Citicorp second quarter net income was $952 million, up 12%; earnings per common share increased 18% to $1.86.NEW YORK--(BUSINESS WIRE)--July 16, 1996-- Citicorp (NYSE symbol: CCI) ($ in Millions, except EPS) Second Quarter 1996 1995 Change Adjusted Revenue $5,316 $4,923 8% Net Income 952 853 12 Earnings Per Share (Fully Diluted) $1.86 $1.57 18 Return on Common Equity 20.8% 20.9% Return on Total Assets 1.43% 1.25% First Half Adjusted Revenue $10,433 $9,588 9% Net Income 1,866 1,682 11 Earnings Per Share (Fully Diluted) $3.61 $3.09 17
Citicorp today reported that net income in the 1996 second
quarter was $952 million, an increase of 12% from the same 1995
quarter.
Earnings per fully diluted common share were $1.86, compared
with $1.57 in the 1995 second quarter, an increase of 18%.
Net income in the six months totaled $1.9 billion, up 11%
from the 1995 first half. Per share earnings were $3.61 in the
1996 half and $3.09 in the comparable 1995 period.
John S. Reed, Citicorp Chairman, said: "It was a solid
quarter. We continue to be on plan and are making good progress
in implementing our Business Directions strategy."
Against Citicorp's Business Directions financial performance
targets, the company in the quarter achieved a 12% earnings gain,
a return on common equity of 20.8%, a ratio of incremental
revenue to expense of 2.1 to 1, and generation of an estimated
$700 million of free capital.
Mr. Reed added: "Our consumer businesses are expanding,
especially in Asia and Latin America, and our business with
corporations in the Emerging Markets is showing excellent
results, reinforced by the continuing successful repositioning of
Global Relationship Banking."
Citicorp's consumer businesses--Citibanking, Cards and the
Private Bank--earned $491 million on adjusted revenue of $3.3
billion, which was up 9% from the 1995 second quarter.
Net income from serving corporate banking customers
worldwide was $644 million, an increase of 15% from the 1995
second quarter. The Emerging Markets business earned $433
million on revenue of $853 million, which increased 12%. Global
Relationship Banking earned $211 million on revenue of $944
million, which declined 7% from the 1995 quarter.
Credit costs, including securitized cards, were $735
million, up from $721 million in the preceding quarter and $639
million in the 1995 second quarter. At June 30, 1996, total
reserves (including reserves for sold portfolios) were $5.9
billion.
Citicorp continued to build its reserves for possible credit
losses, adding $50 million above net credit losses, primarily
related to Cards, consistent with the practice in recent
quarters.
The company bought back 9.6 million shares of common stock
during the quarter for $777 million under its announced stock
repurchase plan. Total repurchases in the 1996 first half were
19.2 million shares for $1.5 billion.
Tier 1 capital was $19.1 billion, total capital was
estimated at $28.1 billion, and the Tier 1 and total capital
ratios were estimated at 8.4% and 12.3%, respectively. The ratio
of common equity to total assets was 6.7%.
Details follow:
Consumer business results show global growth, with Card earnings affected by higher credit costs Consumer businesses ($ in Millions) Second Quarter 1996 1995 Change Adjusted Revenue $3,319 $3,034 9% Adjusted Operating Expense 1,799 1,711 5 Operating Margin 1,520 1,323 15 Credit Costs 762 616 24 Income before Taxes 708 657 8 Net Income 491 436 13 Return on Assets 1.58% 1.46% First Half Adjusted Revenue $6,572 $5,980 10% Adjusted Operating Expense 3,540 3,367 5 Operating Margin 3,032 2,613 16 Credit Costs 1,468 1,152 27 Income before Taxes 1,464 1,361 8 Net Income 1,004 897 12 Return on Assets 1.62% 1.53%
The 13% improvement in net income from the 1995 second
quarter was led by Citibanking, up 30%, and the Private Bank, up
60%, while Cards earnings declined 5%. Consumer credit costs
were $762 million, up from $706 million in the preceding quarter
and $616 million in the 1995 second quarter, chiefly because of a
rise in credit losses in the U.S. bankcard business.
