Citicorp reports net income of $914 million, up 10%; earnings per common share increase 14% to $1.75.

NEW YORK--(BUSINESS WIRE)--April 16, 1996--

Citicorp [NYSE symbol: CCI]
First quarter                        1996      1995   Change
($ in Millions, except EPS)
Revenue (Adjusted)                 $5,117    $4,665     10%
Net income                            914       829     10
Earnings Per Share (Fully Diluted)  $1.75     $1.53     14
Return on Common Equity             20.2%     21.8%
Return on Total Assets              1.37%     1.25%

    Citicorp today announced its 1996 first quarter results: Net income
of $914 million was up 10% from the same 1995 quarter, on revenue
(adjusted for card securitizations) of $5,117 million, also up 10%.
Earnings per share were $1.75, up 14%.  Return on common equity was
20.2%.  The company bought back 9.6 million common shares during the
quarter for $721 million, under its announced stock repurchase plan.
    John S. Reed, Citicorp's Chairman, said: "It was a solid quarter,
continuing very much on our plan."
    Citicorp's consumer businesses earned $513 million on adjusted
revenue of $3,253 million, gains of 11% and 10%, respectively.  Its
(corporate) banking business earned $469 million, up 18%, on revenue
growth of 4% to $1,616 million.  The principal strength in the
banking business was in the emerging markets, offsetting soft trading
and venture capital results in North America, Europe and Japan.
    Tier 1 capital was reported at $19 billion, total capital at $28
billion, and the Tier 1 and total capital ratios at 8.4% and 12.3%,
respectively.  The ratio of common equity to total assets was 6.7%.
The company continued to build its reserves for possible credit
losses.

     Details follow:

Consumer businesses continue global growth

Consumer businesses
First quarter                  1996       1995   Change
($ in Millions)
Adjusted Revenue              $3,253     $2,946     10%
Adjusted Operating Expense     1,741      1,651      5
Operating Margin               1,512      1,295     17
Credit Costs                     706        536     32
Net Income                       513        463     11
Return on Assets                1.65%      1.62%

    Net income from worldwide Citibanking, Cards and the Private Bank
accounted for 52% of core business earnings.  Net income in the 1996
first quarter of $513 million was up $50 million, or 11%, from the
first quarter of 1995, with the improvement led by Citibanking and
private banking, while Cards earnings were essentially unchanged.
    Geographically, net income in the emerging markets increased $31
million, or 16%, from the year-ago quarter, while net income in the
developed markets improved $19 million, or 7%.
    Consumer credit costs were $706 million, up from $688 million in the
preceding quarter and $536 million in the 1995 first quarter, chiefly
because of a rise in U.S.  bankcard losses.

Citibanking

    Citibanking activities in the first quarter contributed $183 million
of net income, up $32 million, or 21%, from the 1995 first quarter.
The improvement was led by business expansion in Asia Pacific, as
well as results across the developed markets.  Revenue, up 9%, was
led by double-digit growth in the emerging markets, particularly in
Asia Pacific.  Expense was up 7%, reflecting business activity in the
emerging markets and investment spending associated with the
continued roll-out of the "Citibanking"  branding strategy.  Credit
costs of $158 million were up 6%; and the credit loss ratio for the
first quarter was 0.97%, compared with 1.20% in the fourth quarter
and 0.99% in the first quarter of last year.  Managed loans
delinquent 90 days or more were essentially unchanged from both
quarters.

