-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TV+TbDAP+E9OAFReU9GQ/BCVFtwY6IYnCJ8QTI4d7toLxRpV/+uYKum22wFh7lnv tg4tMTcb3bUwpAnKqn1nUw== 0000839947-02-000123.txt : 20020719 0000839947-02-000123.hdr.sgml : 20020719 20020719163204 ACCESSION NUMBER: 0000839947-02-000123 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020717 ITEM INFORMATION: Other events FILED AS OF DATE: 20020719 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: 02706801 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 june8k.txt JUNE8K 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: July 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 (IRS 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 six-month periods ended June 30, 2002 and June 30, 2001. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated July 17, 2002. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) Second Quarter Six Months ------------------ ------------------ 2002 2001 2002 2001 ------------------ ------------------ INTEREST REVENUE Loans, including Fees $ 9,480 $ 9,712 $18,611 $19,679 Deposits with Banks 247 290 522 643 Federal Funds Sold and Securities Purchased Under Resale Agreements 97 100 205 231 Investments, including Dividends 1,344 886 2,306 1,837 Trading Account Assets 391 216 925 452 Loans Held For Sale 285 439 577 831 ------------------ ------------------ 11,844 11,643 23,146 23,673 ------------------ ------------------ INTEREST EXPENSE Deposits 2,454 3,079 4,305 6,569 Trading Account Liabilities 15 10 28 24 Purchased Funds and Other Borrowings 641 691 1,338 1,652 Long-Term Debt 994 1,339 1,977 2,687 ------------------ ------------------ 4,104 5,119 7,648 10,932 ------------------ ------------------ NET INTEREST REVENUE 7,740 6,524 15,498 12,741 ------------------ ------------------ POLICYHOLDER BENEFITS AND CLAIMS 154 257 294 507 PROVISION FOR CREDIT LOSSES 2,057 1,485 4,616 2,949 ------------------ ------------------ TOTAL BENEFITS, CLAIMS, AND 2,211 1,742 4,910 3,456 CREDIT LOSSES ------------------ ------------------ NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 5,529 4,782 10,588 9,285 ------------------ ------------------ FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 2,857 2,586 5,689 5,363 Foreign Exchange 748 533 1,293 1,021 Trading Account 472 325 910 928 Investment Transactions (79) 18 (69) 115 Other Revenue 1,045 1,237 1,883 2,094 ------------------ ------------------ 5,043 4,699 9,706 9,521 ------------------ ------------------ OPERATING EXPENSE Salaries 2,332 2,146 4,638 4,416 Employee Benefits 461 434 945 875 ------------------ ------------------ Total Employee 2,793 2,580 5,583 5,291 Net Premises and Equipment 796 663 1,573 1,451 Restructuring-Related Items {a} (40) 168 6 230 Other Expense 2,391 2,328 4,719 4,689 ------------------ ------------------ 5,940 5,739 11,881 11,661 ------------------ ------------------ INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 4,632 3,742 8,413 7,145 INCOME TAXES 1,567 1,361 2,863 2,626 MINORITY INTEREST, NET OF INCOME TAXES 27 14 46 22 ------------------ ------------------ INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES 3,038 2,367 5,504 4,497 CUMULATIVE EFFECT OF ACCOUNTING CHANGES {b} - (111) - (144) ------------------ ------------------ NET INCOME $ 3,038 $2,256 $ 5,504 $ 4,353 ================== ================== {a} The 2002 second quarter includes reversals of $(43) million and accelerated depreciation of $3 million. The 2002 six months include new charges of $41 million, reversals of $(43) million and accelerated depreciation of $8 million. The 2001 second quarter includes new charges of $146 million and accelerated depreciation of $22 million. The 2001 six months include new charges of $186 million and accelerated depreciation of $44 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 under- signed thereunto duly authorized. CITICORP (Registrant) By: /s/ William P. Hannon --------------------- William P. Hannon Controller Dated: July 19, 2002 -----END PRIVACY-ENHANCED MESSAGE-----