The net credit loss ratio was 2.38% in the quarter, compared
with 2.19% and 1.99% in the 1996 preceding quarter and the 1995
second quarter, respectively. The managed consumer loan
delinquency ratio was 2.91% at June 30, 1996, compared with 3.03%
at the end of the preceding quarter and 3.14% at the end of the
prior-year second quarter.
On a geographic basis, net income from consumer activities
in the emerging markets increased by 16% to $226 million from the
1995 second quarter, while net income in the developed markets
improved by 10% to $265 million.
Citibanking Citibanking--business through Citibank's worldwide branch network and electronic delivery systems--earned $177 million, a gain of 30%, from the 1995 second quarter. Pretax income of $262 million was 22% higher than in the same year-earlier quarter.
Revenue and expense both increased 8%, with the higher
expense largely reflecting investment spending on branded
distribution designed to enhance customer service, particularly
to support electronic banking and the further conversion of
existing branches and opening of Model Branches, the standard for
Citibanking offices. At June 30, 1996, the number of Model
Branches was 507, which is approximately 44% of consumer branches
worldwide, after the addition of 30 new Model Branches in the
quarter.
In the year since Citibank began eliminating fees for most
electronic banking in the United States, enrollment in PC banking
products increased six-fold. Citibank in Hong Kong introduced PC
banking during the 1996 second quarter, joining Brazil, the
United Kingdom and the United States as the fourth country to
offer banking through personal computers.
Credit costs of $161 million were down 10%, and the credit
loss ratio was 0.99%, compared with 0.97% in the preceding
quarter and 1.14% in the second quarter of last year. Managed
loans delinquent 90 days or more were $2.7 billion, compared with
$2.8 billion in both the preceding quarter and the 1995 second
quarter, representing delinquency ratios of 4.05%, 4.18% and
4.37%, respectively.
Customer investment assets under management by Citibank
Global Asset Management, a part of Investment Products and
Distribution which oversees the activities of over 200 local,
regional and global funds around the world, exceeded $80 billion
at June 30, 1996. Because these investment assets include those
for Citibanking customers, Private Banking clients and
corporations, the financial results of managing these funds are
reflected in each of those businesses. During the quarter,
CitiSelect portfolios, which are designed to simplify asset
allocation, were introduced in eight Asian countries and in the
United States.
Cards
The Cards business worldwide--bankcards, Diners Club and private
label credit cards--earned $242 million in the quarter, down $13
million, or 5%, from the 1995 second quarter. The emerging
markets business represented approximately 30% of Cards earnings,
compared with 26% in the prior-year quarter. Pretax income was
$351 million, compared with $390 million in the same year-ago
quarter.
Revenue in the U.S. bankcard business was up 12%; and
emerging markets card revenue was 25% higher. Revenue in other
markets and products was down 9%, primarily because of declines
in the private label business.
Expense in U.S. bankcards was down 5% from last year's
second quarter. Expense in emerging market cards was up 25% from
the prior year, reflecting expansion of the business.
Cards were successfully introduced in the quarter in the
Bahamas, Costa Rica, Guatemala, Jamaica, Turkey and Venezuela
following recent introductions in the Dominican Republic and
Peru. Citibank AAdvantage cards have been introduced in 1996
into six Latin American countries, bringing to 11 the number of
Latin countries, plus Puerto Rico, where Citibank has made this
premium card available in recent years.
The number of cards in force worldwide (including
affiliates) exceeded 59 million at the end of the quarter.
Charge volumes in the U.S. bankcards business increased $2.3
billion, or 10.8%, from the 1995 second quarter, while charge
volumes on Citicorp-issued cards in Asia Pacific jumped 26%.
Managed card receivables in the U.S. bankcards business grew
from the year-ago quarter by $2.3 billion, or 5.6%, to $42.8
billion at June 30, 1996, and were up slightly from $42.6 billion
at the end of the 1996 first quarter. The reduced growth
compared with the prior quarter was due to competition, tighter
credit standards and seasonality.
