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CITICORP REPORTS SECOND-QUARTER PROFIT AND FURTHER PROGRESS TOWARD PLAN GOALS

 CITICORP REPORTS SECOND-QUARTER PROFIT
 AND FURTHER PROGRESS TOWARD PLAN GOALS
 NEW YORK, July 21 /PRNewswire/ -- Citicorp (NYSE: CCI) today reported 1992 second-quarter net income of $171 million, compared with $11 million in the same 1991 quarter. Earnings per common share were $0.32; a year earlier there was a loss of $0.12 per common share after preferred dividends.
 In the first half of 1992, earnings were $354 million, or $0.69 per share; comparable earnings in the first six months of 1991 were $104 million, or $0.05 per share.
 The company continues to give priority to strengthening the balance sheet through building both capital and reserves. Total regulatory capital at June 30, 1992 rose to $18.6 billion, or 8.50 percent of risk- adjusted assets, and the Tier 1 capital ratio increased to 4.25 percent. During the 1992 first half, the company added $1.5 billion to capital.
 The company added $80 million to its consumer loan loss reserve in the second quarter, increasing it to $1.3 billion, and built its commercial loan loss reserve, including real estate, by $101 million to $2.0 billion. These reserves are up from year-ago levels by approximately $200 million and $700 million respectively. Reflecting the continuation of improved credit quality of the cross-border refinancing portfolio, $100 million of that reserve was released, bringing it to $342 million at June 30, 1992.
 After-tax net gains on the sale of nonstrategic assets in the 1992 second quarter totaled $109 million, or $0.30 per common share, and after-tax restructuring charges amounted to $53 million, or $0.15 a share. In the 1991 second quarter, the net gains from asset sales on the same basis were $91 million, or $0.27 a share.
 Commenting on the second quarter and half-year, John S. Reed, Citicorp Chairman, said: "We are where we had expected to be. The results are further evidence that we are on track in meeting our plan objectives: our balance sheet is much improved and we continue to build our core earnings, reflecting our service to customers and franchise strengths."
 He pointed to continued substantial improvement in operating margin as key to the success of the plan, with increases of 24 percent to $1.8 billion from last year's second quarter and 5 percent from the 1992 first quarter. These gains were achieved, despite sluggish economic conditions in North American and European markets, through modest revenue growth (up 4 percent from the 1991 second quarter) and continued progress in reducing expenses (down 7 percent from the same 1991 quarter).
 Reflecting the focus on core businesses and customers, Global Finance revenues grew from the 1991 second quarter by 12 percent to $1.4 billion and Global Consumer revenues by 4% to $2.6 billion.
 As part of its effort to enhance revenues and reduce expense levels, management has charged corporate-wide task forces with addressing specific projects. In the second quarter the company implemented certain of the task force recommendations for improved efficiencies and incurred restructuring charges of $53 million ($95 million pretax); it expects that the resulting savings in each year will exceed the amount of the charge.
 Commercial cash-basis loans (excluding the cross-border refinancing portfolio) declined in the quarter by $339 million to $4.7 billion, while commercial nonperforming assets rose by $143 million to $8.1 billion because of additions to OREO (Other Real Estate Owned).
 Management reaffirmed its belief that commercial credit costs will decline in the second half of the year.
 CORE BUSINESSES
 Global Consumer
 Net income in Global Consumer was $234 million (after a restructuring charge of $20 million, after tax) in the 1992 second quarter, a gain of 34 percent from the second quarter of last year.
 Results reflected strong performance in a number of business areas, notably in card revenue growth in the United States. Other markets that performed particularly well include Argentina, Puerto Rico, Germany and most countries in the Asia/Pacific region.
 Revenues of $2.6 billion (adjusted for the effect of credit card securitization) rose 4 percent from the 1991 second quarter. Operating expenses were reduced by 7 percent from the 1991 second quarter to $1.4 billion, even as Global Consumer continued to expand its businesses in key markets.
 Total consumer 90-day delinquencies on the balance sheet stabilized at approximately $4.8 billion at the end of the quarter, and early delinquencies showed signs of improvement.
