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CITICORP REPORTS FIRST QUARTER PROFIT OF $183 MILLION

 CITICORP REPORTS FIRST QUARTER PROFIT OF $183 MILLION
 NEW YORK, April 21 /PRNewswire/ -- Citicorp (NYSE: CCI) today reported 1992 first quarter net income of $183 million, or $0.37 per common share. In the year-earlier period, on a comparable basis, the company earned $93 million, or $0.17 per share.
 John S. Reed, Citicorp Chairman, said: "The quarter's results reflect continuing progress toward the successful completion of Citicorp's two-year program to restore profitability, build the company's capital position and further develop core business franchises."
 First quarter results showed further substantial improvement in operating margin, up 23% to $1.7 billion from last year's first quarter, achieved through modest revenue growth (5% higher) and continued progress on reducing expenses (down 6%).
 The company continued to build credit reserves during the quarter, increasing its consumer loan loss reserve by $78 million to $1.2 billion and the commercial loan loss reserve by $248 million to $1.9 billion. In recognition of continued progress in its cross-border refinancing portfolio, $100 million of the reserve attributed to that portfolio was released.
 Capital building activities continued with the sale of non-strategic business interests, venture capital and Latin American debt-for-equity investments during the quarter, resulting in a $218 million after-tax gain.
 Total capital rose to $18.1 billion, or 8.12% of risk adjusted assets, while the Tier 1 capital ratio rose to 4.06%, an increase of 33 basis points in the quarter.
 As indicated at the 1991 year-end, both consumer and commercial credit costs remained at the high levels of the fourth quarter of 1991. Yet at the same time, the Global Consumer business showed particularly good results, earning $260 million. Citicorp's Global Finance business earned $161 million, while North America Commercial Real Estate lost $463 million.
 Commercial cash-basis loans (excluding the cross-border refinancing portfolio) declined in the quarter to $5.0 billion from $5.7 billion at the 1991 year-end, while commercial nonperforming assets stayed essentially flat, declining by $86 million to $7.9 billion.
 CORE BUSINESSES
 Global Consumer
 Net income in the Global Consumer business rebounded to $260 million in the 1992 first quarter, a gain of 61% from the first quarter of last year.
 Results reflected strong performance in a number of business areas, notably in solid card revenue growth in the United States, up 8% from the year-ago quarter, and in Germany, where a name conversion from KKB to Citibank successfully positioned the full range of consumer services in its more than
300 branches. Other markets that performed particularly well include Argentina, Chile, Hong Kong, Taiwan and most other countries in the Asia/Pacific region.
 Revenues of $2.6 billion (excluding the effect of credit card securitizations) rose 5% from the 1991 first quarter and were even with the 1991 fourth quarter, historically the period of highest revenues for this business because of seasonal spending patterns for credit cards.
 Operating expenses were reduced by 5% from the 1991 first quarter to $1.4 billion, even as Global Consumer continued to expand its business in key markets.
 The volume of credit card delinquencies over 90 days on the entire credit card portfolio remained stable during the quarter. Total consumer 90-day delinquencies on the balance sheet were up by approximately $200 million, to $4.6 billion at the end of the quarter, with the increase primarily in U.S. mortgages; however, early delinquencies showed signs of improvement.
 Geographically, net income in the quarter from the consumer business in North America, Europe and Japan was $134 million, compared with $71 million in the year-earlier quarter. Net income from consumer business in Asia/Pacific, Latin America and other international regions was $126 million, compared with $90 million in the 1991 first quarter.
 Global Finance
 Global Finance, which includes Citicorp's worldwide commercial and financial institutions business (other than commercial real estate activities in North America) experienced mixed results, reporting net income of $161 million in the 1992 first quarter, compared with $212 million in the year-ago first quarter.
 The company's Global Finance activities in its traditional international banking markets in Asia, Latin America and the Middle East maintained a strong growth trend, producing net income of $178 million, a 65% increase from $108 million in the same year-earlier quarter. Global Finance activities in Japan, Europe and North America were hampered by the effect of economic weakness on customers and continuance of high credit costs and reported a loss of $17 million in the quarter, compared with income of $104 million in the same 1991 quarter.
 Global Finance significantly reduced operating expenses to $753 million, down 10% from the fourth quarter and 7% from the first quarter of 1991.
 Revenues of $1.3 billion were flat with those in the 1991 fourth and first quarters as the effects of soft economic conditions in the JENA region were offset by increased revenues from activities in Asia, Latin America and the Middle East.