Credit costs for worldwide cards increased to $611 million
from $547 million in the 1996 first quarter and $422 million in
the 1995 second quarter. Consistent with broad industry trends,
net credit losses in the managed U.S. bankcards portfolio
increased to $522 million, up $55 million from the 1996 first
quarter and up $159 million from the 1995 second quarter. The
loss ratio in that portfolio rose to 4.99% in the second quarter
from 4.38% in the 1996 first quarter and 3.75% in the 1995 second
quarter, while loans that were delinquent 90 days or more totaled
$732 million, or 1.73% of that portfolio, down from $759 million,
or 1.80%, at March 31, 1996.
Cards continued to build reserves for possible credit
losses, with a provision of $49 million above net credit losses
in the 1996 second quarter, consistent with $49 million in the
preceding quarter and $40 million in the 1995 second quarter.
Private Bank
Private banking net income of $72 million was up $27 million, or
60%, from the 1995 second quarter, principally reflecting
improved credit experience and broad-based revenue growth.
Pretax income was $95 million, up 79% from the same 1995 quarter.
Revenue grew 9% from the year-ago quarter, while expense
increased 2%, resulting in a margin increase of 23%. Net credit
recoveries of $10 million in the quarter compared with $16 millon
of credit costs in the same year-ago period.
Client business volumes under management at the end of the
quarter totaled $92 billion, up 13% from a year earlier. (As
previously indicated, a portion of Private Bank client assets are
managed by Citibank Global Asset Management.)
Emerging Markets expands banking for corporate customers; Global Relationship Banking continues repositioning (Corporate) Banking ($ in Millions) Second Quarter 1996 1995 Change Adjusted Revenue $1,797 $1,775 1% Adjusted Operating Expense 1,087 1,023 6 Operating Margin 710 752 (6) Credit Costs (27) 23 NM Income before Taxes 737 704 5 Net Income 644 560 15 Return on Assets 1.86% 1.51% First Half Adjusted Revenue $3,413 $3,333 2% Adjusted Operating Expense 2,093 1,976 6 Operating Margin 1,320 1,357 (3) Credit Costs (12) 25 NM Income before Taxes 1,332 1,282 4 Net Income 1,115 959 16 Return on Assets 1.61% 1.30%
Net income from global corporate banking activities of
$644 million in the second quarter was up 15% from the 1995
second quarter on revenue of $1.8 billion. Return on average
assets was 1.86%, an improvement from 1.51% in the same 1995
quarter.
Net income from Emerging Markets corporate banking was $433
million, 67% of total corporate banking earnings, and Global
Relationship Banking's net income was $211 million (without
inclusion of business done in emerging markets for customer
relationships managed jointly).
Helped by trends toward outsourcing by customers, Global
Transaction Services contracts were awarded during the quarter by
200 corporate, financial and governmental customers.
Citibank won 39 awards in "Euromoney" magazine's annual
rankings, including best bank worldwide and best bank in emerging
markets, both for the second straight year. For the 18th
straight year, Citibank was named best bank for foreign exchange
in the "Euromoney" customer survey, and the bank was first in
"Risk" magazine's derivatives ranking, based on a customer
survey.
Emerging Markets
Net income from banking for corporate customers in the emerging
markets totaled $433 million in the quarter, up $91 million, or
27%, from the same 1995 quarter, as revenue grew by 12%. The
results represented a return on assets of 3.00%, up from 2.80% in
the 1995 second quarter.
Pretax income totaled $459 million, up 16% from the 1995
second quarter. The effective income tax rate in the quarter was
6%, compared with 14% in the 1995 second quarter.
Revenue of $853 million increased $93 million, or 12%, from
the 1995 second quarter. The results were characterized by
strong base business growth in loan products and transaction
services, a decline in trading-related revenue of $18 million and
an increase in asset and securities gains of $64 million. About
19% of the revenue in the Emerging Markets business was
attributable to business from multinational companies managed
with Global Relationship Banking, with that revenue having grown
7% from the second quarter of 1995.
