IBM Credit Corp, Stamford, Connecticut was an hour or two behind its parent in announcing first quarter figures, and it appears that IBM was either refilling depleted inventory at its resellers during the quarter or stuffing the channels: while financing for end-users was down 8% at $557m, while financing for resellers was up a whopping 48% to $1,579m. Net profits for the period rose 1.4% at $59.1m on total originated financing of $2,100m, up 24%. Return on average equity for the first quarter was 22.2%, compared with 20.2% a year ago.
IBM CREDIT CORP’s FINANCING FOR DEALERS SOARED IN THE FIRST QUARTER
