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IBM CREDIT CORP REPORTS ON 1986

IBM finance subsidiary IBM Credit Corp has reported its 1986 results, showing net profits for the year to December 31 up 14.7% at $118.1m. The Stamford, Connecticut company reported finance and other income up 26.9% at $640.1m and assets rose 14% to $5,700m. During 1986, IBM Credit Corp bought $2,000m of equipment for term leases, the same as in 1985. Of the total, $507.0m was financed through term lease partnerships in which IBM Credit has a minority interest, down from $664.7m million financed in 1985, but the decrease was offset by an increase in purchases for direct financing leases, which totaled $1,470.2m, up from $1,318.9m. The company bought installment payment agreement receivables from IBM of $874.3m in 1986, down from $1,107.4m in 1985. The receivables volume was influenced by decreased IBM sales in the US in 1986; tax law changes that curtailed partnership activity; and fewer state and local government installment payment agreements offered to IBM Credit.

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CBR Staff Writer

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