Expense increased 14% from the 1995 second quarter,
primarily reflecting higher business volumes and investment
spending to build the franchise. Since the second quarter of
1995, banking operations were initiated in Slovakia, Romania,
Lebanon, and Israel. In addition, operations were expanded by
opening additional offices or converting representative offices
to branches or subsidiaries in China, Russia, Peru, South Africa,
and Tanzania. Preparations were completed for the opening in
early July of the Citi Islamic Investment Bank, a wholly owned
subsidiary in Bahrain.
Credit costs remained low during the quarter, resulting in a
net credit of $8 million, compared with a net charge of $9
million in the 1995 second quarter. Credit costs in the 1996
quarter reflect a $21 million recovery related to the
restructuring agreement concluded with Slovenia.
Debt restructuring activities during the second quarter
included the signing of an agreement with Panama, negotiation of
an agreement with Croatia and distribution of a term sheet to
Peru's international commercial creditors.
Global Relationship Banking
Net income from the GRB business in North America, Europe and
Japan totaled $211 million, down slightly from the 1995 second
quarter. Pretax income was $278 million, down 9% from the 1995
second quarter.
Average assets continued to decline, down by $19 billion
from the second quarter of 1995, as the GRB continued to focus on
asset utilization and improvement of returns. Return on average
assets of 1.05% improved from 0.87% in the 1995 second quarter.
Revenue of $944 million declined $71 million from the 1995
second quarter. The results reflected stable business in loan
products and growth in transaction services, offset by declines
in both trading-related revenue and venture capital revenue of
$102 million and $81 million, respectively. The results also
included a $110 million gain from the sale of an automated
trading business, which was part of the company's former
information initiatives. Trading-related results amounted to
$177 million and included a one-time charge of $60 million
related to certain mortgage-backed securities activities.
Expense of $685 million increased 2% compared with the 1995
quarter due primarily to higher volumes in transaction services
and investment in technological infrastructure.
Credit costs in the quarter were a credit of $19 million,
compared with a charge of $14 million in the 1995 second quarter.
The second quarter of 1995 also included a provision in excess of
net write-offs of $25 million.
Other items
Revenues and expenses were both deflated by approximately 2%
compared to the year earlier quarter, due to a stronger U.S.
dollar.
Citicorp's effective tax rate was 38% in the quarter,
compared with 39% in the 1995 second quarter. The 1995 full-year
effective tax rate was 38%. Income taxes are attributed to core
businesses on the basis of local tax rates, which amounted to an
effective rate of 21% in the quarter and 27% in the 1995 second
quarter (29% for the full 1995 year), reflecting changes in the
nature and geographic mix of earnings. The difference between
the local tax rate and Citicorp's overall effective rate in each
period is included in corporate items.
Corporate items included an investment writedown of $50
million in Latin America; the year-ago quarter included a similar
charge of $70 million.
Average common shares outstanding for the purpose of
computing fully diluted earnings per share in the 1996 second
quarter were 492.1 million versus 500.8 million in the preceding
1996 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 $777 million, the number of shares
acquired since June 20, 1995, when the Board of Directors
authorized the stock repurchase program, totaled 42.2 million at
a cost of $3.0 billion. As expanded in January 1996, the program
is authorized to make total purchases for up to $4.5 billion
through January 1998.
