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/FIRST AND FINAL ADD -- NY044 -- CITICORP EARNINGS/

 /FIRST AND FINAL ADD -- NY044 -- CITICORP EARNINGS/
 CITICORP FOURTH QUARTER 1991
 KEY RATIOS & OTHER CONSOLIDATED FINANCIAL DATA
 Fourth Qtr. Pct Full Year Pct
 1991 1990 Chg. 1991 1990 Chg.
 NET INCOME (LOSS) ($ M) (A):
 Before Accounting Changes $ (133)$ (382) 65 $ (914)$ 318 N/M
 After Accounting Changes $ (133)$ (382) 65 $ (457)$ 458 N/M
 PER COMMON SHARE (A):
 Net Income(Loss) (B):
 Before Accounting Changes $(0.53)$(1.26) 58 $(3.22)$ 0.57 N/M
 After Accounting Changes. $(0.53)$(1.26) 58 $(1.89)$ 0.99 N/M
 Dividends Declared $ 0.00 $0.445 N/M $ 0.75 $ 1.74 (57)
 Common Equity $21.23 $24.34 (13)
 Closing Stock Price
 at Quarter End $10.38 $12.63 (18)
 PROFITABILITY RATIOS (A):
 Return on Assets:
 Bef. Accounting Changes(pct) (0.24) (0.66) - (0.41) 0.14 -
 Aft. Accounting Changes(pct) (0.24) (0.66) - (0.21) 0.20 -
 Return on Common Equity:
 Bef. Accounting Changes(pct) (9.9) (19.4) - (14.3) 2.1 -
 Aft. Accounting Changes(pct) (9.9) (19.4) - (7.9) 3.7 -
 Return on Total Equity:
 Bef. Accounting Changes(pct) (5.6) (14.6) - (9.4) 3.1 -
 Aft. Accounting Changes(pct) (5.6) (14.6) - (4.5) 4.4 -
 (A) Amounts are shown before and after the cumulative effects
 of the accounting changes for venture capital subsidiaries
 in 1991 and for certain derivative products in 1990. In
 addition to the cumulative effect adjustment, the venture
 capital accounting change had the effect of reducing the
 fourth quarter 1991 net loss by $12 million ($.04 per share)
 and reducing the full year loss by $125 million ($.37 per
 share). If the new accounting practice had been applied to
 the corresponding periods of 1990, the net loss would have
 been increased from $(382) million to $(469) million (to
 $(1.52) per share) in the fourth quarter 1990 and net income
 would have been decreased from $458 million to $332 million
 (to $.63 per share) on a 1990 full year basis. These effects
 include the elimination of gains and losses which would have
 been recognized in earlier periods under the new accounting
 practice.
 (B) Based on net income (loss) available for common stockholders.
 N/M Not Meaningful.
 KEY RATIOS & OTHER CONSOLIDATED FINANCIAL DATA
 Fourth Qtr. Pct Full Year Pct
 1991 1990 Chg. 1991 1990 Chg.
 CAPITAL ($ M):
 Tier I (A) $ 8,540 $ 7,999
 Tier I & II (A) $17,080 $15,998
 Tier I Ratio(B) (pct) 3.70 3.26 -
 Tier I & II Ratio(B)(pct) 7.40 6.52 -
 Common Equity as a
 Pct of Total Assets 3.4 3.8 -
 Total Equity as a
 Pct of Total Assets 4.4 4.5 -
 DIVIDENDS DECLARED ($ M):
 Common $ - $ 148 N/M $ 256 $ 572 (55)
 Preferred $ 52 $ 38 37 $ 179 $ 139 29
 Total $ 52 $ 186 (72) $ 435 $ 711 (39)
 (A) Calculated under 1992 guidelines.
 (B) Estimated under 1992 guidelines.
 N/M Not Meaningful.