 Geographically, net income in the quarter from the consumer businesses in North America, Europe and Japan was $110 million, compared with $99 million in the year-earlier quarter. Net income from consumer businesses in Asia/Pacific, Latin America and other international regions was $124 million, compared with $76 million in the 1991 second quarter.
 Global Finance
 Global Finance, which includes Citicorp's worldwide commercial and financial institutions business (other than commercial real estate activities in North America) reported second-quarter net income of $294 million (after a restructuring charge of $27 million, after tax), compared with a loss of $10 million in the year-ago second quarter.
 Global Finance activities in Asia, Latin America, Middle East and Africa markets maintained a strong growth trend, producing net income of $166 million, up from $112 million in the same year-earlier quarter. Global Finance activities in Japan, Europe and North America, although hampered by the continued effect of economic weakness on customers and with high credit costs in the United Kingdom, reported earnings of $128 million in the quarter, compared with a loss of $122 million in the same 1991 quarter, which reflected a higher level of write-offs.
 Revenues of $1.4 billion were 12 percent above those in the 1991 second quarter, paced by a 24 percent increase from Asia, Latin America and the Middle East, as well as a 7 percent increase from North America, Europe and Japan.
 Global Finance businesses reduced operating expenses to $752 million, down 7percent from the second quarter of 1991.
 Credit costs, primarily reflecting real estate problems in the United Kingdom, included $126 million of net write-offs and a $26 million additional provision to the commercial loan loss reserve.
 Cash-basis loans in Global Finance declined slightly during the quarter to $1.8 billion, while OREO increased by $153 million.
 OTHER ITEMS
 North America Commercial Real Estate
 A loss of $355 million in the second quarter was reported by Commercial Real Estate in the United States and Canada, which compared with a loss of $108 million in the same year-ago quarter, reflecting continued high net write-offs and reserve building relating to the difficulties in the real estate market.
 Cash-basis loans decreased by $223 million in the second quarter to $2.9 billion at June 30, 1992. OREO assets increased by $329 million to $2.6 billion at the quarter-end.
 Cross-Border Refinancing Portfolio
 The cross-border refinancing portfolio reported net income of $105 million in the second quarter, compared with $3 million in the 1991 second quarter.
 As announced on July 9, Brazil has reached an agreement in principle on the settlement of its commercial-bank debt. This announcement will trigger the issuance of bonds covering the remaining unpaid interest due during 1989 and 1990 from Brazil. Upon becoming effective, the agreement would have generally
positive future effects on the company's earnings. The timing and amounts cannot yet be determined, since, among other things, they depend on decisions to be made by the international banking community regarding the agreement's various options.
 In other developments, the Philippines is scheduled to sign its restructuring agreement with its bank creditors on July 24, and Argentina, having reached agreement on a term sheet, plans a signing of the contracts implementing its bank accord by the end of September.
 With the improvement in the condition of the portfolio, the reserve attributed to that portfolio, $342 million at June 30, 1992, reflected the release of $100 million in the second quarter.
 Capital
 Citicorp continued to strengthen its capital base through the sale of nonstrategic businesses and gains related to other investment interests, which added 12 basis points to the Tier 1 capital ratio. Major transactions were the sales of CapMAC, the card establishment processing business and certain equity holdings in Latin American companies. Other factors affecting the ratio include reevaluating the risk-weighting of certain mortgages and the phasing-in of the previously announced change in guidelines pertaining to mortgages sold with recourse.
 Operating Margin
 The company's management employs operating margin as a key measure in its program to continue to build its core businesses at the same time as it absorbs credit costs, increases capital and restores earnings to a satisfactory level. Operating margin is the difference between revenues and operating expenses, adjusted for credit-related costs, card securitization and nonrecurring items.
 Since instituting its five-point plan, Citicorp has increased its operating margin from $4.8 billion in 1990 to an annualized $6.9 billion in the 1992 first half. Its goal has been to reach a 1992 operating margin of approximately $7 billion.
 Tables detailing key financial data, an analysis of operating margin and pretax earnings, business results and credit indicators follow, along with financial statements. Further details concerning the financial results will be available in August in Citicorp's Form 10-Q.
 KEY RATIOS & OTHER CONSOLIDATED FINANCIAL DATA
 Second Qtr. pct Year-to-Date pct
 1992 1991 Chg. 1992 1991 Chg.