 Credit costs in the first quarter, primarily reflecting real estate problems in the U.K., included $206 million of net write-offs and $23 million of an additional provision to the commercial loan loss reserve.
 OTHER ITEMS
 North America Commercial Real Estate
 A net loss of $463 million in the first quarter was reported in this new category, reflecting the previously indicated high write-offs, reserve building and cost to carry related to continued difficulties in the real estate market.
 Citicorp announced during the first quarter two of the largest real estate transactions in the United States since 1990, the sale of the Bank One Center, a major office complex in Indianapolis, and the agreement to sell 1540 Broadway in New York.
 Cross-Border Refinancing Portfolio
 The cross-border portfolio reported net income of $122 million in the first quarter, compared with $178 million in the fourth quarter and a net loss of $30 million in the first quarter of 1991. As announced during the quarter, Argentina reached an agreement in principle on the settlement of its commercial bank debt and meaningful negotiations are underway with Brazil. With the improvement in the condition of the portfolio, the reserve attributed to that portfolio reflected a release of $100 million in the first quarter.
 Capital
 Citicorp continued to strengthen its capital base through the sale of non-strategic businesses and gains related to other investment interests, which added 20 basis points to the Tier 1 capital ratio. Major transactions were sales of the company's remaining interest in AMBAC and sale of part of its interest in the Brazilian telephone company, Telebras.
 The company also sold $175 million of perpetual preferred stock, which contributed 8 basis points to the Tier 1 capital ratio.
 Operating Margin
 The company's management employs the measure of operating margin as a key part of its program to continue to build its core businesses at the same time as it absorbs credit costs. The operating margin is the difference between revenues and operating expenses, adjusted for credit related costs, card securitizations and non-recurring items.
 Tables detailing key financial data, an analysis of operating margin and pre-tax earnings, business results and credit indicators follow, along with financial statements. Further details concerning the corporation's financial results will be available in Citicorp's Form 10-Q to be published in May.
 CITICORP
 KEY RATIOS & OTHER CONSOLIDATED FINANCIAL DATA
 First Quarter %
 1992 1991 Chg.
 NET INCOME ($M) (A):
 Before Cumulative Effect of
 Accounting Change $ 183 $ 93 97
 After Cumulative Effect of
 Accounting Change $ 183 $ 550 (67)
 PER COMMON SHARE (A)(B):
 Net Income:
 Before Cumulative Effect of
 Accounting Change $ 0.37 $ 0.17 N/M
 After Cumulative Effect of
 Accounting Change $ 0.37 $ 1.48 (75)
 Common Equity $ 21.17 $ 25.18 (16)
 Closing Stock Price
 at Quarter End $ 16.50 $14.625 13
 PROFITABILITY RATIOS (A):
 Return on Assets:
 Before Accounting Change 0.33 % 0.17 % -
 After Accounting Change 0.33 % 1.00 % -
 Return on Common Equity:
 Before Accounting Change 7.2 % 2.7 % -
 After Accounting Change 7.2 % 24.4 % -
 CAPITAL ($M):
 Tier I (C) $ 9,056 $ 9,703 (7)
 Tier I & II (C) $18,112 $19,406 (7)
 Tier I Ratio (D) 4.06 % 3.93 % -
 Tier I & II Ratio (D) 8.12 % 7.86 % -
 Common Equity as a
 % of Total Assets 3.4 % 4.0 % -
 Total Equity as a
 % of Total Assets 4.5 % 5.0 % -
 DIVIDENDS DECLARED ($M):
 Common $ - $ 84 N/M
 Preferred $ 50 $ 32 56
 Total $ 50 $ 116 (57)
 (A) -- Effective January 1, 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. First quarter 1991 amounts are restated to reflect the accounting change.
 (B) -- Based on net income available for common stockholders.
 (C) -- Based on 1992 year-end guidelines.
 (D) -- Estimated.
 N/M Not Meaningful.
 Operating Margin
 ($ Millions)
 1st Qtr. 4th Qtr. 1st Qtr.
