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February 4, 1987

IBM CREDIT CORP REPORTS ON 1986

By CBR Staff Writer

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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