8-K 1 sept8k.txt SEPT8K 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 21, 2003 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 nine-month periods ended September 30, 2003 and September 30, 2002. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated October 20, 2003. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENT OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) Third Quarter Nine Months ------------------- ------------------- 2003 2002 2003 2002 ------------------- ------------------- INTEREST REVENUE Loans, including Fees $ 9,066 $ 9,647 $27,772 $28,258 Deposits with Banks 155 230 711 752 Federal Funds Sold and Securities Purchased Under Agreements to Resell 73 101 238 306 Investments, including Dividends 1,304 1,301 3,610 3,607 Trading Account Assets 365 351 1,096 1,276 Loans Held-For-Sale 336 269 773 846 ------------------- ------------------- 11,299 11,899 34,200 35,045 ------------------- ------------------- INTEREST EXPENSE Deposits 1,879 2,586 5,444 6,891 Trading Account Liabilities 23 15 46 43 Purchased Funds and Other Borrowings 123 611 1,236 1,949 Long-Term Debt 893 907 2,715 2,884 ------------------- ------------------- 2,918 4,119 9,441 11,767 ------------------- ------------------- NET INTEREST REVENUE 8,381 7,780 24,759 23,278 ------------------- ------------------- POLICYHOLDER BENEFITS AND CLAIMS 113 122 409 416 PROVISION FOR CREDIT LOSSES 1,614 2,689 5,850 7,305 ------------------- ------------------- TOTAL BENEFITS, CLAIMS, AND 1,727 2,811 6,259 7,721 CREDIT LOSSES ------------------- ------------------- NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 6,654 4,969 18,500 15,557 ------------------- ------------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 3,105 2,575 8,595 8,264 Foreign Exchange 775 313 2,612 1,606 Trading Account 92 779 (221) 1,689 Investment Transactions 80 (146) 320 (215) Other Revenue 1,334 1,669 4,590 3,552 ------------------- ------------------- 5,386 5,190 15,896 14,896 ------------------- ------------------- OPERATING EXPENSE Salaries 2,531 2,105 7,777 6,743 Employee Benefits 557 482 1,714 1,427 ------------------- ------------------- Total Employee - Related Expenses 3,088 2,587 9,491 8,170 Net Premises and Equipment 894 809 2,672 2,382 Restructuring-Related Items (11) (32) (24) (26) Other Expense 2,662 2,308 7,677 7,027 ------------------- ------------------- 6,633 5,672 19,816 17,553 ------------------- ------------------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 5,407 4,487 14,580 12,900 INCOME TAXES 1,579 1,482 4,339 4,345 MINORITY INTEREST, NET OF INCOME TAXES 162 32 239 78 ------------------- ------------------- NET INCOME $ 3,666 $2,973 $ 10,002 $ 8,477 =================== =================== 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: October 21, 2003