Cards

    Cards worldwide net income of $265 million was essentially unchanged
from the 1995 first quarter.  Net income from card business in the
emerging markets grew to 30% of the total from 24% in the year-ago
quarter, reflecting significant growth in Asia Pacific.  In the U.S.
bankcards business, revenue was up 11% from the 1995 first quarter on
higher loan volumes.  Cards continued to build reserves for possible
credit losses, with provisions of $49 million above net write-offs in
the 1996 first quarter and $48 million in the same 1995 quarter.
    Credit costs for worldwide cards were $547 million, up $170 million
from the 1995 first quarter and up $51 million from the 1995 fourth
quarter (adjusted for the fourth quarter sale of certain bankrupt
accounts).  Consistent with broad industry trends, net credit losses
in the managed U.S.  bankcards portfolio increased to $467 million,
up $135 million from the 1995 first quarter and an adjusted $53
million from the fourth quarter.  The loss ratio in that portfolio
rose to 4.38% in the first quarter from an adjusted 3.89% in the 1995
fourth quarter; and loans that were delinquent 90 days or more
totaled $759 million, or 1.80% of that portfolio, up from $732
million, or 1.66%, at December 31, 1995.
    The number of cards in force worldwide (including affiliates)
exceeded 58 million at the end of the quarter.  Charge volumes in the
U.S.  bankcards business increased $2.8 billion, or 15%, from the
1995 first quarter, while charge volumes on Citicorp-issued cards in
Asia Pacific jumped 28%.  Managed card receivables in the U.S.
bankcards business grew from the year-ago quarter by $3.8 billion, or
10%, to $42.6 billion and grew in Asia Pacific by 38%.

Private Bank

    Private banking net income of $65 million was up $16 million, or
33%, from the 1995 first quarter, principally reflecting higher
spreads and credit volumes.  Revenue improved 10% from the year-ago
quarter, while expense growth was only 6%, resulting in a margin
increase of 18%.  Credit costs of $1 million in the quarter compared
with $10 million in the year-ago period.  Client assets under
management rose 12% from a year earlier to $89.9 billion.

Banking for global and emerging markets corporate customers

(Corporate) Banking
First quarter                  1996       1995   Change
($ in Millions)
Adjusted Revenue              $1,616     $1,557    4%
Adjusted Operating Expense     1,010        955    6
Operating Margin                 606        602    1
Credit Costs                      15          2   NM
Net Income                       469        397   18
Return on Assets                1.36%      1.08%

    Net income from global corporate banking activities of $469 million
in the first quarter was up 18% from the 1995 first quarter.
    Trading-related revenue of $342 million was essentially unchanged
from the year-earlier quarter, as lower results in Global
Relationship Banking were offset by gains in the emerging markets.

Emerging Markets

    Net income from (corporate) banking in the emerging markets totaled
$393 million in the quarter, up $123 million from the first quarter
of 1995, as strong growth in revenue and operating margin was coupled
with lower local effective tax rates.
    Revenue growth of $154 million, or 22%, compared with the first
quarter of 1995, reflected broad business growth in Latin America and
Asia Pacific, and across trading- related activities, loan products
and transaction services.  About one-fifth of the revenue in the
emerging markets was attributable to business for multinational
companies managed with Global Relationship Banking, with that revenue
having grown at a double-digit rate from the year-ago quarter.
Revenue in the 1996 quarter included $109 million related to net
asset gains and securities transactions, compared with $90 million in
the 1995 first quarter.  Such revenue included pretax gains of $52
million in the 1996 quarter from the sale of Brazil interest bonds,
while 1995 first quarter revenue included pretax gains of $59 million
from the sale of a real estate asset.
    Expenses rose 18% from the first quarter of 1995, primarily because
of higher business volumes and investment spending to build the
franchise.  Since the first quarter of 1995, banking operations were
initiated in Slovakia, Romania and Israel.  In addition, operations
were expanded by opening additional offices or converting
representative offices to branches or subsidiaries in Tanzania,
Russia, China, Bangladesh, and South Africa, and a brokerage
operation was added to the bank's operations in Turkey.
    Credit costs related to corporate business in the emerging markets
were $10 million, compared with no costs in the fourth quarter and $8
million in the first quarter of the prior year.
    The results include the Cross-Border Refinancing Portfolio, which
previously was reported separately.  Such activities earned $89
million, up from $65 million in the 1995 first quarter, with average
assets unchanged at $3 billion.  Progress was made in 1996 toward
commercial bank agreements with Panama and Peru.