 NET INCOME ($ M) (A):
 Before Cumulative Effect
 of Accounting Change $ 171 $ 11 N/M $ 354 $ 104 N/M
 After Cumulative Effect
 of Accounting Change $ 171 $ 11 N/M $ 354 $ 561 (37)
 PER COMMON SHARE (A)(B):
 Net Income (Loss):
 Before Cumulative Effect
 of Accounting Change $ 0.32 $ (0.12) N/M $0.69 $ 0.05 N/M
 After Cumulative Effect
 of Accounting Change $ 0.32 $ (0.12) N/M $0.69 $ 1.36 (49)
 Common Equity (A) $ 21.66 $ 24.81 (13)
 Closing Stock Price
 at Quarter End $ 21.25 $ 14.50 47
 PROFITABILITY RATIOS (A):
 Return on Assets:
 Before Accounting Change 0.31 pct 0.02 pct - 0.32 pct 0.09pct -
 After Accounting Change 0.31 pct 0.02 pct - 0.32 pct 0.51pct -
 Return on Common Equity:
 Before Accounting Change 6.3 pct (1.9)pct - 6.7 pct 0.3pct -
 After Accounting Change 6.3 pct (1.9)pct - 6.7 pct 11.1pct -
 CAPITAL ($ M) (A)(C):
 Tier I $ 9,301 $ 9,342 -
 Tier I & II $18,602 $18,684 -
 Tier I Ratio (D) 4.25 pct 4.27 pct -
 Tier I & II Ratio (D) 8.50 pct 8.55 pct -
 Common Equity as a
 pct of Total Assets 3.6 pct 3.9 pct -
 Total Equity as a
 pct of Total Assets 4.5 pct 4.9 pct -
 DIVIDENDS DECLARED ($ M):
 Common $ - $ 86 N/M
 Preferred $ 50 $ 44 14
 Total $ 50 $ 130 (62)
 (A) Effective Jan. 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. The 1991 amounts are restated to reflect the accounting change.
 (B) Based on net income (loss) available for common stockholders.
 (C) Based on 1992 year-end guidelines.
 (D) Estimated.
 N/M Not meaningful as percentage exceeds 100 percent.
 Operating Margin
 ($ Millions)
 2Q 1Q 4Q 3Q 2Q 1Q
 1992 1992 1991 1991 1991 1991
 Total Revenue 3,864 3,994 3,833 3,684 3,685 3,548
 Effect of Credit Card
 Securitization 341 340 320 314 268 253
 Net Cost
 To Carry (Commercial) 105 109 120 116 106 112
 Other Items (A) (196) (390) (232) (131) (104) (35)
 Adjusted Revenue 4,114 4,053 4,041 3,983 3,955 3,878
 Total Operating
 Expense 2,553 2,434 2,655 3,374 2,549 2,519
 Net OREO Cost
 (Commercial) (119) (77) (160) (86) (22) (17)
 Restructuring Charges (95) - - (750) - -
 Adjusted
 Operating Expense 2,339 2,357 2,495 2,538 2,527 2,502
 Operating Margin 1,775 1,696 1,546 1,445 1,428 1,376
 Restructuring Charges 95 - - 750 - -
 Consumer Net Credit
 Write-Offs(B) 784 775 770 786 719 683
 Commercial Credit Costs 705 754 792 485 606 307
 Additional Provision:
 -Consumer 80 82 101 42 61 101
 -Commercial 101 249 240 99 39 103
 -Refinancing Portfolio (100) (100) (150) - - -
 Other Items (A) 196 390 232 131 104 35
 Income (Loss) Before
 Taxes and Cum. Effect
 of Accounting Change 306 326 25 (586) 107 217
 (A) Includes capital building transactions as well as the effect on reported revenues in 1991 related to the accounting change for venture capital.
 (B) Adjusted for effect of credit card securitization.
