8-K 1 citicorp8k4k.txt CITICORP8K4Q 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: January 17, 2002 --------------------------------- (Date of earliest event reported) Citicorp ------------------------------------------------- (Exact name of registrant as specified in charter) Delaware 1-5738 06-1515595 -------------------------------------------------------------------------------- (State or other juris- (Commission (I.R.S. Employer diction of incorporation) File 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 twelve-month periods ended December 31, 2001 and December 31, 2000. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated January 17, 2002. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) Fourth Quarter Full Year ------------------- ------------------ 2001 2000 2001 2000 ------------------- ------------------ INTEREST REVENUE Loans, including Fees $9,542 $10,062 $39,484 $37,226 Deposits with Banks 321 407 1,267 1,251 Federal Funds Sold and Securities Purchased Under Resale Agreements 82 133 509 406 Securities, including Dividends 808 865 3,785 3,426 Trading Account Assets 586 268 1,421 988 Loans Held For Sale 289 321 1,483 912 ------------------- ------------------ 11,628 12,056 47,949 44,209 ------------------- ------------------ INTEREST EXPENSE Deposits 2,006 3,693 11,865 13,323 Trading Account Liabilities 12 12 49 56 Purchased Funds and Other Borrowings 740 1,076 3,333 3,987 Long-Term Debt 918 1,349 4,934 4,679 ------------------- ------------------ 3,676 6,130 20,181 22,045 ------------------- ------------------ NET INTEREST REVENUE 7,952 5,926 27,768 22,164 ------------------- ------------------ POLICYHOLDER BENEFITS AND CLAIMS 144 339 953 883 PROVISION FOR CREDIT LOSSES 2,261 1,507 6,790 5,339 ------------------- ------------------ TOTAL BENEFITS, CLAIMS, AND 2,405 1,846 7,743 6,222 CREDIT LOSSES ------------------- ------------------ NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 5,547 4,080 20,025 15,942 ------------------- ------------------ FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 3,013 3,018 11,414 11,147 Foreign Exchange 529 300 2,383 1,404 Trading Account 194 514 1,283 1,663 Securities Transactions (64) 89 77 835 Other Revenue 1,349 1,093 4,160 5,245 ------------------- ------------------ 5,021 5,014 19,317 20,294 ------------------- ------------------ OPERATING EXPENSE Salaries 2,272 2,335 9,144 8,654 Employee Benefits 498 365 1,810 1,636 ------------------- ------------------ Total Employee 2,770 2,700 10,954 10,290 Net Premises and Equipment 819 819 3,056 3,246 Restructuring-Related Items {a} (27) 644 336 738 Other Expense 2,608 2,440 9,775 9,047 ------------------- ------------------ 6,170 6,603 24,121 23,321 ------------------- ------------------ INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 4,398 2,491 15,221 12,915 INCOME TAXES 1,446 947 5,351 4,766 MINORITY INTEREST, NET OF INCOME TAXES 37 11 84 39 ------------------- ------------------ INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES 2,915 1,533 9,786 8,110 CUMULATIVE EFFECT OF ACCOUNTING CHANGES {b} - - (144) - ------------------- ------------------ NET INCOME $2,915 $ 1,533 $ 9,642 $ 8,110 =================== ================== {a} The 2001 fourth quarter includes reversals of $(40) million and accelerated depreciation of $13 million. The 2001 full year includes new charges of $315 million, reversals of $(40) million and accelerated depreciation of $61 million. The 2000 fourth quarter includes new charges of $659 million, reversals of $(22) million and accelerated depreciation of $7 million. The 2000 full year includes new charges of $734 million, reversals of $(64) million and accelerated depreciation of $68 million. {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/ William P. Hannon ---------------------- William P. Hannon Controller Dated: January 18, 2002