Global Relationship Banking

    Net income from Global Relationship Banking business in North
America, Europe and Japan totaled $76 million, down $51 million from
the 1995 first quarter.  Average assets declined by $17 billion,
primarily reflecting a reduction of trading assets and the effects of
repositioning the Global Relationship Banking business since the
second quarter of 1995.
    Revenue of $749 million reflected stable base business revenue and a
reduction of $103 million in trading-related and venture capital
revenue.  (As noted, approximately 20% of the emerging markets
revenue is estimated to come from GRB customers.) Expenses were
essentially unchanged from the 1995 first quarter, with growth
related to areas of increased business volumes offset primarily by
lower incentive compensation.
    Credit costs were $5 million, compared with a net credit of $13 in
the 1995 fourth quarter and a credit of $6 million in the first
quarter.
    The results include North America Commercial Real Estate, which
previously was reported separately.  Its average assets of $4 billion
earned $4 million in the 1996 quarter, compared with a breakeven
quarter a year ago.

Other items

    Citicorp's effective tax rate was 38% in the quarter, compared with
39% in the 1995 first quarter; the 1995 full- year effective tax rate
was 38%.
    In the 1996 first quarter, the company issued 59 million shares of
common stock in the redemption of all of its remaining convertible
preferred stock.
    Average common shares outstanding for the purpose of computing fully
diluted earnings per share in the 1996 first quarter were 500.8
million and 505.7 million in the 1995 fourth quarter, principally
reflecting the net effect of the share repurchase program and
employee stock plans.
    With the repurchase of 9.6 million shares of common stock in the
quarter at a total cost of $721 million, the number of shares
acquired since June 20, 1995, when the Board of Directors authorized
the stock repurchase program, totaled 32.6 million common shares at a
cost of $2.2 billion.  As expanded in January 1996, the program is
authorized to make total purchases for up to $4.5 billion through
January 1998.
    In summary, against its Business Directions performance targets,
Citicorp in the 1996 first quarter achieved a 10% earnings gain, a
return on common equity of 20.2% (18.6% on total equity), a ratio of
incremental revenue to expense of 2.5 to 1, and generation of an
estimated $700 million of free capital.

Tables detailing key financial data, an analysis of operating
margin, pretax earnings, business results and credit indicators
follow, along with financial statements.  Further details concerning
the financial results will be available in May in Citicorp's Form
10-Q.
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KEY RATIOS & OTHER CONSOLIDATED FINANCIAL DATA

First Quarter
                                    1996         1995
                                    ----         ----

NET INCOME ($M).............      $  914       $  829

NET INCOME PER COMMON SHARE:

On Common & Common
 Equivalent Shares..........      $ 1.82       $ 1.71

Assuming Full Dilution......      $ 1.75       $ 1.53

PER SHARE DATA:

COMMON STOCKHOLDERS' EQUITY.      $36.79       $35.28

CLOSING STOCK PRICE
 AT QUARTER END.............      $80.00       $42.63

PROFITABILITY RATIOS (Annualized):

Return on Total Assets......        1.37%        1.25%

Return on Common
 Stockholders' Equity.......        20.2%        21.8%

Return on Total
 Stockholders' Equity.......        18.6%        18.8%

CAPITAL:

 Tier 1 ($B)................      $ 19.0       $ 17.8
 Tier 1 & 2 ($B)(A).........        28.0         26.9

 Tier 1 Ratio(A)............         8.4%         8.0%
 Tier 1 & 2 Ratio(A)........        12.3         12.1

 Common Equity as a
   % of Total Assets........         6.7%         5.2%
 Total Equity as a
   % of Total Assets........         7.5%         6.8%

DIVIDENDS DECLARED ($M):

   Common...................      $  210       $  119
   Preferred................          47           92

(A) 1996 Estimated.
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                   CONSOLIDATED STATEMENT OF INCOME
                      CITICORP and Subsidiaries
                        (In Millions of Dollars,
                        Except Per Share Amounts)

                                           First Quarter       %
                                         1996       1995      Chg
                                        ------     ------     ---

Interest
 Securities Purchased
 Under Resale Agreements........       10,715         8,113   32
Loans, Net of Unearned Income
 Consumer.......................      104,124       105,643   (1)
 Commercial.....................       61,327        59,999    2
                                      -------       -------
    Total Loans, Net............      165,451       165,642    -
Allowance for Credit Losses.....       (5,390)       (5,368)   -
Customers' Acceptance Liability.        1,847         1,542   20
Premises & Equipment, Net.......        4,371         4,339    1
Interest & Fees Receivable......        2,926         2,914    -
Other Assets....................       13,508        12,760    6
                                      -------       -------
Total...........................     $263,566      $256,853    3
                                      =======       =======

