8-K 1 marchl8k.txt MARCH8K UNITED STATES 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) April 15, 2005 --------------------------- Citicorp ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-5738 86-1515595 --------------- ----------- ------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 399 Park Avenue, New York, New York 10043 ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (212) 559-1000 ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events. ------------- Results of Operations (Unaudited) This report summarizes the results of operations of Citicorp and its subsidiaries for the three-month periods ended March 31, 2005 and March 31, 2004. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated April 15, 2005. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) First Quarter ------------------- 2005 2004 (1) ------------------- INTEREST REVENUE Loans, including Fees $11,277 $10,775 Deposits with Banks 341 206 Federal Funds Sold and Securities Purchased Under Agreements to Resell 112 112 Investments, including Dividends 1,651 1,213 Trading Account Assets 578 447 Loans Held-For-Sale 115 79 -------------------- 14,074 12,832 -------------------- INTEREST EXPENSE Deposits 2,968 1,875 Trading Account Liabilities 24 30 Purchased Funds and Other Borrowings 837 483 Long-Term Debt 1,203 921 -------------------- 5,032 3,309 -------------------- NET INTEREST REVENUE 9,042 9,523 -------------------- POLICYHOLDER BENEFITS AND CLAIMS 131 136 PROVISION FOR CREDIT LOSSES 1,813 2,230 -------------------- TOTAL BENEFITS, CLAIMS, AND 1,944 2,366 CREDIT LOSSES -------------------- NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 7,098 7,157 -------------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 3,479 3,201 Foreign Exchange 428 396 Trading Account 619 583 Investment Transactions 189 112 Other Revenue 2,348 1,624 -------------------- 7,063 5,916 -------------------- OPERATING EXPENSE Salaries 3,237 2,727 Employee Benefits 767 678 -------------------- Total Employee - Related Expenses 4,004 3,405 Net Premises and Equipment 1,113 924 Restructuring-Related Items - (3) Other Expense 2,744 2,911 -------------------- 7,861 7,237 -------------------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 6,300 5,836 INCOME TAXES 2,002 1,830 MINORITY INTEREST, NET OF INCOME TAXES 159 73 -------------------- NET INCOME $ 4,139 $ 3,933 ==================== (1) Reclassified to conform to the current period's presentation. 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/ John C. Gerspach -------------------- John C. Gerspach Controller Dated: April 19, 2005