Stamford, Connecticut-based IBM Credit Corp reported preliminary 1993 net profit of $220.2m, up just 0.4%; assets at December 31 were $10,000m compared with $11,400m at year-end 1992. The return on average equity was 19.1%, compared with 19.0% in 1992. During 1993, IBM Credit says it originated financing totalling $9,300m of equipment, software and services for IBM’s end-users and distributors, an increase of 8%. Capital equipment financing fell 22% to $3,400m as mainframe business faded, but working capital financing rose 39% to $5,900m. During 1993, IBM Credit continued to produce competitive advantage for IBM by both supporting customers in their acquisition of IBM products and responding to IBM remarketers’ needs for our working capital offerings, said chairman James Forese.