 1992 1991 1991
 Total Revenue 3,994 3,833 3,548
 Effect of Credit Card
 Securitizations 340 320 253
 Net Cost
 To Carry(Commercial) 109 120 112
 Other Items(A) (390) (232) (35)
 Adjusted Revenue 4,053 4,041 3,878
 Total Operating
 Expense 2,434 2,655 2,519
 Net OREO Cost (Commercial) (77) (160) (17)
 Adjusted
 Operating Expense 2,357 2,495 2,502
 Operating Margin 1,696 1,546 1,376
 Consumer Net Credit
 Write-Offs(B) 775 770 683
 Commercial Credit Costs 754 792 307
 Additional Provision:
 -Consumer 82 101 101
 -Commercial 249 240 103
 -Refinancing Portfolio (100) (150) -
 Other Items(A) 390 232 35
 Income Before Taxes and
 Cumulative Effect of
 Accounting Change 326 25 217
 (A) -- Includes capital building transactions in the first quarter of 1992 and the fourth quarter of 1991 as well as the effect on reported revenues in the first quarter of 1991 related to the accounting change for venture capital.
 (B) -- Adjusted for effect of credit card securitizations.
 BUSINESS FOCUS
 First Quarter
 Net Income(Loss)Avg. Assets Return on
 $ Millions $ Billions Assets
 1992 1991(A) 1992 1991(A) 1992 1991(A)
 Global Consumer:
 JENA(B) $ 134 $ 71 $ 87 $ 95 0.62% 0.30%
 Developing Countries 126 90 20 17 2.53% 2.15%
 Total Global Consumer $ 260 $ 161 $107 $112 0.98% 0.58%
 Global Finance:
 JENA(B) $ (17) $ 104 $ 60 $ 65 N/M 0.65%
 Developing Countries 178 108 28 21 2.56% 2.09%
 Total Global Finance $ 161 $ 212 $ 88 $ 86 0.74% 1.00%
 Cross-Border
 Refinancing Portfolio 122 (30) 4 7 N/M N/M
 North America Commercial
 Real Estate (463) (124) 15 15 N/M N/M
 Corporate Items 103 (126) 7 2 N/M N/M
 Total $ 183 $ 93 $221 $222 0.33% 0.17%
 Cumulative Effect of
 Accounting Change - 457 - -
 Citicorp $ 183 $ 550 $221 $222 0.33% 1.00%
 (A) -- Restated to conform to current quarter's presentation.
 (B) -- Includes the results in Japan, Europe and North America. For 1991 Global Finance JENA also includes the results of entrepreneurial activities in Australia and New Zealand.
 N/M Not Meaningful.
 GLOBAL CONSUMER
 STATEMENT OF OPERATIONS
 ($ Millions)
 First Quarter %
 1992 1991(A) Chg.
 Total Revenue $2,309 $2,262 2
 Provision For
 Credit Losses $ 517 $ 531 (3)
 Total Operating Expense. $1,431 $1,514 (5)
 Income Before Taxes $ 361 $ 217 66
 Income Taxes 101 56 80
 Net Income $ 260 $ 161 61
 OTHER DATA:
 Average Assets ($B) 107 112 (4)
 Return on Assets 0.98% 0.58% -
 Adjusted to Exclude the
 Effect of Credit Card
 Securitizations:
 Total Revenue $2,649 $2,515 5
 Provision For
 Credit Losses 857 784 9
 (A) Restated to conform to current quarter's presentation.
 GLOBAL FINANCE
 STATEMENT OF OPERATIONS (A)
 ($ Millions)
 First Quarter %
 1992 1991(B) Chg.
 Total Revenue $1,294 $1,306 (1)
 Net Write-Offs $ 206 $ 92 N/M
 Additional Provision
 For Credit Losses 23 14 64
 Net OREO Costs 18 (1) N/M
 Net Cost to Carry 23 47 (51)
 Credit Costs $ 270 $ 152 78
 Total Operating Expense $ 753 $ 812 (7)
 Income Before Taxes $ 271 $ 342 (21)
 Income Taxes 110 130 (15)
 Net Income $ 161 $ 212 (24)
 OTHER DATA:
 Average Assets ($B) 88 86 2
 Return on Assets 0.74% 1.00% -
 (A) -- For presentation purposes, net OREO costs and the net cost to carry non-performing assets are shown as credit costs.
 These items are included in operating expense and net interest revenue, respectively, in the Statement of Operations (page 14).
 (B) -- Restated to conform to current quarter's presentation.
 N/M Not Meaningful.
 NORTH AMERICA COMMERCIAL REAL ESTATE
 STATEMENT OF OPERATIONS (A)
 ($ Millions)
 First Quarter %
 1992 1991(B) Chg.