 BUSINESS FOCUS
 Second Quarter
 Net Income(Loss)Avg. Assets Return on
 $ Millions $ Billions Assets
 1992 1991(A) 1992 1991(A) 1992 1991(A)
 Global Consumer:
 JENA(B) $ 110 $ 99 $ 86 $ 91 0.51pct 0.44pct
 Developing Countries 124 76 20 18 2.49pct 1.69pct
 Total Global Consumer $ 234 $ 175 $106 $109 0.89pct 0.64pct
 Global Finance:
 JENA(B) $ 128 $(122) $ 62 $ 64 0.83pct N/M
 Developing Countries 166 112 31 22 2.15pct 2.04pct
 Total Global Finance $ 294 $ (10) $ 93 $ 86 1.27pct N/M
 Cross-Border
 Refinancing Portfolio 105 3 4 7 10.56pct 0.17pct
 North America Commercial
 Real Estate (355) (108) 15 15 N/M N/M
 Corporate Items (107) (49) 5 4 N/M N/M
 Citicorp $ 171 $ 11 $223 $221 0.31pct 0.02pct
 Year-to-Date
 Net Income(Loss)Avg. Assets Return on
 $ Millions $ Billions Assets
 1992 1991(A) 1992 1991(A) 1992 1991(A)
 Global Consumer:
 JENA(B) $ 235 $ 172 $ 86 $ 94 0.55pct 0.37pct
 Developing Countries 249 165 20 17 2.50pct 1.96pct
 Total Global Consumer $ 484 $ 337 $106 $111 0.92pct 0.61pct
 Global Finance:
 JENA(B) $ 111 $ (18) $ 61 $ 63 0.37pct N/M
 Developing Countries 345 223 30 22 2.31pct 2.04pct
 Total Global Finance $ 456 $ 205 $ 91 $ 85 1.01pct 0.49pct
 Cross-Border
 Refinancing Portfolio 235 (26) 4 7 11.81pct N/M
 North America Commercial
 Real Estate (817) (232) 15 15 N/M N/M
 Corporate Items (4) (180) 6 3 N/M N/M
 Total $ 354 $ 104 $222 $221 0.32pct 0.09pct
 Cumulative Effect of
 Accounting Change - 457 - -
 Citicorp $ 354 $ 561 $222 $221 0.32pct 0.51pct
 (A) Restated to conform to current quarter's presentation.
 (B) Includes the results in Japan, Europe and North America. For 1991, Global Finance JENA also includes the results of entrepreneurial activities in Australia and New Zealand.
 N/M Return on assets not meaningful.
 GLOBAL CONSUMER
 STATEMENT OF OPERATIONS
 ($ Millions)
 Second Qtr. pct Year-to-Date pct
 1992 1991(A) Chg. 1992 1991(A) Chg.
 Total Revenue $2,290 $2,269 1 $4,581 $4,526 1
 Restructuring Charges $ 32 $ - N/M $ 32 $ - N/M
 Other Operating Expense 1,413 1,520 (7) 2,836 3,028 (6)
 Total Operating Expense $1,445 $1,520 (5) $2,868 $3,028 (5)
 Provision For
 Credit Losses $ 523 $ 512 2 $1,040 $1,043 -
 Income Before Taxes $ 322 $ 237 36 $ 673 $ 455 48
 Income Taxes 88 62 42 189 118 60
 Net Income $ 234 $ 175 34 $ 484 $ 337 44
 OTHER DATA:
 Average Assets ($B) 106 109 (3) 106 111 (5)
 Return on Assets 0.89pct 0.64pct - 0.92pct 0.61pct -
 Adjusted to exclude the
 effect of Credit Card
 Securitization:
 Total Revenue $2,631 $2,537 4 $5,262 $5,047 4
 Provision For
 Credit Losses 864 780 11 1,721 1,564 10
 (A) Restated to conform to current quarter's presentation.
 N/M Not meaningful as percentage exceeds 100 percent.