 BUSINESS FOCUS
 Fourth Quarter
 Net Income(Loss) Avg. Assets Return on
 $ Millions $ Billions Assets
 1991 1990(A) 1991 1990(A) 1991 1990(A)
 pct pct
 Global Consumer $ 196 $ 127 $ 107 $114 0.73 0.44
 Global Finance:
 JENA (466) (371) 79 83 N/M N/M
 IB&F 75 42 26 21 1.14 0.79
 Cross-Border
 Refinancing Portfolio 159 (74) 5 9 12.62 N/M
 Corporate Items(B)(C) (97) (106) 6 1 N/M N/M
 Citicorp $ (133)$(382) $ 223 $228 (0.24) (0.66)
 Full Year
 Net Income(Loss) Avg. Assets Return on
 $ Millions $ Billions Assets
 1991 1990(A) 1991 1990(A) 1991 1990(A)
 pct pct
 Global Consumer $ 549 $ 905 $ 109 $112 0.50 0.81
 Global Finance:
 JENA (1,019) (275) 79 88 N/M N/M
 IB&F 426 407 22 21 1.94 1.94
 Cross-Border
 Refinancing Portfolio 187 (317) 8 10 2.34 N/M
 Corporate Items(B)(C) (1,057) (402) 3 1 N/M N/M
 $ (914)$ 318 $ 221 $232 (0.41) 0.14
 Cumulative Effects of
 Accounting Changes:
 Venture Capital 457 - 1 -
 Certain Derivative
 Products - 140 - -
 Citicorp............. $ (457)$ 458 $ 222 $232 (0.21) 0.20
 (A) Restated to conform to current quarter's presentation.
 (B) Included in average assets is the allowance for credit
 losses attributable to the cross-border refinancing
 portfolio.
 (C) Corporate Items includes the results of Citicorp's
 information business initiatives, which had a net loss
 of $(10) million in the fourth quarter and $(513) million in
 the year (including a restructuring charge related to
 Quotron of $400 million in the third quarter of 1991),
 as compared to a net loss of $(55) million and $(159)
 million, respectively, in 1990. Corporate Items also
 includes the offset created by attributing income taxes
 to business activities on a local tax rate basis.
 N/M Not Meaningful.
 GLOBAL CONSUMER
 STATEMENT OF OPERATIONS
 ($ Millions)
 Fourth Qtr. Pct Full Year Pct
 1991 1990(A) Chg. 1991 1990(A) Chg
 Total Revenue $2,366 $2,454 (4) $ 9,162 $9,340 (2)
 Provision For
 Credit Losses $ 551 $ 495 11 $ 2,108 $1,525 38
 Restructuring Charges(B) $ 43 $ 71 (39) $ 143 $ 71 N/M
 Other Operating Expense 1,529 1,741 (12) 6,134 6,411 (4)
 Total Operating Expense $1,572 $1,812 (13) $ 6,277 $6,482 (3)
 Income Before Taxes $ 243 $ 147 65 $ 777 $1,333 (42)
 Income Taxes 47 20 N/M 228 428 (47)
 Net Income $ 196 $ 127 54 $ 549 $ 905 (39)
 OTHER DATA: Pct Pct Pct Pct
 Return on Assets 0.73 0.44 - 0.50 0.81 -
 Return on Equity (C) 18.2 11.0 - 12.6 20.2 -
 Period-End Loans ($B) 92 95 (3)
 Period-End Assets ($B) 109 113 (4)
 Average Assets ($B) 107 114 (6) 109 112 (3)
 Gross Write-Offs $ 529 $ 453 17 $ 2,130 $1,678 27
 Recoveries 79 84 (6) 327 318 3
 Net Write-Offs $ 450 $ 369 22 $ 1,803 $1,360 33
 Net Write-Offs as
 pct of Avg. Loans 1.98 1.55 - 1.97 1.43 -
 OREO $ 664 $ 482 38
 Adjusted to exclude the
 effect of Credit Card
 Securitizations:
 Total Revenue $2,686 $2,667 1 $10,317 $9,979 3
 Provision For
 Credit Losses 871 708 23 3,263 2,164 51
 (A) Restated to conform to current quarter's presentation.