Tables detailing key financial data, an analysis of operating margin, business results and credit indicators follow, along with financial statements. Further details concerning the financial results will be available next month in Citicorp's Form 10-Q. KEY RATIOS & OTHER CONSOLIDATED FINANCIAL DATA
Second Quarter % Six Months %
1996 1995 Chg 1996 1995 Chg
---- ---- --- ---- ---- ---
NET INCOME ($M)......... $ 952 $ 853 12 $1,866 $1,682 11 NET INCOME PER COMMON SHARE: On Common & Common Equivalent Shares...... $ 1.86 $ 1.76 6 $ 3.68 $ 3.47 6 Assuming Full Dilution.. $ 1.86 $ 1.57 18 $ 3.61 $ 3.09 17 PER SHARE DATA: Common Stockholders' Equity................. $37.73 $37.35 1 Closing Stock Price at Quarter End......... $82.75 $57.88 43 PROFITABILITY RATIOS (Annualized): Return on Total Assets.. 1.43% 1.25% 1.40% 1.25% Return on Common Stockholders' Equity... 20.8% 20.9% 20.5% 21.3% Return on Total Stockholders' Equity... 19.3% 18.1% 19.0% 18.4% CAPITAL: Tier 1 ($B)............ $ 19.1 $ 18.6 Tier 1 & 2 ($B)(A)..... 28.1 27.3 Tier 1 Ratio(A)........ 8.4% 8.4% Tier 1 & 2 Ratio(A).... 12.3 12.4 Common Equity as a % of Total Assets.... 6.7% 6.0% Total Equity as a % of Total Assets.... 7.5% 7.6% DIVIDENDS DECLARED ($M): Common............... $ 216 $ 119 $ 426 $ 238 Preferred............ 38 96 85 188 (A) 1996 Estimated. OPERATING MARGIN ($ Millions)
Second Quarter % Six Months %
1996 1995 Chg 1996 1995 Chg
------ ------ --- ------ ------ ---
Total Revenue ........ $4,993 $4,689 6 $ 9,821 $9,132 8
Effect of Credit Card
Securitization....... 349 226 54 643 448 44
Net Cost to Carry(A).. (26) 8 NM (31) 8 NM
----- ----- ------ -----
Adjusted Revenue...... 5,316 4,923 8 10,433 9,588 9
----- ----- ------ -----
Total Operating Expense.............. 2,978 2,798 6 5,838 5,491 6
Net OREO Benefits(B).. 17 13 31 29 13 NM
----- ----- ------ -----
Adjusted Operating
Expense.............. 2,995 2,811 7 5,867 5,504 7
----- ----- ------ -----
Operating Margin...... 2,321 2,112 10 4,566 4,084 12
Consumer Credit
Costs(C)............. 762 616 24 1,468 1,152 27
Commercial Credit
Costs(D)............. (27) 23 NM (12) 25 NM
----- ----- ------ -----
Operating Margin
Less Credit Costs.... 1,586 1,473 8 3,110 2,907 7
Additional
Provision(E)......... 50 75 (33) 100 150 (33)
----- ----- ------ -----
Income Before Taxes .. $1,536 $1,398 10 $ 3,010 $2,757 9
===== ===== ====== =====
(A) Principally the net cost to carry commercial cash-basis
loans and Other Real Estate Owned ("OREO").
(B) Principally gains and losses on sales, direct revenue
and expense, and writedowns on commercial OREO.
(C) Principally consumer net credit write-offs adjusted for
the effect of credit card securitization.
(D) Includes commercial net credit write-offs, net cost to
carry, and net OREO benefits.
(E) Primarily provision for credit losses in excess of net
write-offs.
NM Not meaningful, as percentage exceeds 100%.