 GLOBAL FINANCE
 STATEMENT OF OPERATIONS
 ($ Millions)
 Second Qtr. pct Year-to-Date pct
 1992 1991(A) Chg. 1992 1991(A) Chg
 Total Revenue $1,376 $1,218 13 $2,650 $2,481 7
 Restructuring Charges $ 40 $ - N/M $ 40 $ - N/M
 Other Operating Expense 773 811 (5) 1,547 1,625 (5)
 Total Operating Expense $ 813 $ 811 - $1,587 $1,625 (2)
 Provision For
 Credit Losses $ 152 $ 387 (61) $ 381 $ 493 (23)
 Income Before Taxes $ 411 $ 20 N/M $ 682 $ 363 88
 Income Taxes 117 30 N/M 226 158 43
 Net Income (Loss) $ 294 $ (10)N/M $ 456 $ 205 N/M
 OTHER DATA:
 Average Assets ($ B) 93 86 8 91 85 7
 Return on Assets 1.27pct N/M - 1.01pct 0.49pct -
 Adjusted for Credit-
 Related Items:
 Total Revenue (B) 1,408 1,256 12 2,705 2,566 5
 Other Operating
 Expense (C) 752 812 (7) 1,509 1,627 (7)
 (A) Restated to conform to current quarter's presentation.
 (B) After adding back the net cost to carry nonperforming assets.
 (C) Excludes net write-downs and direct expenses related to Other Real Estate Owned (OREO).
 N/M Not meaningful as percentage exceeds 100 percent or return on assets would be distortive.
 NORTH AMERICA COMMERCIAL REAL ESTATE
 STATEMENT OF OPERATIONS
 ($ Millions)
 Second Qtr. pct Year-to-Date pct
 1992 1991(A) Chg. 1992 1991(A) Chg.
 Total Revenue $ (6) $ 15 N/M $ (20) $ 38 N/M
 Total Operating Expense $ 135 $ 60 N/M $ 229 $ 110 N/M
 Provision For
 Credit Losses $ 431 $ 136 N/M $ 1,019 $ 311 N/M
 (Loss) Before Taxes $(572) $ (181)N/M $(1,268) $ (383)N/M
 Income Taxes (217) (73)N/M (451) (151)N/M
 Net (Loss) $(355) $ (108)N/M $ (817) $ (232)N/M
 OTHER DATA:
 Average Assets ($B) 15 15 - 15 15 -
 Adjusted for Credit-
 Related Items:
 Total Revenue (B) 67 83 (19) 139 171 (19)
 Other Operating
 Expense (C) 37 37 - 71 70 1
 (A) Restated to conform to current quarter's presentation.
 (B) After adding back the net cost to carry nonperforming assets.
 (C) Excludes net write-downs and direct expenses related to Other Real Estate Owned (OREO).
 N/M Not meaningful as percentage exceeds 100 percent.
 CROSS-BORDER REFINANCING PORTFOLIO
 ($ Millions)
 Second Qtr. pct Year-to-Date pct
 1992 1991(A) Chg. 1992 1991(A) Chg
 Total Revenue (B) $ 25 $ 32 (22) $ 75 $ 38 97
 Provision For
 Credit Losses $ (101) $ (6)N/M $ (201) $ (6)N/M
 Operating Expense $ 7 $ 10 (30) $ 15 $ 19 (21)
 Income Before Taxes $ 119 $ 28 N/M $ 261 $ 25 N/M
 Income Taxes 14 25 (44) 26 51 (49)
 Net Income (Loss) 105 3 N/M 235 (26)N/M
 OTHER DATA:
 Average Assets ($B) 4 7 (43) 4 7 (43)
 CORPORATE ITEMS
 ($ Millions)
 Second Qtr. pct Year-to-Date pct
 1992 1991(A) Chg. 1992 1991(A) Chg
 Total Revenue $ 179 $ 151 19 $ 572 $ 150 N/M
 Restructuring Charges $ 23 $ - N/M $ 23 $ - N/M
 Operating Expense 130 148 (12) 265 286 (7)
 Total Operating Expense $ 153 $ 148 3 $ 288 $ 286 1
 Income(Loss) Before Taxes $ 26 $ 3 N/M $ 284 $ (136)N/M
 Income Taxes 133 52 N/M 288 44 N/M
 Net (Loss)(C) $ (107) $ (49)N/M $ (4) $ (180) 98
 (A) Restated to conform to current quarter's presentation.
 (B) Includes $12 million of Brazilian interest recognized in the second quarter of 1992 and $38 million year to date.
