Citicorp doubles income

Citicorp doubles income

JAKARTA (JP): Citicorp, the leasing and travelers check
division of Citibank of the United States, reported an almost
double increase in its net income for this year's second
quarter.

The income was up to US$877 million as compared to $466
million in the same period of last year.

Citicorp's chairman, John S. Reed, announced that the quarter
was highlighted by strong earnings and significant strengthening
of the balance sheet, with total capital and capital ratios
improving.

Reed said in the statement released here yesterday that
earnings from emerging countries increased to almost 39 percent
of total Citicorp earnings for the second quarter of 1994.

He said the second quarter's net income included recognition
of deferred tax benefits and net pre-tax gains from net assets
gain and the conclusion of a refinancing agreement with a major
developing country. (02)