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IBM Credit Reports 2002 First-Quarter Financial Results

ARMONK, N.Y., A</span></strong><strong><span>pril 17, 2002 . . - 17 Apr 2002: IBM Credit Corporation today reported first-quarter 2002 net earnings of $80.87 million, a 22 percent decrease over $104.07 million in the first quarter of 2001. The return on average equity was 21.0 percent in the first quarter of 2002, compared with 22.0 percent in 2001.

New customer financing originations* for acquisition of information technology products and services decreased 8 percent to $1.38 billion in the first quarter of 2002, compared with $1.50 billion for the same period in 2001. New commercial financing originations -- providing working capital for inventory, accounts receivable and acquisition financing -- decreased 17 percent to $2.47 billion, compared with $2.98 billion for the same 2001 period.

At March 31, 2002, total assets were $13.91 billion, compared with $15.31 billion at December 31, 2001, a decrease of 9 percent. Retained earnings were $1.00 billion, compared with $1.08 billion at December 31, 2001, a decrease of 7 percent.

IBM Credit Corporation in the United States is part of the worldwide IBM Global Financing organization. For more information, visit the IBM Global Financing home page at

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Forward-Looking and Cautionary Statements

Except for historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission.

*New customer financing originations reflect assets either owned or managed by IBM Credit Corporation.

Contact(s) information

J. Timothy Ohsann
IBM Media Relations
(914) 765-6647

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Global Financing
Hardware leasing, software and services financing, commercial financing, inventory, accounts receivable, term loans, acquisition financing