IBM Credit Corp, Stamford, Connecticut reports that in the first nine months of 1992, it originated financing for $5,900m of equipment, software and services for IBM end-users and distribution channels, up from $5,800m in the same period of 1991. Financing for users rose 23% to $2,966.6m while financing for distribution channels fell by 13% to $2,965.0m – the latter because of transitions in IBM’s personal computer line – in other words, once the price war got going, no-one wanted IBM machines until it came out with some price-competitive ones and that didn’t happen in the US until yesterday, when the PS/ValuePoints were launched. Net profits for the third quarter were up 3 at $55.9m; for the nine months they rose 13% at $166.7m. That comes out to an annualised 20% return on average equity.