LIABILITIES
Non-Int. Deposits (in the U.S.).     $ 12,455      $ 13,388   (7)
Int. Deposits (in the U.S.).....       38,494        36,700    5
Non-Int. Deposits (Outside the
 U.S.)..........................        8,084         8,164   (1)
Int. Deposits(Outside the U.S.).      112,971       108,879    4
                                      -------       -------
    Total Deposits..............      172,004       167,131    3

Trading Account Liabilities.....       18,089        18,274   (1)
Purchased Funds &
 Other Borrowings...............       16,883        16,334    3
Acceptances Outstanding.........        1,877         1,559   20
Accrued Taxes & Other Expenses..        5,594         5,719   (2)
Other Liabilities...............       10,113         9,767    4
Long-Term Debt and Subordinated
 Capital Notes..................       19,244        18,488    4

STOCKHOLDERS' EQUITY (A)
Preferred Stock
 (Without Par Value)............        2,078         3,071  (32)
Common Stock (Par value $1.00)..          502           461    9
Surplus.........................        6,415         5,702   13
Retained Earnings ..............       12,184        12,190    -
Net Unrealized Gains -
 Securities Available for Sale..          174           132   32
Foreign Currency Translation....         (448)         (437)  (3)
Common Stock in Treasury,
 at Cost........................       (1,143)       (1,538)  26
                                      -------       -------
    Total Stockholders' Equity..       19,762        19,581    1
                                      -------       -------
Total...........................     $263,566      $256,853    3
                                      =======       =======

(A) During the first quarter of 1996 the remaining Convertible
Preferred Stock, Series 12 and 13 totaling $993 million were
converted to common stockholders' equity.  The $590 million, Series
12 conversion resulted in increases to common stock and surplus,
while the $403 million Series 13 conversion resulted in $1.1 billion
issuance from treasury stock and a reduction in retained earnings of
$0.7 billion.  Treasury stock at March 31, 1996 also reflected
buybacks during the 1996 first quarter of $0.7 billion under the
stock repurchase program.
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EARNINGS PER SHARE DATA

First Quarter
                                   1996       1995
                                 -------    -------
On Common and Common
 Equivalent Shares(A):

 Earnings($ Millions)......     $    871   $    759

 Shares(Thousands).........      478,615    444,489

 Earnings Per Share........     $   1.82   $   1.71

Assuming Full Dilution(B):

 Earnings($ Millions)......     $    876   $    793

 Shares(Thousands).........      500,761    517,928

 Earnings Per Share........     $   1.75   $   1.53

COMMON SHARES OUTSTANDING
(In Thousands)

 End Of Period.............      480,657    397,468

(A) For the first quarter 1996, earnings per share on common and
common equivalent shares included shares issued upon redemption of
Convertible Preferred Stock, Series 12 and 13, commencing with the
redemption dates.  For the first quarter 1995, dividends on
Conversion Preferred Stock, Series 15 (which was redeemed in full
during 1995) were added back to income applicable to common stock,
and the number of shares issuable on conversion were added to
weighted-average shares outstanding.  Added to shares outstanding for
the 1996 and 1995 first quarters are other common equivalent shares
and book value shares issuable under certain benefit plans.

(B) For the first quarter 1995 earnings per share assuming full
dilution, the dividends on Conversion Preferred Stock, Series 15 were
added back to income applicable to common stock, and the number of
shares issuable on conversion were added to weighted-average shares
outstanding.  Additionally, for both first quarter periods, dividends
on Convertible Preferred Stock, Series 12 and 13 are added back to
income applicable to common stock, and the shares issuable on
conversion are added to shares outstanding.  From conversion dates
forward, these shares are included in common stock outstanding.  The
number of common equivalent and book value shares are calculated on a
fully diluted basis as well.

CONTACT: Citicorp, New York

Press contact: John M. Morris, [phone]

Investor contact: Frederick A. Roesch, [phone]