,972
163,407
Common
stockholders' 9,465 9,222 9,255 9,265
equity 9,301
Total
stockholders' 9,959 9,716 9,749 9,759
equity 9,795
Net interest
earnings
(fully taxable 534 556 535 1,598
basis) 1,552
Net yield on
interest-
earning assets % % % 1.62 % 1.56 %
1.60 1.71 1.67
_____________________________________________________________________
_____________
Employees at
period-end 16,394 16,514 16,267
_____________________________________________________________________
_____________
(a) Earnings per share amounts represent both primary and fully
diluted earnings per share, except for the nine months ended
September 30, 1995. Fully diluted earnings per share for the nine
months ended September 30, 1995, were $4.57.
(b) Excluding the impact of SFAS No. 115, book value per common share
would have been $46.82, $44.21 and $45.78 for the three months ended
September 30, 1995, September 30, 1994, and June 30, 1995,
respectively.
(c) Excluding the impact of SFAS No. 115, the annualized rate of
return on average common stockholders' equity would have been 15.6%,
15.0% and 14.1% for the three months ended September 30, 1995,
September 30, 1994, and June 30, 1995, respectively, and 13.8% and
16.1% for the nine months ended September 30, 1995 and 1994.
(d) In accordance with Federal Reserve Board guidelines, these ratios
exclude the equity, assets and off-balance-sheet exposures of J.P.
Morgan Securities, Inc. and the effect of SFAS No. 115. Risk-based
capital ratios for September 30, 1995, are estimates.
(e) Average debt investment securities are computed based on
historical amortized cost, excluding the effects of SFAS No. 115
adjustments.
</TABLE>
<PAGE> 5
<TABLE>
CONSOLIDATED STATEMENT OF INCOME
J.P. Morgan & Co. Incorporated
___________________________________________________________________________
_______________
<CAPTION>
In millions,
except per share data Three months ended
_________________________________________________________________
September September Increase June Increase
30 30 (Decreas 30 (Decreas
1995 1994 e) 1995 e)
_________________________________________________________________
<S> <C> <C> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $2,453 $2,142 $311 $2,40 $48
5
Interest expense 1,946 1,616 330 1,897 49
___________________________________________________________________________
______________
Net interest revenue 507 526 (19) 508 (1)
NONINTEREST REVENUE
Trading revenue 399 282 117 305 94
Corporate finance 195 108 87 117 78
revenue
Credit-related fees 38 49 (11) 41 (3)
Investment management
fees 150 133 17 138 12
Operational service 137 135 2 140 (3)
fees
Net investment
securities (22) (27) 5 33 (55)
gains (losses)
Other revenue 145 226 (81) 167 (22)
___________________________________________________________________________
_______________
Total noninterest 1,042 906 136 941 101
revenue
Total revenue 1,549 1,432 117 1,449 100
OPERATING EXPENSES
Employee compensation
and 648 576 72 616 32
benefits
Net occupancy 87 68 19 79 8
Technology and
communications 169 162 7 165 4
Other expenses 118 135 (17) 124 (6)
___________________________________________________________________________
_______________
Total operating 1,022 941 81 984 38
expenses
Income before income
taxes 527 491 36 465 62
Income taxes 167 164 3 150 17
___________________________________________________________________________
_______________
Net income 360 327 33 315 45
PER COMMON SHARE
Net income (a) $1.78 $1.63 $0.15 $1.56 $0.22
Dividends declared 0.75 0.68 0.07 0.75 -
___________________________________________________________________________
_______________
(a) Earnings per share amounts represent both primary and fully
diluted
earnings per share.
</TABLE>
<PAGE> 6
<TABLE>
CONSOLIDATED STATEMENT OF INCOME
J.P. Morgan & Co. Incorporated
_____________________________________________________________________
_____________
<CAPTION>
In millions,
except per share data Nine months ended
_______________________________________________________
September September Increase
30 30 (Decrease)
1995 1994
_______________________________________________________
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $7,328 $6,010 $1,318
Interest expense 5,813 4,547 1,266
_____________________________________________________________________
_____________
Net interest revenue 1,515 1,463 52
NONINTEREST REVENUE
Trading revenue 1,007 866 141
Corporate finance 426 312 114
revenue
Credit-related fees 122 160 (38)
Investment management
fees 418 387 31
Operational service 417 419 (2)
fees
Net investment
securities 20 99 (79)
gains
Other revenue 461 583 (122)
_____________________________________________________________________
_____________
Total noninterest 2,871 2,826 45
revenue
Total revenue 4,386 4,289 97
OPERATING EXPENSES
Employee compensation
and 1,890 1,716 174
benefits
Net occupancy 246 201 45
Technology and
communications 506 436 70
Other expenses 366 376 (10)
_____________________________________________________________________
_____________
Total operating 3,008 2,729 279
expenses
Income before income
taxes 1,378 1,560 (182)
Income taxes 448 538 (90)
_____________________________________________________________________
_____________
Net income 930 1,022 (92)
PER COMMON SHARE
Net income (a) $4.62 $5.05 ($0.43)
Dividends declared 2.25 2.04 0.21
_____________________________________________________________________
_____________
(a) See Financial Summary for per common share data assuming full
dilution.