CONSOLIDATED STATEMENT OF INCOME CITICORP and Subsidiaries (In Millions of Dollars, Except Per Share Amounts)
Second Quarter % Six Months %
1996 1995 Chg 1996 1995 Chg
----- ----- --- ------ ------ ---
Interest Revenue..... $5,751 $5,713 1 $11,527 $11,310 2
Interest Expense..... 3,023 3,245 (7) 6,114 6,517 (6)
----- ----- ------ ------
Net Interest Revenue 2,728 2,468 11 5,413 4,793 13
----- ----- ------ ------
Fees & Commissions... 1,349 1,263 7 2,661 2,525 5
Trading Account...... 106 142 (25) 196 181 8
Foreign Exchange..... 214 323 (34) 419 628 (33)
Securities Trans..... 39 18 NM 141 44 NM
Other Revenue........ 557 475 17 991 961 3
----- ----- ------ ------
Total Fees, Commissions
and Other Revenue.. 2,265 2,221 2 4,408 4,339 2
----- ----- ------ ------
TOTAL REVENUE........ 4,993 4,689 6 9,821 9,132 8
----- ----- ------ ------
PROVISION FOR
CREDIT LOSSES....... 479 493 (3) 973 884 10
----- ----- ------ ------
Operating Expense:
Salaries............ 1,212 1,119 8 2,344 2,199 7
Employee Benefits... 331 343 (3) 668 641 4
Net Premises &
Equipment Expense.. 439 417 5 896 827 8
Other Expense....... 996 919 8 1,930 1,824 6
----- ----- ------ ------
TOTAL OPERATING
EXPENSE............. 2,978 2,798 6 5,838 5,491 6
----- ----- ------ ------
INCOME BEFORE TAXES.. 1,536 1,398 10 3,010 2,757 9
INCOME TAXES......... 584 545 7 1,144 1,075 6
----- ----- ------ ------
NET INCOME........... $ 952 $ 853 12 $ 1,866 $ 1,682 11
===== ===== ====== ======
INCOME APPLICABLE
TO COMMON STOCK..... $ 914 $ 757 21 $ 1,785 $ 1,492 20
===== ===== ====== ======
EARNINGS PER SHARE:
On Common & Common Equivalent Shares... $ 1.86 $ 1.76 $ 3.68 $ 3.47 Assuming Full Dilution........... $ 1.86 $ 1.57 $ 3.61 $ 3.09
NM Not meaningful, as percentage exceeds 100%.
CONSOLIDATED BALANCE SHEET
CITICORP and Subsidiaries
(In Millions of Dollars)
June 30 Dec. 31 %
1996 1995 Chg
------- ------- ---
ASSETS
Cash and Due from Banks......... $ 7,066 $ 5,723 23
Deposits at Interest with Banks. 10,554 9,028 17
Securities:
Available for Sale............. 22,710 18,213 25
Venture Capital................ 1,803 1,854 (3)
Trading Account Assets.......... 29,882 32,093 (7)
Federal Funds Sold &
Securities Purchased
Under Resale Agreements........ 9,889 8,113 22
Loans, Net of Unearned Income
Consumer....................... 105,363 105,643 -
Commercial..................... 62,510 59,999 4
------- -------
Total Loans, Net............ 167,873 165,642 1
Allowance for Credit Losses..... (5,424) (5,368) (1)
Customers' Acceptance Liability. 1,981 1,542 28
Premises & Equipment, Net....... 4,428 4,339 2
Interest & Fees Receivable...... 2,938 2,914 1
Other Assets.................... 13,124 12,760 3
------- -------
Total........................... $266,824 $256,853 4
======= =======
LIABILITIES
Non-Int. Deposits (in the U.S.). $ 13,262 $ 13,388 (1)
Int. Deposits (in the U.S.)..... 37,994 36,700 4
Non-Int. Deposits (Outside the
U.S.).......................... 8,745 8,164 7
Int. Deposits(Outside the U.S.). 115,782 108,879 6
------- -------
Total Deposits.............. 175,783 167,131 5
Trading Account Liabilities..... 18,145 18,274 (1)
Purchased Funds &
Other Borrowings............... 17,519 16,334 7
Acceptances Outstanding......... 2,033 1,559 30
Accrued Taxes & Other Expenses.. 5,460 5,719 (5)
Other Liabilities............... 8,477 9,767 (13)
Long-Term Debt and Subordinated
Capital Notes.................. 19,477 18,488 5
STOCKHOLDERS' EQUITY (A)
Preferred Stock
(Without Par Value)............ 2,078 3,071 (32)
Common Stock (Par value $1.00).. 505 461 10
Surplus......................... 6,518 5,702 14
Retained Earnings .............. 12,882 12,190 6
Net Unrealized Gains -
Securities Available for Sale.. 297 132 NM
Foreign Currency Translation.... (469) (437) (7)
Common Stock in Treasury,
at Cost ....................... (1,881) (1,538) (22)
------- -------
Total Stockholders' Equity.. 19,930 19,581 2
------- -------
Total........................... $266,824 $256,853 4
======= =======
(A) During 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 June 30, 1996 also reflects the
repurchase of 19.2 million common shares at a cost
of $1.5 billion during the six months of 1996.