 Total Revenue $ 67 $ 84 (20)
 Net Write-Offs $ 362 $ 86 N/M
 Additional Provision
 For Credit Losses 226 89 N/M
 Net OREO Costs 59 18 N/M
 Net Cost to Carry 86 65 32
 Credit Costs $ 733 $ 258 N/M
 Total Operating Expense $ 32 $ 30 7
 (Loss) Before Taxes $ (698) $ (204) N/M
 Income Taxes (235) (80) N/M
 Net (Loss) $ (463) $ (124) N/M
 OTHER DATA:
 Average Assets ($B) 15 15 -
 (A) -- For presentation purposes, net OREO costs and the net cost to carry non-performing assets are shown as credit costs. These items are included in operating expense and net interest revenue, respectively, in the Statement of Operations (page 14).
 (B) -- Restated to conform to current quarter's presentation.
 N/M Not Meaningful.
 CROSS-BORDER REFINANCING PORTFOLIO
 STATEMENT OF OPERATIONS
 ($ Millions)
 First Quarter %
 1992 1991(A) Chg.
 Total Revenue (B) $ 56 $ 13 N/M
 Provision For
 Credit Losses (100) - N/M
 Operating Expense 12 14 (14)
 Net Income (Loss) 122 (30) N/M
 OTHER DATA:
 Average Assets ($B) 4 7 (43)
 CORPORATE ITEMS
 ($ Millions)
 First Quarter %
 1992 1991(A) Chg.
 Total Revenue(C) $ 377 $ (5) N/M
 Total Operating Expense $ 129 $ 132 (2)
 Income(Loss) Before Taxes $ 248 $ (137) N/M
 Income Taxes 145 (11) N/M
 Net Income (Loss)(C) $ 103 $ (126) N/M
 (A) Restated to conform to current quarter's presentation.
 (B) Includes $26 million of Brazilian interest recognized
 in the first quarter of 1992 and there was no interest
 recognized in the first quarter of 1991.
 (C) Corporate Items includes the results of Citicorp's
 information business initiatives, which had a net loss
 of $12 million in the first quarter of 1992 as compared
 to a net loss of $34 million in the first quarter of
 1991. Corporate Items also include net after-tax gains
 of $218 million in the first quarter of 1992 from capital
 building transactions as well as the offset created by
 attributing income taxes to business activities on a local
 tax basis.
 N/M Not Meaningful.
 ASSET QUALITY
 CASH-BASIS COMMERCIAL LOANS AND
 NON-PERFORMING ASSETS
 ($ Millions) 1st Qtr. 4th Qtr. 1st Qtr.
 1992 1991 1991
 North America Commercial
 Real Estate $3,084 $3,011 $ 3,104
 Global Finance:
 U.S. Highly Leveraged Transactions(A) 575 916 948
 Other 1,373 1,785 1,766
 Total $5,032 $5,712 $ 5,818
 OREO 2,877 2,283 1,435
 Total Non-Refinancing
 Non-Performing Assets $7,909 $7,995 $ 7,253
 Cross-Border Refinancing(B) 1,526 1,734 3,383
 Total Non-Performing
 Commercial Assets $9,435 $9,729 $10,636
 Consumer OREO $ 712 $ 664 $ 545
 ALLOWANCE FOR CREDIT LOSSES
 ($ Millions) 1st Qtr. 4th Qtr. 1st Qtr.
 1992 1991 1991
 Global Consumer $1,215 $1,137 $ 1,030
 Commercial 1,898 1,650 1,269
 Cross-Border Refinancing 427 521 2,314
 Total $3,540 $3,308 $ 4,613
 Reserve for Global Consumer
 Sold Portfolios(C) $ 433 $ 412 $ 177
 ALLOWANCE AS A PERCENTAGE OF
 TOTAL LOANS
 1st Qtr. 4th Qtr. 1st Qtr.
 1992 1991 1991
 Global Consumer 1.36 % 1.24 % 1.11 %
 Commercial 3.43 % 2.97 % 2.28 %
 Cross-Border Refinancing(D) 11.41 % 13.32 % 31.25 %
 Total 2.39 % 2.19 % 2.96 %
 ADDITIONAL DATA:
 1st Qtr. 4th Qtr. 1st Qtr.