 (C) Corporate Items includes the results of Citicorp's information business initiatives, which had a net loss of $12 million in the second quarter of 1992 and $25 million year to date as compared to a net loss of $28 million in the second quarter of 1991 and $62 million year to date. Corporate Items also includes net after-tax gains from capital building transactions of $109 million in the second quarter of 1992 and $327 million year to date as compared with $91 million in the second quarter of 1991 and year to date. Restructuring charges in the second quarter of 1992 include $18 million related to the discontinuation of the Point of Sale initiative.
 Additionally, Corporate Items includes the offset created by attributing income taxes to business activities on a local tax basis.
 N/M Not meaningful as percentage exceeds 100 percent.
 ASSET QUALITY
 CASH-BASIS AND RENEGOTIATED COMMERCIAL LOANS
 AND NON-PERFORMING ASSETS
 ($ Millions) 2nd Qtr. 1st Qtr. 4th Qtr.
 1992 1992 1991
 North America Commercial
 Real Estate(A) $4,635 $4,952 $5,628
 Renegotiated Loans 58 80 84
 OREO 3,359 2,877 2,283
 Total Non-Refinancing
 Non-Performing Assets $8,052 $7,909 $7,995
 Cross-Border Refinancing(B) 1,526 1,526 1,734
 Total Non-Performing
 Commercial Assets $9,578 $9,435 $9,729
 Consumer OREO $ 820 $ 712 $ 664
 ALLOWANCE FOR CREDIT LOSSES
 ($ Millions) 2nd Qtr. 1st Qtr. 4th Qtr.
 1992 1992 1991
 Global Consumer $1,286 $1,215 $1,137
 Commercial 1,999 1,898 1,650
 Cross-Border Refinancing 342 427 521
 Total $3,627 $3,540 $3,308
 Reserve for Global Consumer
 Sold Portfolios(C) $ 451 $ 433 $ 412
 ALLOWANCE AS A PERCENTAGE OF TOTAL LOANS
 2nd Qtr. 1st Qtr. 4th Qtr.
 1992 1992 1991
 Global Consumer 1.44 pct 1.36 pct 1.24 pct
 Commercial 3.65 pct 3.43 pct 2.97 pct
 Total(D) 2.45 pct 2.39 pct 2.19 pct
 ADDITIONAL DATA
 2nd Qtr. 1st Qtr. 4th Qtr.
 1992 1992 1991
 Commercial Allowance as percent of
 Cash-Basis Loans 43.1 pct 38.3 pct 29.3 pct
 (A) Includes U.S. highly leveraged transactions which are secured by real estate.
 (B) Amounts for 1992 exclude $130 million of loans which have been renegotiated pursuant to a Brady-type restructuring of Nigeria's commercial bank debt.
 (C) Reflects reclassification for comparative purposes.
 (D) Includes the Cross-Border Refinancing Portfolio.
 DETAILS OF CREDIT LOSS EXPERIENCE
 ($ Millions)
 Second Qtr. pct Year-to-Date pct
 1992 1991 Chg 1992 1991 Chg
 Net Write-Offs:
 Global Consumer $ 443 $ 451 (2) $ 878 $ 881 -
 North America Commercial
 Real Estate(A) 356 90 N/M 718 176 N/M
 Global Finance 126 393 (68) 332 485 (32)
 Total Non-Refinancing
 Commercial $ 482 $ 483 - $1,050 $ 661 59
 Cross-Border
 Refinancing (17) 748 N/M (23) 786 N/M
 Total $ 908 $1,682 (46) $1,905 $2,328 (18)
 Provision for
 Credit Losses:
 Global Consumer $ 523 $ 512 2 $1,040 $1,043 -
 North America Commercial
 Real Estate 431 136 N/M 1,019 311 N/M
 Global Finance 152 387 (61) 381 493 (23)
 Total Non-Refinancing
 Commercial $ 583 $ 523 11 $1,400 $ 804 74
 Cross-Border
 Refinancing (101) (6)N/M (201) (6)N/M
 Total $1,005 $1,029 (2) $2,239 $1,841 22
 (A) Includes U.S. highly leveraged transactions which are secured by real estate.
 N/M Not meaningful as percentage exceeds 100 percent.