</TABLE>
<PAGE> 7
<TABLE>
CONSOLIDATED BALANCE SHEET
J.P. Morgan & Co. Incorporated
_____________________________________________________________________
_____________
<CAPTION>
Dollars in millions September June 30 December 31
30
1995 1995 1994
________________________________________________
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 1,519 $ 1,812 $ 2,210
Interest-earning deposits
with banks 1,504 1,736 1,362
Debt investment securities
available-for-sale carried at
fair value(Cost: $21,657 at
September 1995, $20,133 at
June 1995 and $22,503 at 22,014 20,416 22,657
December 1994)
Trading account assets 64,696 68,259 57,065
Securities purchased under
agreements to resell ($30,549
at September 1995, $26,127 at
June 1995, and $21,170 at
December 1994) and federal 30,687 26,209 21,350
funds sold
Securities borrowed 17,840 10,313 12,127
Loans 25,265 24,043 22,080
Less: allowance for credit 1,132 1,132 1,131
losses
_____________________________________________________________________
_____________
Net loans 24,133 22,911 20,949
Customers' acceptance 528 266 586
liability
Accrued interest and accounts
receivable 2,998 3,214 5,028
Premises and equipment 3,453 3,438 3,318
Less: accumulated 1,453 1,420 1,302
depreciation
_____________________________________________________________________
_____________
Premises and equipment, net 2,000 2,018 2,016
Other assets 10,412 9,406 9,567
_____________________________________________________________________
_____________
Total assets 178,331 166,560 154,917
_____________________________________________________________________
_____________
LIABILITIES
Noninterest-bearing deposits:
In offices in the U.S. 3,525 3,494 3,693
In offices outside the 894 995 767
U.S.
Interest-bearing deposits:
In offices in the U.S. 1,669 2,156 1,826
In offices outside the 40,590 38,671 36,799
U.S.
_____________________________________________________________________
_____________
Total deposits 46,678 45,316 43,085
Trading account liabilities 45,008 42,404 36,407
Securities sold under
agreements to repurchase
($38,347 at September 1995,
$32,864 at June 1995, and
$30,179 at December 1994) and 41,879 38,496 35,768
federal funds purchased
Commercial paper 2,954 1,903 3,507
Other liabilities for
borrowed money 14,330 12,068 10,900
Accounts payable and accrued
expenses 5,570 4,804 6,231
Liability on acceptances 528 266 586
Long-term debt not qualifying
as risk-based capital 6,028 5,759 3,605
Other liabilities 1,821 2,340 2,063
_____________________________________________________________________
_____________
164,796 153,356 142,152
Long-term debt qualifying as
risk-based capital 3,422 3,333 3,197
_____________________________________________________________________
_____________
Total liabilities 168,218 156,689 145,349
STOCKHOLDERS' EQUITY
Preferred stock (authorized
shares: 10,000,000):
Adjustable rate cumulative
preferred stock, $100 par
value(issued and outstanding:
2,444,300) 244 244 244
Variable cumulative preferred
stock, $1,000 par value
(issued 250 250 250
and outstanding: 250,000)
Common stock, $2.50 par value
(authorized shares:
500,000,000; issued:
200,676,673 at September 1995,
200,674,673 at June 1995 and 502 502 502
200,668,373 at December 1994)
Capital surplus 1,433 1,441 1,452
Retained earnings 7,526 7,315 7,044
Net unrealized gains on
investment securities, net of 495 459 456
taxes
Other 439 407 367
_____________________________________________________________________
_____________
10,889 10,618 10,315
Less: treasury stock
(12,993,334 shares at
September 1995, 12,856,867
shares at June 1995 and
12,966,917 shares at December 776 747 747
1994) at cost
_____________________________________________________________________
_____________
Total stockholders' equity 10,113 9,871 9,568
_____________________________________________________________________
_____________
Total liabilities and
stockholders' equity 178,331 166,560 154,917
_____________________________________________________________________
_____________
</TABLE>
<PAGE> 8
<TABLE>
CONSOLIDATED STATEMENT OF CONDITION
Morgan Guaranty Trust Company of New
York
_____________________________________________________________________
_____________
<CAPTION>
Dollars in millions September December
30 31
1995 1994
_________________________________
<S> <C> <C>
ASSETS
Cash and due from banks $ 1,503 $ 2,182
Interest-earning deposits with banks 1,602 1,605
Debt investment securities available-for-
sale 21,198 21,292
carried at fair value
Trading account assets 53,900 45,386
Securities purchased under agreements to
resell 18,854 16,562
and federal funds sold
Loans 22,210 19,397
Less: allowance for credit losses 1,026 1,025
_____________________________________________________________________
_____________
Net loans 21,184 18,372
Customers' acceptance liability 478 556
Accrued interest and accounts receivable 2,960 3,594
Premises and equipment 3,068 2,967
Less: accumulated depreciation 1,273 1,149
_____________________________________________________________________
_____________
Premises and equipment, net 1,795 1,818
Other assets 10,000 7,360
_____________________________________________________________________
_____________
Total assets 133,474 118,727