 1992 1991 1991
 Commercial Allowance as % of
 Cash-Basis Loans 37.7 % 28.9 % 21.8 %
 Cross-Border Refinancing Allowance
 as % of Medium- and Long-term(D)
 -Outstandings 12.5 % 14.6 % 30.9 %
 -Legal Claims 54.1 % 54.3 % 42.5 %
 (A) Excludes U.S. highly leveraged transactions which are
 secured by real estate and are reflected in the
 North America Commercial Real Estate portfolio.
 (B) First quarter 1992 amounts exclude $130 million of loans
 which have been renegotiated pursuant to a Brady-type
 restructuring of Nigeria's commercial bank debt.
 (C) Reflects reclassification for comparative purposes.
 (D) Reflects the removal of Mexico from the list of refinancing
 countries effective with the fourth quarter of 1991.
 DETAILS OF CREDIT LOSS EXPERIENCE
 ($ Millions)
 1st Qtr. 4th Qtr. 1st Qtr.
 1992 1991 1991
 Net Write-Offs:
 Global Consumer $ 435 $ 450 $ 430
 North America Commercial
 Real Estate 362 261 86
 Global Finance:
 U.S. Highly Leveraged Transactions(A) 40 33 24
 Other 166 218 68
 Total Non-Refinancing Commercial $ 568 $ 512 $ 178
 Cross-Border Refinancing (6) - 38
 Total $ 997 $ 962 $ 646
 Provision for
 Credit Losses:
 Global Consumer $ 517 $ 551 $ 531
 North America Commercial
 Real Estate 588 562 175
 Global Finance 229 190 106
 Total Non-Refinancing Commercial $ 817 $ 752 $ 281
 Cross-Border Refinancing (100) (150) -
 Total $1,234 $1,153 $ 812
 (A) Excludes U.S. highly leveraged transactions which are
 secured by real estate and are reflected in the
 North America Commercial Real Estate portfolio.
 STATEMENT OF OPERATIONS
 CITICORP and Subsidiaries
 (In Millions of Dollars, Except Per Share Amounts)
 First Quarter %
 1992 1991(A) Chg.
 Interest Revenue $ 5,829 $ 6,322 (8)
 Is & Commissions $ 1,294 $ 1,194 8
 Trading Account 83 124 (33)
 Foreign Exchange 184 209 (12)
 Inv Securities Trans 20 61 (67)
 Other Revenue 588 200 N/M
 Total Fees, Commissions
 and Other Revenue $ 2,169 $ 1,788 21
 TOTAL REVENUE $ 3,994 $ 3,548 13
 PROVISION FOR
 CREDIT LOSSES $ 1,234 $ 812 52
 Operating Expense:
 Salaries $ 921 $ 977 (6)
 Staff Benefits 249 267 (7)
 Net Premises &
 Equipment Expense 420 452 (7)
 Other Expense 844 823 3
 TOTAL OPERATING
 EXPENSE $ 2,434 $ 2,519 (3)
 INCOME BEFORE
 TAXES AND CUM. EFFECT
 OF ACCOUNTING CHANGE $ 326 $ 217 50
 Income Taxes 143 124 15
 INCOME BEFORE
 CUMULATIVE EFFECT OF
 ACCOUNTING CHANGE $ 183 $ 93 97
 Cumulative Effect of
 Accounting Change - 457 N/M
 NET INCOME $ 183 $ 550 (67)
 INCOME AVAILABLE
 FOR COMMON STOCKHOLDERS. $ 131 $ 513 (74)
 EARNINGS PER SHARE
 Income Before
 Cumulative Effect
 of Accounting Change $ 0.37 $ 0.17 N/M
 Cumulative Effect of
 Accounting Change $ - $ 1.31 N/M
 Net Income $ 0.37 $ 1.48 (75)
 (A) Restated to reflect the effect of the accounting change for
 venture capital.
 N/M Not Meaningful.