 (B) The restructuring charge in the 1991 fourth quarter reflects
 a reallocation of such expenses between business units and
 corporate items.
 (C) Return on equity is based on dividing net income by a
 standard imputed average equity.
 N/M Not Meaningful.
 GLOBAL FINANCE - JAPAN-EUROPE-NORTH AMERICA (A)
 STATEMENT OF OPERATIONS (B)
 ($ Millions)
 Fourth Qtr. Pct Full Year Pct
 1991 1990(C) Chg. 1991 1990(C) Chg
 Total Revenue $ 983 $1,206 (18) $ 3,921 $4,211 (7)
 Net Write-Offs $ 499 $ 137 N/M $ 1,433 $ 567 N/M
 Additional Provision
 For Credit Losses 239 339 (29) 474 557 (15)
 Net OREO Costs 160 17 N/M 285 48 N/M
 Net Cost to Carry 120 115 4 454 311 46
 Credit Costs $1,018 $ 608 67 $ 2,646 $1,483 78
 Restructuring Charges(D) $ (12) $ 196 N/M $ 158 $ 196 (19)
 Other Operating Expense 629 730 (14) 2,489 2,724 (9)
 Total Operating Expense $ 617 $ 926 (33) $ 2,647 $2,920 (9)
 (Loss) Before Taxes $ (652) $ (328)(99) $(1,372) $ (192)N/M
 Income Taxes (186) 43 N/M (353) 83 N/M
 Net (Loss)(E)(F) $ (466) $ (371)(26) $(1,019) $ (275)N/M
 (A) Includes lending to entrepreneurial commercial borrowers
 in Australia and New Zealand.
 (B) For presentation purposes, net OREO costs and the net cost
 to carry non-performing assets are shown as credit costs.
 These items are included in operating expense and net
 interest revenue, respectively, in the Statement of
 Operations (page 15).
 (C) Restated to conform to current quarter's presentation.
 (D) The restructuring charge in the 1991 fourth quarter
 reflects a reallocation of such expenses between business
 units and corporate items.
 (E) The Return on Assets and Return on Equity are not
 meaningful for the periods shown.
 (F) Excluding the results attributable to separately managed
 troubled credit portfolios, primarily U.S. Real Estate,
 JENA would have reported net income of $68 million in
 the quarter and $209 million for the year, as compared
 to a loss of $(114) million and income of $253 million,
 respectively, in 1990.
 N/M Not Meaningful.
 GLOBAL FINANCE - JAPAN-EUROPE-NORTH AMERICA (A)
 OTHER DATA:
 ($ MILLIONS)
 Fourth Qtr. Pct Full Year Pct
 1991 1990(B) Chg. 1991 1990(B) Chg
 Period-End Loans ($B) 41 43 (5)
 Period-End Assets ($B) 70 73 (4)
 Average Assets ($B) 79 83 (5) 79 88 (10)
 Cash-Basis Loans $5,444 $4,907 11
 OREO 2,280 1,315 73
 Non-Performing Assets. $7,724 $6,222 24
 Gross Write-Offs $ 506 $ 146 N/M $ 1,450 $ 670 N/M
 Recoveries 7 9 (22) 17 103 (83)
 Net Write-Offs $ 499 $ 137 N/M $ 1,433 $ 567 N/M
 Net Write-Offs as
 pct of Avg. Loans 4.71 1.18 - 3.35 1.23 -
 (A) Includes lending to entrepreneurial commercial borrowers
 in Australia and New Zealand.
 (B) Restated to conform to current quarter's presentation.
 N/M Not Meaningful.