 STATEMENT OF OPERATIONS CITICORP and Subsidiaries
 (In Millions of Dollars,
 Except Per Share Amounts)
 Second Qtr. pct Year-to-Date pct
 1992 1991(A)Chg. 1992 1991(A) Chg.
 Interest Revenue $ 5,780 $ 5,886 (2) $11,609 $12,208 (5)
 Interest Expense 3,957 4,070 (3) 7,961 8,632 (8)
 Net Interest Revenue $ 1,823 $ 1,816 - $ 3,648 $ 3,576 2
 Fees & Commissions $ 1,281 $ 1,217 5 $ 2,575 $ 2,411 7
 Trading Account 121 108 12 204 232 (12)
 Foreign Exchange 193 155 25 377 364 4
 Inv Securities Trans 5 225 (98) 25 286 (91)
 Other Revenue 441 164 N/M 1,029 364 N/M
 Total Fees, Commissions
 and Other Revenue $ 2,041 $ 1,869 9 $ 4,210 $ 3,657 15
 TOTAL REVENUE $ 3,864 $ 3,685 5 $ 7,858 $ 7,233 9
 PROVISION FOR
 CREDIT LOSSES $ 1,005 $ 1,029 (2) $ 2,239 $ 1,841 22
 Operating Expense:
 Salaries $ 910 $ 960 (5) $ 1,831 $ 1,937 (5)
 Staff Benefits 241 259 (7) 490 526 (7)
 Net Premises &
 Equipment Expense 416 447 (7) 836 899 (7)
 Restructuring Charges 95 - N/M 95 - N/M
 Other Expense 891 883 1 1,735 1,706 2
 TOTAL OPERATING
 EXPENSE $ 2,553 $ 2,549 - $ 4,987 $ 5,068 (2)
 INCOME BEFORE TAXES
 AND CUM. EFFECT OF
 ACCOUNTING CHANGE $ 306 $ 107 N/M $ 632 $ 324 95
 Income Taxes 135 96 41 278 220 26
 INCOME BEFORE
 CUMULATIVE EFFECT OF
 ACCOUNTING CHANGE $ 171 $ 11 N/M $ 354 $ 104 N/M
 Cumulative Effect of
 Accounting Change - - - - 457 N/M
 NET INCOME $ 171 $ 11 N/M $ 354 $ 561 (37)
 INCOME(LOSS) AVAILABLE
 FOR COMMON STOCKHOLDERS$ 118 $ (41)N/M $ 249 $ 472 (47)
 EARNINGS(LOSS) PER SHARE
 Income (Loss) Before
 Cumulative Effect
 of Accounting Change $ 0.32 $ (0.12)N/M $ 0.69 $ 0.05 N/M
 Cumulative Effect of
 Accounting Change $ - $ - - $ - $ 1.31 N/M
 Net Income (Loss) $ 0.32 $ (0.12)N/M $ 0.69 $ 1.36 (49)
 (A) Restated to reflect the effect of the accounting change for venture capital.
 N/M Not meaningful as percentage exceeds 100 percent.