NM Not meaningful, as percentage exceeds 100%.
EARNINGS PER SHARE DATA
Second Quarter Six Months
1996 1995 1996 1995
------- ------- ------ -------
On Common and Common
Equivalent Shares(A):
Earnings($ Millions)... $ 914 $ 780 $ 1,785 $ 1,539 Shares(Thousands)...... 491,819 444,489 485,217 443,607 Earnings Per Share..... $ 1.86 $ 1.76 $ 3.68 $ 3.47 Assuming Full Dilution(B): Earnings($ Millions)... $ 914 $ 814 $ 1,790 $ 1,607 Shares(Thousands)...... 492,148 519,471 496,454 520,794 Earnings Per Share..... $ 1.86 $ 1.57 $ 3.61 $ 3.09 COMMON SHARES OUTSTANDING (In Thousands) End Of Period.......... 473,164 414,403 (A)For the second quarter and six months of 1996, earnings per share on common and common equivalent shares included shares issued upon conversion of Convertible Preferred Stock, Series 12 and 13, commencing with the conversion dates. For the second quarter and six months of 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 second quarter and six month periods are other common equivalent shares and book value shares issuable under certain benefit plans. (B)For the second quarter and six months of 1995, 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 the 1995 second quarter and the six month periods of 1996 and 1995, 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 weighted-average common shares outstanding. The number of common equivalent and book value shares are calculated on a fully diluted basis as well.
OTHER REVENUE
($ Millions)
Second Quarter % Six Months %
1996 1995(A) Chg 1996 1995(A) Chg
----- ----- --- ----- ----- ---
Securitized Credit Card Receivables...... $ 215 $ 244 (12) $ 448 $ 460 (3) Venture Capital Gains.. 107 188 (43) 145 273 (47) Affiliate Earnings..... 83 52 60 145 107 36
Net Asset Gains(Losses)
and Other Items....... 152 (9) NM 253 121 NM
---- ----- ---- ----
Total.................. $ 557 $ 475 17 $ 991 $ 961 3
==== ===== ==== ====
TRADING-RELATED REVENUE
($ Millions)
Second Quarter % Six Months %
1996 1995(A) Chg 1996 1995(A) Chg
----- ----- --- ----- ----- ---
By Income Statement Line:
Trading and
Foreign Exchange..... $ 320 $ 465 (31) $ 615 $ 809 (24)
Other (Primarily Net
Interest Revenue).... 107 88 22 204 139 47
---- ----- ---- ----
Total................. $ 427 $ 553 (23) $ 819 $ 948 (14)
==== ===== ==== ====
By Trading Activity:
Foreign Exchange...... $ 232 $ 303 (23) $ 442 $ 568 (22)
Derivative............ 129 120 8 275 219 26
Fixed Income.......... (27) 49 NM (28) 6 NM
Other................. 93 81 15 130 155 (16)
---- ----- ---- ----
Total................. $ 427 $ 553 (23) $ 819 $ 948 (14)
==== ===== ==== ====
By Business Sector:
Emerging Markets...... $ 190 $ 208 (9) $ 344 $ 327 5
Global Relationship
Banking.............. 177 279 (37) 365 496 (26)
---- ----- ---- ----
Total(Corp.)Banking... 367 487 (25) 709 823 (14)
Consumer and Other.... 60 66 (9) 110 125 (12)
---- ----- ---- ----
Total.................. $ 427 $ 553 (23) $ 819 $ 948 (14)
==== ===== ==== ====
(A) Reclassified to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" current quarter's presentation. NM Not meaningful, as percentage exceeds 100%. CONTACT: Citicorp, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Press contact: John M. Morris, (212) 559-4285 Investor contact: Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, A. Roesch, (212) 559-2715 |
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