 GLOBAL FINANCE - INTERNATIONAL BANKING & FINANCE (A)
 STATEMENT OF OPERATIONS
 ($ Millions)
 Fourth Qtr. Pct Full Year Pct
 1991(B) 1990(C) Chg. 1991(B)1990(C) Chg
 Total Revenue $ 416 $ 340 22 $1,641 $1,628 1
 Provision For
 Credit Losses 14 14 - 32 20 60
 Restructuring Charges(D) 18 10 80 18 10 80
 Other Operating Expense 246 232 6 923 917 1
 Total Operating Expense 264 242 9 941 927 2
 Income Before Taxes $ 138 $ 84 64 $ 668 $ 681 (2)
 Income Taxes 63 42 50 242 274 (12)
 Net Income $ 75 $ 42 79 $ 426 $ 407 5
 OTHER DATA: pct pct pct pct
 Return on Assets 1.14 0.79 - 1.94 1.94 -
 Return on Equity (E) 28.6 19.8 - 48.4 48.5 -
 Period-End Loans ($B) 15 11 36
 Period-End Assets ($B) 26 20 30
 Average Assets ($B) 26 21 24 22 21 5
 Cash-Basis Loans $ 268 $ 272 (1)
 OREO 3 4 (25)
 Non-Performing Assets $ 271 $ 276 (2)
 Gross Write-Offs $ 17 $ 31 (45) $ 37 $ 50 (26)
 Recoveries 4 20 (80) 13 40 (68)
 Net Write-Offs $ 13 $ 11 18 $ 24 $ 10 N/M
 Net Write-Offs as
 pct of Avg. Loans 0.37 0.42 - 0.20 0.11 -
 (A) Primarily the local currency business in the developing
 economies.
 (B) Effective with the fourth quarter of 1991, includes the
 results of Citicorp's Cross-Border activities in Mexico.
 (C) Restated to conform to current quarter's presentation.
 (D) The restructuring charge in the 1991 fourth quarter reflects
 a reallocation of such expenses between business units and
 corporate items.
 (E) Return on equity is based on dividing net income by a
 standard imputed average equity.
 N/M Not Meaningful.
 CROSS-BORDER REFINANCING PORTFOLIO
 ($ Millions)
 Fourth Qtr. Pct Full Year Pct
 1991 1990(A) Chg. 1991 1990(A) Chg
 Total Revenue (B) $ 42 $ (41)N/M $ 196 $ (200)N/M
 Provision For
 Credit Losses (150) (6)N/M (157) (7)N/M
 Operating Expense 12 20 (40) 56 73 (23)
 Net Income (Loss) 159 (74)N/M 187 (317)N/M
 Average Assets ($B) 5 9 (44) 8 10 (20)
 CORPORATE ITEMS
 ($ Millions)
 Fourth Qtr. Pct Full Year Pct
 1991 1990(B) Chg. 1991 1990(B) Chg
 Total Revenue(C) $ 146 $ (27)N/M $ 284 $ (81)N/M
 Restructuring Charges(D) $ (49) $ 23 N/M $ 431 $ 23 N/M
 Other Operating Expense 79 165 (52) 460 626 (27)
 Total Operating Expense $ 30 $ 188 (84) $ 891 $ 649 37
 Income(Loss) Before Taxes $ 116 $ (215)N/M $ (607) $ (730) 17
 Income Taxes 213 (109)N/M 450 (328)N/M
 Net (Loss)(E) $ (97) $ (106) 8 $(1,057) $ (402)N/M
 (A) Restated to conform to current quarter's presentation.
 (B) Includes $38 million of Brazilian interest recognized in the
 fourth quarter of 1991 and $196 million for the full year.
 (C) Corporate Items revenues for the 1991 fourth quarter and full
 year include the gain of $203 million on the sale of shares
 in the Saudi American Bank. 1991 revenues also include net
 gains of $263 million on sale of investment securities
 held in the corporate portfolio and the loss of $(57)
 million on the sale of 50.3% of AMBAC Inc.
