8-K 1 0001.txt INCOME STATEMENT 8-K 1Q01 CITICORP 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): April 16, 2001 CITICORP (Exact name of registrant as specified in charter) DELAWARE 1-5738 06-1515595 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification Number) 399 PARK AVENUE, NEW YORK, NEW YORK 10043 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 559-1000 NOT APPLICABLE (Former name or former address, if changed since last report) Item 5. Other Events. Results of Operations (Unaudited) This report summarizes the results of operations of Citicorp and its subsidiaries for the three-month periods ended March 31, 2001 and March 31, 2000. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated April 16, 2001. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) First Quarter ------------------- 2001 2000 ------------------- INTEREST REVENUE Loans, including Fees $9,967 $8,395 Deposits with Banks 353 256 Federal Funds Sold and Securities Purchased Under Resale Agreements 131 72 Securities, including Dividends 951 922 Trading Account Assets 236 214 Loans Held For Sale 392 138 ------------------- 12,030 9,997 ------------------- INTEREST EXPENSE Deposits 3,490 2,810 Trading Account Liabilities 14 19 Purchased Funds and Other Borrowings 961 799 Long-Term Debt 1,348 1,094 ------------------- 5,813 4,722 ------------------- NET INTEREST REVENUE 6,217 5,275 ------------------- POLICYHOLDER BENEFITS AND CLAIMS 250 160 PROVISION FOR CREDIT LOSSES 1,464 1,309 ------------------- TOTAL BENEFITS, CLAIMS, AND 1,714 1,469 CREDIT LOSSES ------------------- NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 4,503 3,806 ------------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 2,777 2,558 Foreign Exchange 488 422 Trading Account 603 369 Securities Transactions 97 41 Other Revenue 857 2,181 ------------------- 4,822 5,571 ------------------- OPERATING EXPENSE Salaries 2,270 2,060 Employee Benefits 441 434 ------------------- Total Employee 2,711 2,494 Net Premises and Equipment 788 815 Restructuring-Related Items {a} 62 20 Other Expense 2,361 2,264 ------------------- 5,922 5,593 ------------------- INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 3,403 3,784 INCOME TAXES 1,265 1,368 MINORITY INTEREST, NET OF INCOME TAXES 8 5 ------------------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 2,130 2,411 CUMULATIVE EFFECT OF ACCOUNTING CHANGE {b} (33) - ------------------- NET INCOME $2,097 $2,411 =================== {a} Represents new charges of $40 million in 2001 and accelerated depreciation of $22 million and $20 million in 2001 and 2000, respectively. {b} Relates to the adoption of Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities" as amended (SFAS 133). SIGNATURE 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 duly authorized. CITICORP (Registrant) By: /s/ Roger W. Trupin --------------------- Roger W. Trupin Vice President and Controller Dated: April 18, 2001