8-K 1 dec8k.txt DECEMBER 8-K 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): January 22, 2004 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 twelve-month periods ended December 31, 2003 and December 31, 2002. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated January 20, 2004. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENT OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) Fourth Quarter Twelve Months ------------------- ------------------- 2003 2002 2003 2002 ------------------- ------------------- INTEREST REVENUE Loans, including Fees $10,197 $ 9,501 $37,969 $37,759 Deposits with Banks 108 256 819 1,008 Federal Funds Sold and Securities Purchased Under Agreements to Resell 84 125 322 431 Investments, including Dividends 1,150 1,128 4,760 4,735 Trading Account Assets 389 348 1,485 1,624 Loans Held-For-Sale 146 292 919 1,138 ------------------- ------------------- 12,074 11,650 46,274 46,695 ------------------- ------------------- INTEREST EXPENSE Deposits 1,707 1,906 7,151 8,797 Trading Account Liabilities 16 12 62 55 Purchased Funds and Other Borrowings 388 521 1,624 2,470 Long-Term Debt 922 873 3,637 3,757 ------------------- ------------------- 3,033 3,312 12,474 15,079 ------------------- ------------------- NET INTEREST REVENUE 9,041 8,338 33,800 31,616 ------------------- ------------------- POLICYHOLDER BENEFITS AND CLAIMS 136 129 545 546 PROVISION FOR CREDIT LOSSES 2,195 2,691 8,045 9,995 ------------------- ------------------- TOTAL BENEFITS, CLAIMS, AND 2,331 2,820 8,590 10,541 CREDIT LOSSES ------------------- ------------------- NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 6,710 5,518 25,210 21,075 ------------------- ------------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 3,453 2,548 12,048 10,812 Foreign Exchange 918 562 3,530 2,168 Trading Account (325) 74 (546) 1,763 Investment Transactions (66) (158) 254 (373) Other Revenue 1,500 1,784 6,090 5,336 ------------------- ------------------- 5,480 4,810 21,376 19,706 ------------------- ------------------- OPERATING EXPENSE Salaries 2,723 2,193 10,500 8,936 Employee Benefits 587 542 2,301 1,969 ------------------- ------------------- Total Employee - Related Expenses 3,310 2,735 12,801 10,905 Net Premises and Equipment 974 858 3,646 3,240 Restructuring-Related Items (21) 20 (45) (6) Other Expense 2,861 3,449 10,538 10,476 ------------------- ------------------- 7,124 7,062 26,940 24,615 ------------------- ------------------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 5,066 3,266 19,646 16,166 INCOME TAXES 1,488 1,000 5,827 5,345 MINORITY INTEREST, NET OF INCOME TAXES 39 34 278 112 ------------------- ------------------- NET INCOME $ 3,539 $2,232 $ 13,541 $10,709 =================== =================== 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 22, 2004