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)