0000020405-01-500078.txt : 20011026 0000020405-01-500078.hdr.sgml : 20011026 ACCESSION NUMBER: 0000020405-01-500078 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011017 ITEM INFORMATION: Other events FILED AS OF DATE: 20011019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITICORP CENTRAL INDEX KEY: 0000020405 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132614988 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05738 FILM NUMBER: 1762862 BUSINESS ADDRESS: STREET 1: 399 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10043 BUSINESS PHONE: 2125591000 MAIL ADDRESS: STREET 1: 425 PARK AVE- 2ND F STREET 2: ATTN: LEGAL AFFAIRS OFFICE CITY: NEW YORK STATE: NY ZIP: 10043 FORMER COMPANY: FORMER CONFORMED NAME: CITY BANK OF NEW YORK NATIONAL ASSOCIATI DATE OF NAME CHANGE: 19680903 FORMER COMPANY: FORMER CONFORMED NAME: FIRST NATIONAL CITY CORP DATE OF NAME CHANGE: 19740414 8-K 1 corp8k3q.txt CITICORP 8K 3RD QUARTER 2001 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 17, 2001 Citicorp (Exact name of registrant as specified in charter) Delaware 1-5738 06-1515595 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) 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- and nine-month periods ended September 30, 2001 and September 30, 2000. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated October 17, 2001. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) Third Quarter Nine Months ------------------- ------------------- 2001 2000 2001 2000 ------------------- ------------------- INTEREST REVENUE Loans, including Fees $10,263 $9,699 $29,942 $27,164 Deposits with Banks 303 312 946 844 Federal Funds Sold and Securities Purchased Under Resale Agreements 196 102 427 273 Securities, including Dividends 1,140 785 2,977 2,561 Trading Account Assets 383 250 835 720 Loans Held For Sale 363 264 1,194 591 ------------------- ------------------- 12,648 11,412 36,321 32,153 ------------------- ------------------- INTEREST EXPENSE Deposits 3,290 3,615 9,859 9,630 Trading Account Liabilities 13 11 37 44 Purchased Funds and Other Borrowings 941 1,082 2,593 2,911 Long-Term Debt 1,329 1,143 4,016 3,330 ------------------- ------------------- 5,573 5,851 16,505 15,915 ------------------- ------------------- NET INTEREST REVENUE 7,075 5,561 19,816 16,238 ------------------- ------------------- POLICYHOLDER BENEFITS AND CLAIMS 302 205 809 544 PROVISION FOR CREDIT LOSSES 1,580 1,221 4,529 3,832 ------------------- ------------------- TOTAL BENEFITS, CLAIMS, AND 1,882 1,426 5,338 4,376 CREDIT LOSSES ------------------- ------------------- NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 5,193 4,135 14,478 11,862 ------------------- ------------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 3,038 2,740 8,401 8,129 Foreign Exchange 833 284 1,854 1,104 Trading Account 161 469 1,089 1,149 Securities Transactions 26 453 141 746 Other Revenue 717 998 2,811 4,152 ------------------- ------------------- 4,775 4,944 14,296 15,280 ------------------- ------------------- OPERATING EXPENSE Salaries 2,456 2,142 6,872 6,319 Employee Benefits 437 447 1,312 1,271 ------------------- ------------------- Total Employee 2,893 2,589 8,184 7,590 Net Premises and Equipment 786 811 2,237 2,427 Restructuring-Related Items {a} 133 70 363 94 Other Expense 2,478 2,174 7,167 6,607 ------------------- ------------------- 6,290 5,644 17,951 16,718 ------------------- ------------------- INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 3,678 3,435 10,823 10,424 INCOME TAXES 1,279 1,256 3,905 3,819 MINORITY INTEREST, NET OF INCOME TAXES 25 14 47 28 ------------------- ------------------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES 2,374 2,165 6,871 6,577 CUMULATIVE EFFECT OF ACCOUNTING CHANGES {b} - - (144) - ------------------- ------------------- NET INCOME $ 2,374 $2,165 $ 6,727 $ 6,577 =================== =================== {a} Represents new charges of $129 million and $315 million and accelerated depreciation of $4 million and $48 million in the 2001 third quarter and nine months, respectively, new charges of $58 million and $75 million and accelerated depreciation of $12 million and $61 million in the 2000 third quarter and nine months, respectively, and reversals of $(42) million in the 2000 nine months. Restructuring-related items in the 2001 third quarter primarily related to the acquisition of Banamex and the integration of its operations within the Global Consumer business. {b} Accounting Changes refer to the first quarter 2001 adoption of Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities", as amended (SFAS 133) and the second quarter 2001 adoption of EITF issue 99-20 "Recognition of Interest Income and Impairment on Purchased and Retained Beneficial Interests in Securitized Financial Assets" (EITF 99-20). 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: October 18, 2001