_____________________________________________________________________
_____________
LIABILITIES
Noninterest-bearing deposits:
In offices in the U.S. 3,463 3,698
In offices outside the U.S. 939 770
Interest-bearing deposits:
In offices in the U.S. 1,474 1,480
In offices outside the U.S. 41,874 38,566
_____________________________________________________________________
_____________
Total deposits 47,750 44,514
Trading account liabilities 40,943 30,730
Securities sold under agreements to
repurchase 18,690 22,099
and federal funds purchased
Other liabilities for borrowed money 6,982 5,320
Accounts payable and accrued expenses 3,987 2,902
Liability on acceptances 478 556
Long-term debt not qualifying as risk-based 3,153 1,968
capital
Other liabilities 2,012 2,080
_____________________________________________________________________
_____________
123,995 110,169
Long-term debt qualifying as risk-based 1,327 1,249
capital
_____________________________________________________________________
_____________
Total liabilities 125,322 111,418
STOCKHOLDER'S EQUITY
Preferred stock, $100 par value
(authorized shares: 2,500,000) - -
Common stock, $25 par value
(authorized and outstanding shares: 250 250
10,000,000)
Surplus 2,820 2,670
Undivided profits 4,883 4,266
Net unrealized gains on investment
securities, net of 204 124
taxes
Foreign currency translation (5) (1)
_____________________________________________________________________
_____________
Total stockholder's equity 8,152 7,309
_____________________________________________________________________
_____________
Total liabilities and stockholder's equity 133,474 118,727
_____________________________________________________________________
_____________
Member of the Federal Reserve System and the Federal Deposit
Insurance Corporation.
</TABLE>
<PAGE> 9
<TABLE>
COMBINED TRADING AND RELATED NET INTEREST REVENUE
J.P. Morgan & Co. Incorporated
_____________________________________________________________________
_____________
<CAPTION>
Dollars in millions
Foreign
Swaps and exchange
other spot and Equities
interest Debt option and
rate
contracts instrumen contract commoditi Total
ts s es
_____________________________________________________________________
_____________
<S> <C> <C> <C> <C> <C>
THIRD QUARTER
1995
Trading revenue $159 $110 $48 $82 $399
Net interest
revenue* (3) 49 1 (12) 35
_____________________________________________________________________
_____________
Combined total 156 159 49 70 434
_____________________________________________________________________
_____________
THIRD QUARTER
1994
Trading revenue 127 80 16 59 282
Net interest
revenue** (7) 80 10 (10) 73
_____________________________________________________________________
_____________
Combined total 120 160 26 49 355
_____________________________________________________________________
_____________
NINE MONTHS 1995
Trading revenue 335 277 142 253 1,007
Net interest
revenue* 10 180 (1) (65) 124
_____________________________________________________________________
_____________
Combined total 345 457 141 188 1,131
_____________________________________________________________________
_____________
NINE MONTHS 1994
Trading revenue 519 113 53 181 866
Net interest
revenue** 8 224 - (40) 192
_____________________________________________________________________
_____________
Combined total 527 337 53 141 1,058
*Estimated
**Certain prior-year amounts have been reclassified to conform with
1995 classifications.
</TABLE>
<PAGE> 10
<TABLE>
ASSET QUALITY
J.P. Morgan & Co. Incorporated
_____________________________________________________________________
_____________
NONPERFORMING ASSETS
<CAPTION>
September June 30 December September
30 31 30
Dollars in millions 1995 1995 1994 1994
_____________________________________________________________________
_____________
<S> <C> <C> <C> <C>
Impaired loans:
Commercial and $135 $127 $136 $148
industrial
Other 50 56 81 62
_____________________________________________________________________
_____________
185 183 217 210
Restructuring countries 2 3 2 2
_____________________________________________________________________
_____________
Total impaired loans 187 186 219 212
Other nonperforming 1 1 1 2
assets
_____________________________________________________________________
_____________
Total nonperforming 188 187 220 214
assets
_____________________________________________________________________
_____________
ALLOWANCE FOR CREDIT LOSSES
<CAPTION>
September June 30 December September
30 31 30
Dollars in millions 1995 1995 1994 1994
_____________________________________________________________________
_____________
<S> <C> <C> <C> <C>
Allowance for credit $1,132 $1,132 $1,131 $1,133
losses
_____________________________________________________________________
_____________
<CAPTION>
Third Quarter Nine Months
______________________________________________________
1995 1994 1995 1994
_____________________________________________________________________
_____________
<S> <C> <C> <C> <C>
Charge-offs:
Commercial and ($11) ($9) ($31) ($30)
industrial
Restructuring - - - (17)
countries
Other - (5) (6) (12)
Recoveries 11 6 38 34
_____________________________________________________________________
_____________
</TABLE>