 CONSOLIDATED BALANCE SHEET CITICORP and Subsidiaries
 (In Millions of Dollars)
 March 31 %
 1992 1991(A) Change
 ASSETS
 Cash and Due from Banks $ 5,637 $ 4,788 18
 Deposits at Interest w/ Banks 8,094 7,456 9
 Investment Securities 14,140 13,975 1
 Trading Account Assets 15,113 9,834 54
 Federal Funds Sold &
 Securities Purchased
 Under Resale Agreements 4,816 4,778 1
 Loans, Net
 Consumer $ 89,109 $ 92,775 (4)
 Commercial 59,030 63,147 (7)
 Total Loans $148,139 $155,922 (5)
 Allowance for Credit Losses (3,540) (4,613) 23
 Total Loans, Net $144,599 $151,309 (4)
 Customers' Acceptance Liab $ 1,566 $ 2,007 (22)
 Premises & Equipment, Net 3,713 3,899 (5)
 Interest & Fees Receivable 2,886 3,645 (21)
 Other Assets 16,451 15,813 4
 Total $217,015 $217,504 -
 LIABILITIES
 Non-Int. Deposits (in the US) $ 11,432 $ 10,302 11
 Int. Deposits (in the US) 48,503 51,530 (6)
 Non-Int. Deposits (Overseas) 5,661 4,644 22
 Int. Deposits (Overseas) 83,379 74,828 11
 Total Deposits $148,975 $141,304 5
 Securities Sold,
 Not Yet Purchased 1,929 2,907 (34)
 Purchased Funds &
 Other Borrowings 16,189 21,375 (24)
 Acceptances Outstanding 1,570 2,056 (24)
 Accrued Taxes & Other Expenses. 4,646 4,760 (2)
 Other Liabilities 10,461 11,551 (9)
 Long-Term Debt 20,217 19,367 4
 Subordinated Capital Notes 3,250 3,249 -
 Redeemable Preferred Stock 37 39 (5)
 STOCKHOLDERS' EQUITY
 Preferred Stock
 (Without Par Value) $ 2,315 $ 2,290 1
 Common Stock (Par value $1.00). 376 368 2
 Surplus 3,313 3,230 3
 Retained Earnings 4,124 5,404 (24)
 Common Stock in Treasury,
 at Cost (387) (396) 2
 Total Stockholders' Equity. $ 9,741 $ 10,896 (11)
 Total $217,015 $217,504 -
 (A) Restated to reflect the effect of the accounting change for
 venture capital.
 1st Qtr. 4th Qtr. 1st Qtr.
 1992 1991 1991
 NET INTEREST REVENUE (A)
 ($ Millions)
 Net Interest Revenue $1,830 $1,779 $1,772
 Net Interest Margin(B) 3.76% 3.58% 3.66%
 ADJUSTED TO EXCLUDE THE
 EFFECT OF CREDIT CARD
 SECURITIZATIONS:
 Net Interest Revenue $2,294 $2,235 $2,127
 Net Interest Margin(B) 4.25% 4.08% 4.06%
 OTHER REVENUE
 ($ Millions)
 Affiliate Earnings $ 49 $ 37 $ 31
 Gains on Sale of
 Residual Value of
 Leased Equipment 2 25 3
 Securitized Credit
 Card Receivables 88 115 53
 Sold Mortgages 24 65 61
 Venture Capital Gains(B) 108 59 35
 Other Net Gains
 on the Sale/Disposition
 of Assets 277 238 6
 Foreign Currency
 Translation Gains/(Losses) 2 (17) (12)
 Other Items 38 (25) 23
 Total $ 588 $ 497 $ 200
 (A) Taxable Equivalent Basis.
 (B) First quarter 1991 restated to reflect the effect of the
 accounting change for venture capital.
 CONSOLIDATED AVERAGE BALANCES
 First Quarter %
 1992 1991(A) Chg.
 Loans ($B):
 Consumer $ 90 $ 94 (4)
 Commercial 59 62 (5)
 Total Average Loans $ 149 $ 156 (4)
 Total Average Assets($B) $ 221 $ 222 -
 Interest Earning Assets ($B) $ 196 $ 197 (1)
 Common Stockholders'
 Equity ($M) $ 7,369 $ 8,540 (14)
 Preferred Equity ($M) 2,147 1,623 32
 Total Stockholders'
 Equity ($M) $ 9,516 $10,163 (6)
 COMMON SHARES OUTSTANDING
 (Thousands)
 End-Of-Period 350,792 341,798
 Weighted Average:
 Distributed Portion 353,121 340,135
 Undistributed Portion. 357,061 348,354
 (A) Restated to reflect the effect of the accounting change for venture capital.
 -0- 4/21/92
 /CONTACT: John M. Morris or Amy Dates or Maria Rullo, all of Citicorp, 212-559-4286/
 (CCI) CO: Citicorp ST: New York IN: FIN SU: ERN


TS -- NY011 -- 0388 04/21/92 08:54 EDT
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