 (D) The restructuring charge in the 1991 fourth quarter reflects
 a reallocation of such expenses to business units.
 (E) Corporate Items includes the results of Citicorp's
 information business initiatives, which had a net loss of
 $(10) million in the fourth quarter and $(513) million
 in the year (including a restructuring charge related to
 Quotron of $400 million in the third quarter of 1991),
 as compared to a net loss of $(55) million and $(159)
 million, respectively, in 1990. Corporate Items also
 includes the offset created by attributing income taxes to
 business activities on a local tax rate basis.
 N/M Not Meaningful.
 ASSET QUALITY
 CROSS-BORDER REFINANCING PORTFOLIO
 ($ Billions) 4th Qtr. 3rd Qtr. 4th Qtr.
 1991 1991 1990
 Total Exposure(A) $ 6.3 $ 9.1 $ 10.1
 Medium-and Long-Term Exposure(A) 3.6 5.7 7.6
 Cash-Basis Loans(A) 1.7 1.8 3.5
 Net Write-Offs ($ M) - 888 55
 Allowance for Credit Losses 0.5 0.7 2.4
 U.S. COMMERCIAL REAL ESTATE
 ($ Millions) 4th Qtr. 3rd Qtr. 4th Qtr.
 1991 1991 1990
 Cash-Basis Loans $ 2,866 $ 3,024 $ 2,512
 OREO 1,997 1,402 887
 Net Write-Offs 261 131 69
 U.S. - HIGHLY LEVERAGED TRANSACTIONS (HLT)
 ($ Millions) 4th Qtr. 3rd Qtr. 4th Qtr.
 1991 1991 1990
 Cash-Basis Loans $ 937 $ 867 $ 952
 Net Write-Offs 37 51 12
 NON-PERFORMING COMMERCIAL ASSETS
 ($ Millions) 4th Qtr. 3rd Qtr. 4th Qtr.
 1991 1991 1990
 Cash-Basis Commercial Loans:
 Non-Refinancing(A) $ 5,712 $ 6,003 $ 5,179
 Refinancing(A) 1,734 1,789 3,460
 Total Cash-Basis
 Commercial Loans $ 7,446 $ 7,792 $ 8,639
 Commercial OREO 2,283 1,850 1,319
 Total Non-Performing
 Commercial Assets $ 9,729 $ 9,642 $ 9,958
 OREO
 ($ Millions) 4th Qtr. 3rd Qtr. 4th Qtr.
 1991 1991 1990
 Consumer $ 664 $ 614 $ 482
 Commercial 2,283 1,850 1,319
 TOTAL OREO $ 2,947 $ 2,464 $ 1,801
 (A) Reflects the delisting of Mexico as a refinancing country
 effective fourth quarter 1991.
 DETAILS OF CREDIT LOSS EXPERIENCE
 ($ Millions)
 Fourth Qtr. Pct Full Year Pct
 1991 1990 Chg 1991 1990 Chg
 Net Write-Offs:
 Global Consumer $ 450 $ 369 22 $1,803 $1,360 33
 Global Finance:
 JENA 499 137 N/M 1,433 567 N/M
 IB&F 13 11 18 24 10 N/M
 Cross-Border
 Refinancing Portfolio - 55 N/M 1,674 926 81
 Total $ 962 $ 572 68 $4,934 $2,863 72
 Provision for
 Credit Losses:
 Global Consumer $ 551 $ 495 11 $2,108 $1,525 38
 Global Finance:
 JENA 738 476 55 1,907 1,124 70
 IB&F 14 14 - 32 20 60
 Cross-Border
 Refinancing Portfolio (150) (6)N/M (157) (7)N/M
 Total $1,153 $ 979 18 $3,890 $2,662 46
 4th Qtr. 3rd Qtr. 4th Qtr.
