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July 25, 1994

IBM CREDIT SEES 31% JUMP, MOSTLY FROM SELLING FUND MANAGEMENT BUSINESS

By CBR Staff Writer

IBM Credit Corp, Stamford, Connecticut reported second quarter net profits of $66.4m, up 31.2%, benefitting from the gain on the sale of IBM Credit Investment Management Corp to a Fleet Financial Group subsidiary. For the first half of 1994, IBM Credit saw net profits of $125.4m, up 15.2% to give a first half return on average equity of 24.6%, compared with 18.7% a year earlier. In the first six months of 1994, IBM Credit originated financing for $4,300m of equipment, software and services for IBM’s end-user customers and distribution channels, up 10.3%. Capital equipment financing originated for end users decreased by 20.5% to $1,150m while working capital financing originated for distribution channels increased by 31.9% to $3,190m it said.

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