-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LNnG86RSxy2Ha+HS0obwwGt+7OZ8eplPUP2+3ozS3qgh34lUYzl8QTkgmE/nbbRe LbUpqJQvzTBnOcYF0XyK/w== 0000839947-02-000081.txt : 20020417 0000839947-02-000081.hdr.sgml : 20020417 ACCESSION NUMBER: 0000839947-02-000081 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020415 ITEM INFORMATION: Other events FILED AS OF DATE: 20020417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITICORP CENTRAL INDEX KEY: 0000020405 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132614988 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05738 FILM NUMBER: 02613498 BUSINESS ADDRESS: STREET 1: 399 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10043 BUSINESS PHONE: 2125591000 MAIL ADDRESS: STREET 1: 425 PARK AVE- 2ND F STREET 2: ATTN: LEGAL AFFAIRS OFFICE CITY: NEW YORK STATE: NY ZIP: 10043 FORMER COMPANY: FORMER CONFORMED NAME: FIRST NATIONAL CITY CORP DATE OF NAME CHANGE: 19740414 FORMER COMPANY: FORMER CONFORMED NAME: CITY BANK OF NEW YORK NATIONAL ASSOCIATI DATE OF NAME CHANGE: 19680903 8-K 1 april.txt CITI8K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: April 15, 2002 --------------------------------- (Date of earliest event reported) Citicorp -------------------------------------------------- (Exact name of registrant as specified in charter) Delaware 1-5738 06-1515595 - -------------------------------------------------------------------------------- (State or other juris- (Commission (I.R.S. Employer diction of incorporation) File Number) Identification Number) 399 Park Avenue, New York, New York 10043 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code:(212) 559-1000 ----------------------------------------------------------------- Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. Results of Operations (Unaudited) This report summarizes the results of operations of Citicorp and its subsidiaries for the three-month periods ended March 31, 2002 and March 31, 2001. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated April 15, 2002. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) First Quarter ------------------- 2002 2001 ------------------- INTEREST REVENUE Loans, including Fees $9,131 $9,967 Deposits with Banks 275 353 Federal Funds Sold and Securities Purchased Under Resale Agreements 108 131 Securities, including Dividends 962 951 Trading Account Assets 534 236 Loans Held For Sale 292 392 ------------------- 11,302 12,030 ------------------- INTEREST EXPENSE Deposits 1,851 3,490 Trading Account Liabilities 13 14 Purchased Funds and Other Borrowings 697 961 Long-Term Debt 983 1,348 ------------------- 3,544 5,813 ------------------- NET INTEREST REVENUE 7,758 6,217 ------------------- POLICYHOLDER BENEFITS AND CLAIMS 140 250 PROVISION FOR CREDIT LOSSES 2,559 1,464 ------------------- TOTAL BENEFITS, CLAIMS, AND 2,699 1,714 CREDIT LOSSES ------------------- NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 5,059 4,503 ------------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 2,832 2,777 Foreign Exchange 545 488 Trading Account 438 603 Securities Transactions 10 97 Other Revenue 838 857 ------------------- 4,663 4,822 ------------------- OPERATING EXPENSE Salaries 2,306 2,270 Employee Benefits 484 441 ------------------- Total Employee 2,790 2,711 Net Premises and Equipment 777 788 Restructuring-Related Items {a} 46 62 Other Expense 2,328 2,361 ------------------- 5,941 5,922 ------------------- INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 3,781 3,403 INCOME TAXES 1,296 1,265 MINORITY INTEREST, NET OF INCOME TAXES 19 8 ------------------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 2,466 2,130 CUMULATIVE EFFECT OF ACCOUNTING CHANGE {b} - (33) ------------------- NET INCOME $2,466 $2,097 =================== {a} Represents new charges of $41 million and $40 million and accelerated depreciation of $5 million and $22 million in 2002 and 2001, respectively. {b} Relates to the adoption of Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities", as amended. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CITICORP (Registrant) By: /s/ William P. Hannon --------------------- William P. Hannon Controller Dated: April 16, 2002 -----END PRIVACY-ENHANCED MESSAGE-----