 1991 1991 1990(A)
 Allowance for
 Credit Losses:
 Global Consumer $1,137 $1,049 $ 930
 Global Finance:
 JENA 1,575 1,336 1,103
 IB&F 75 73 66
 Cross-Border
 Refinancing Portfolio 521 672 2,352
 Total $3,308 $3,130 $4,451
 Allowance As a Percentage
 of Total Loans:
 Global Consumer 1.24 1.16 0.98
 Global Finance:
 JENA 3.85 3.09 2.59
 IB&F(B) 0.51 0.60 0.60
 Cross-Border Refinancing
 Portfolio as pct of
 Medium- and Long-Term:
 Outstandings(B) 14.6 11.8 30.9
 Legal Claims(B) 54.0 43.0 43.0
 Reserves for
 Global Consumer Sold
 Portfolios . $ 354 $ 326 $ 172
 (A) Restated to conform to current quarter's presentation.
 (B) Reflects the delisting of Mexico as a refinancing country
 in the fourth quarter of 1991.
 N/M Not Meaningful.
 STATEMENT OF OPERATIONS CITICORP and Subsidiaries
 (In Millions of Dollars,
 Except Per Share Amounts)
 Fourth Qtr. Pct Full Year Pct
 1991 1990 Chg. 1991 1990 Chg.
 Interest Revenue $ 6,185 $ 7,305 (15) $24,354 $30,983 (21)
 Interest Expense 4,414 5,543 (20) 17,089 23,798 (28)
 Net Interest Revenue $ 1,771 $ 1,762 1 $ 7,265 $ 7,185 1
 Fees & Commissions $ 1,230 $ 1,353 (9) $ 4,815 $ 5,024 (4)
 Trading Account 94 51 84 457 271 69
 Foreign Exchange 222 184 21 709 657 8
 Inv Securities Trans 19 27 (30) 330 52 N/M
 Other Revenue 497 440 13 1,174 1,398 (16)
 Total Fees, Commissions
 and Other Revenue $ 2,062 $ 2,055 - $ 7,485 $ 7,402 1
 TOTAL REVENUE $ 3,833 $ 3,817 - $14,750 $14,587 1
 PROVISION FOR
 CREDIT LOSSES $ 1,153 $ 979 18 $ 3,890 $ 2,662 46
 Operating Expense:
 Salaries $ 966 $ 992 (3) $ 3,873 $ 3,906 (1)
 Staff Benefits 214 239 (10) 938 954 (2)
 Net Premises &
 Equipment Expense 460 514 (11) 1,807 1,864 (3)
 Restructuring Charges - 300 N/M 750 300 N/M
 Other Expense 1,015 1,160 (13) 3,729 4,075 (8)
 TOTAL OPERATING
 EXPENSE $ 2,655 $ 3,205 (17) $11,097 $11,099 -
 INCOME (LOSS) BEFORE
 TAXES AND CUM. EFFECTS
 OF ACCOUNTING CHANGES. $ 25 $ (367)N/M $ (237)$ 826 N/M
 Income Taxes 158 15 N/M 677 508 33
 INCOME (LOSS) BEFORE
 CUMULATIVE EFFECTS OF
 ACCOUNTING CHANGES $ (133)$ (382) 65 $ (914)$ 318 N/M
 Cumulative Effects of
 Accounting Changes:
 Venture Capital - - - 457 - N/M
 Certain Derivative
 Products - - - - 140 N/M
 NET INCOME (LOSS) $ (133)$ (382) 65 $ (457)$ 458 N/M
 INCOME (LOSS)
 AVAILABLE FOR COMMON
 STOCKHOLDERS $ (185)$ (420) 56 $ (649)$ 319 N/M
 EARNINGS PER SHARE
 Income(Loss) Before
 Cumulative Effects
 of Accounting Changes $ (0.53)$ (1.26) 58 $ (3.22)$ 0.57 N/M
 Cumulative Effects of
 Accounting Changes $ - $ - $ 1.33 $ 0.42 N/M
 Net Income(Loss) $ (0.53)$ (1.26) 58 $ (1.89)$ 0.99 N/M
 N/M Not Meaningful.