 CONSOLIDATED BALANCE SHEET CITICORP and Subsidiaries
 (In Millions of Dollars)
 June 30 December 31 pct
 1992 1991 Change
 ASSETS
 Cash and Due from Banks $ 5,566 $ 5,328 4
 Deposits at Interest w/ Banks 7,718 6,692 15
 Investment Securities 12,152 14,713 (17)
 Trading Account Assets 17,770 12,064 47
 Federal Funds Sold &
 Securities Purchased
 Under Resale Agreements 7,259 4,550 60
 Loans, Net
 Consumer $ 89,460 $ 91,539 (2)
 Commercial 58,684 59,405 (1)
 Total Loans $148,144 $150,944 (2)
 Allowance for Credit Losses (3,627) (3,308) (10)
 Total Loans, Net $144,517 $147,636 (2)
 Customers' Acceptance Liab $ 1,589 $ 1,567 1
 Premises & Equipment, Net 3,862 3,659 6
 Interest & Fees Receivable 2,779 2,917 (5)
 Other Assets 16,180 17,796 (9)
 Total $219,392 $216,922 1
 LIABILITIES
 Non-Int. Deposits (in the US) $ 12,426 $ 12,474 -
 Int. Deposits (in the US) 46,092 48,872 (6)
 Non-Int. Deposits (Overseas) 6,242 4,829 29
 Int. Deposits (Overseas) 86,364 80,300 8
 Total Deposits $151,124 $146,475 3
 Securities Sold,
 Not Yet Purchased 2,057 1,732 19
 Purchased Funds &
 Other Borrowings 16,506 17,442 (5)
 Acceptances Outstanding 1,609 1,604 -
 Accrued Taxes & Other Expenses 4,823 5,108 (6)
 Other Liabilities 10,895 11,690 (7)
 Long-Term Debt 19,134 20,095 (5)
 Subordinated Capital Notes 3,250 3,250 -
 Redeemable Preferred Stock 37 37 -
 STOCKHOLDERS' EQUITY
 Preferred Stock
 (Without Par Value) $ 2,078 $ 2,140 (3)
 Common Stock (Par value $1.00) 389 372 5
 Surplus 3,581 3,277 9
 Retained Earnings 4,296 4,089 5
 Common Stock in Treasury,
 at Cost (387) (389) 1
 Total Stockholders' Equity $ 9,957 $ 9,489 5
 Total $219,392 $216,922 1
 Second Qtr pct Year-to-Date pct
 1992 1991 Chg. 1992 1991 Chg.
 NET INTEREST REVENUE
 ($ Millions)
 Net Interest Revenue(A) $1,828 $1,825 - $3,658 $3,597 2
 Net Interest Margin (A) 3.71pct 3.76pct - 3.73pct 3.71pct -
 ADJUSTED TO EXCLUDE
 THE EFFECT OF CREDIT
 CARD SECURITIZATION:
 Net Interest Revenue(A) $2,293 $2,183 5 $4,587 $4,310 6
 Net Interest Margin(A) 4.20pct 4.15pct - 4.23pct 4.10pct -
 OTHER REVENUE
 ($ Millions)
 Affiliate Earnings $ 36 $ 22 $ 85 $ 53
 Gains on Sale of
 Residual Value of
 Leased Equipment 15 14 17 17
 Securitized Credit
 Card Receivables 95 60 183 113
 Sold Mortgages (24) 48 - 109
 Venture Capital Gains(B) 34 12 142 47
 Other Net Gains(Losses)
 on the Sale/Disposition
 of Assets 238 (17) 515 (11)
 Foreign Currency
 Translation Gains
 (Losses) 2 (6) 4 (18)
 Other Items 45 31 83 54
 Total $ 441 $ 164 $1,029 $ 364
 (A) Taxable Equivalent Basis.
 (B) The 1991 results have been restated to reflect the effect of the accounting change for venture capital.
 CONSOLIDATED AVERAGE BALANCES
 Second Qtr. pct Year-to-Date pct
 1992 1991(A) Chg. 1992 1991(A) Chg.
 Loans ($B):
 Consumer $ 90 $ 92 (2) $ 90 $ 93 (3)
 Commercial 59 61 (3) 59 62 (5)
 Total Average Loans $ 149 $ 153 (3) $ 149 $ 155 (4)
 Total Average Assets($B)$ 223 $ 221 1 $ 222 $ 221 -
 Interest Earning
 Assets($B) $ 198 $ 195 2 $ 197 $ 196 1
 Common Stockholders'
 Equity ($ M) $ 7,502 $ 8,538 (12) $ 7,435 $ 8,539 (13)
 Preferred Equity ($ M) 2,276 2,165 5 2,212 1,894 17
 Total Stockholders'
 Equity ($ M) $ 9,778 $10,703 (9) $ 9,647 $10,433 (8)
 COMMON SHARES OUTSTANDING
 (In Thousands)
 End-Of-Period 363,701 343,509
 Weighted Average for
 purposes of Earnings
 (Loss) Per Share 364,561 342,633
 (A) Restated to reflect the effect of the accounting change for venture capital.
 -0- 7/21/92
 /CONTACT: John M. Morris, Richard J. Howe or Maria Rullo of Citicorp, 212-559-4286/
 (CCI) CO: Citicorp ST: New York IN: FIN SU: ERN


KD -- NY039 -- 1327 07/21/92 12:18 EDT
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