Conformed
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) March 12, 1996
Beneficial Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-1177 51-0003820
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
301 North Walnut Street, Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (302)425-2500
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
The following is the text of a press release of Beneficial
Corporation, a Delaware corporation, issued on March 12, 1996:
BENEFICIAL CORPORATION ANNOUNCES HIGHLY SUCCESSFUL
TAX REFUND ANTICIPATION LOAN (RAL) SEASON
March 12, 1996
WILMINGTON, Del. -- Beneficial Corporation (NYSE: BNL) today
announced that with the peak of the tax filing season now past,
1996 appears to have been highly successful for Beneficial's tax
refund anticipation loan (RAL) business. Although the season is
not yet complete and numbers are therefore preliminary, it appears
that results will significantly exceed original expectations.
Finn M. W. Caspersen, chairman and chief executive officer of
Beneficial Corporation, commented, "After last season's very
disappointing RAL net loss, we are particularly gratified by the
resounding success this year. Consumer demand for the product
remains strong. The number of RALs processed may approach the
2.7 million of last year. Moreover, of particular importance,
collections of previously charged off amounts have been
significantly beyond expectations. Beneficial's highly
sophisticated fraud and credit quality computer screen continues
to function extremely effectively (as it did even last year)
producing initial RAL delinquency figures well within plan.
"Finally, the interface with the Internal Revenue Service has
functioned particularly smoothly and efficiently, thanks to
excellent cooperation from the IRS.
"It now appears that full-year pretax profits from RAL may
significantly exceed the prior-year peak of $56 million pretax
recorded in 1993. We now begin to look forward to another year of
excellent results in 1997 and the continued alliance with H&R
Block."
Beneficial Corporation is a $15 billion, New York Stock
Exchange-listed financial services holding company. Subsidiaries
of the Company provide financial services through their various
consumer-finance, credit-card, banking and insurance operations
located throughout the United States, Canada, the United Kingdom,
Ireland and Germany.
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.
BENEFICIAL CORPORATION
(Registrant)
By /s/ Samuel F. McMillan
Samuel F. McMillan
Senior Vice President
and Treasurer
Dated: March 11, 1996