 CONSOLIDATED BALANCE SHEET CITICORP and Subsidiaries
 (In Millions of Dollars,
 Except Per Share Amounts)
 December 31 Pct
 1991 1990 Change
 ASSETS
 Cash and Due from Banks $ 5,328 $ 7,098 (25)
 Deposits at Interest w/ Banks 4 7,518 60
 Federal Funds Sold &
 Securities Purchased
 Under Resale Agreements 4,550 4,071 12
 Loans, Net
 Consumer $ 91,539 $ 95,136 (4)
 Commercial 59,405 61,172 (3)
 Total Loans $150,944 $156,308 (3)
 Allowance for Credit Losses (3,308) (4,451) 26
 Total Loans, Net $147,636 $151,857 (3)
 Customers' Acceptance Liab $ 1,567 $ 2,165 (28)
 Premises & Equipment, Net 3,659 4,010 (9)
 Interest & Fees Receivable 2,917 3,801 (23)
 Other Assets 17,796 14,845 20
 Total $216,922 $216,986 -
 LIABILITIES
 Non-Int. Deposits (in the US) $ 12,474 $ 11,482 9
 Int. Deposits (in the US) 48,872 53,143 (8)
 Non-Int. Deposits (Overseas) 4,829 4,642 4
 Int. Deposits (Overseas) 80,300 73,185 10
 Total Deposits $146,475 $142,452 3
 Securities Sold,
 Not Yet Purchased 1,732 2,694 (36)
 Purchased Funds &
 Other Borrowings 17,442 18,479 (6)
 Acceptances Outstanding 1,604 2,276 (30)
 Accrued Taxes & Other Expenses 5,108 5,784 (12)
 Other Liabilities 11,690 12,345 (5)
 Long-Term Debt 20,095 19,938 1
 Subordinated Capital Notes 3,250 3,249 -
 Redeemable Preferred Stock 37 39 (5)
 STOCKHOLDERS' EQUITY
 Preferred Stock
 (Without Par Value) $ 2,140 $ 1,540 39
 Common Stock (Par value $1.00) 372 363 2
 Surplus 3,277 3,187 3
 Retained Earnings 4,089 5,045 (19)
 Common Stock in Treasury,
 at Cost (389) (405) 4
 Total Stockholders' Equity. $ 9,489 $ 9,730 (2)
 Total $216,922 $216,986 -
 Fourth Qtr. Pct Full Year Pct
 1991 1990 Chg. 1991 1990 Chg.
 NET INTEREST REVENUE
 ($ Millions)
 Net Interest Revenue(A) $ 1,779 $ 1,773 - $ 7,300 $ 7,247 1
 Net Interest Margin(A)(pct)3.58 3.50 - 3.72 3.51 -
 OTHER REVENUE
 ($ Millions)
 Affiliate Earnings $ 37 $ 18 $ 142 $ 119
 Gains on Sale of
 Residual Value of
 Leased Equipment 25 21 44 45
 Securitized Credit
 Card Receivables 115 96 313 331
 Sold Mortgages 65 96 158 353
 Venture Capital Gains(B) 59 10 231 206
 Other Net Gains
 on the Sale/Disposition
 of Assets 226 111 265 189
 Foreign Currency
 Translation Losses (C) (17) (8) (33) (30)
 Other Items (13) 96 54 185
 Total $ 497 $ 440 $ 1,174 $ 1,398
 ADJUSTED TO EXCLUDE THE
 EFFECT OF CREDIT CARD
 SECURITIZATIONS:
 ($ Millions)
 Net Interest Revenue(A) $ 2,235 $ 2,119 5 $ 8,896 $ 8,348 7
 Net Interest Margin(A)(pct)4.08 3.87 - 4.15 3.81 -
 (A) Taxable Equivalent Basis.
 (B) During 1991 Citicorp changed its accounting practice for
 investments of its venture capital subsidiaries. Under
 the new accounting practice, these investments are carried
 at fair value, with changes in fair value recognized in
 earnings. Results for prior periods, during which these
 investments were carried at historical cost, have not
 been restated.
 (C) Commencing with the second quarter 1990, foreign currency
 translation along with the related hedge effects is included
 in other revenue rather than foreign exchange revenue.
 Prior periods were not restated due to immateriality.
 CONSOLIDATED AVERAGE BALANCES
 ($ Billions)
 Fourth Qtr. Pct Full Year Pct
 1991 1990 Chg. 1991 1990 Chg.
 Loans:
 Consumer $ 91 $ 95 (4) $ 92 $ 95 (3)
 Commercial 60 64 (6) 61 64 (5)
 Total Average Loans $ 151 $ 159 (5) $ 153 $ 159 (4)
 Total Average Assets $ 223 $ 228 (2) $ 222 $ 232 (4)
 Interest Earning Assets $ 197 $ 201 (2) $ 196 $ 206 (5)
 Common Stockholders'
 Equity ($ M)(A) $ 7,391 $ 8,579 (14) $ 8,176 $ 8,518 (4)
 Preferred Equity ($ M) 2,140 1,790 20 2,017 1,828 10
 Total Stockholders'
 Equity ($ M)(A) $ 9,531 $10,369 (8) $10,193 $10,346 (1)
 COMMON SHARES OUTSTANDING
 (In Thousands)
 End-Of-Period 346,250 336,513
 Weighted Average:
 Distributed Portion 346,115 334,487
 Undistributed Portion 346,115 334,487
 (A) Year-to-date average balances include the cumulative effects
 of the accounting changes for venture capital subsidiaries
 in 1991 and certain derivative products in 1990.
 ANALYTICAL SUPPLEMENT
 Margin Analysis
 ($ Millions)
 Fourth Quarter $ Full Year $
 1991 1990 Chg. 1991 1990 Chg.
 Total Revenue 3,833 3,817 16 14,750 14,587 163
 Credit Card
 Securitization 320 213 107 1,155 639 516
 Net Cost
 To Carry (JENA) 120 115 5 454 311 143
 One Time Items:
 -Asset Sales (A) (232) --- (232) (386) --- (386)
 -Venture Capital (B) --- --- --- (116) --- (116)
 Adjusted Revenue 4,041 4,145 (104) 15,857 15,537 320
 Total Operating
 Expense 2,655 3,205 (550) 11,097 11,099 (2)
 Net OREO Cost (JENA) (160) (17) (143) (285) (48) (237)
 Restructuring Charges (300) 300 (750) (300) (450)
 Adjusted
 Operating Expense 2,495 2,888 (393) 10,062 10,751 (689)
 Margin 1,546 1,257 289 5,795 4,786 1,009
 Margin - Annualized 6,134 4,987 1,147
 (A) 1991 fourth quarter asset sales include a gain of
 $203 million related to the sale of 25 pct of Citicorp's share
 holding in the Saudi American Bank as well as a gain of
 $29 million on the sale of the southern Italian branches.
 Full year 1991 asset sales also reflect net gains in the
 second quarter of $211 million from the sale of investment
 securities held in the corporate portfolio and a loss of
 $(57) million on the sale of 50.3 pct of AMBAC Inc.
 (B) Reflects the effect on reported revenues through the third
 quarter of 1991 related to the accounting change for
 venture capital subsidiaries.
 -0- 1/21/92 AA NY044
 /END FIRST AND FINAL ADD/
 (CCI) CO: Citicorp ST: New York IN: FIN SU: ERN


KD -- NY044A -- 1789 01/21/92 11:46 EST
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Publication:PR Newswire
Date:Jan 21, 1992
Words:3939
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