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IBM Credit Reports 2001 First-Quarter Financial Results


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NORTH CASTLE, N.Y. - 18 Apr 2001: IBM Credit Corporation today reported first-quarter 2001 net earnings of $104.07 million, an 8 percent increase over $96.69 million in the first quarter of 2000. The return on average equity was 22.0 percent in the first quarter of 2001, compared with 16.9 percent in 2000.

New customer financing originations* for acquisition of information technology products and services increased 49 percent to $1.50 billion in the first quarter, compared with $1.01 billion for the same period in 2000. New commercial financing originations-- providing working capital for inventory, accounts receivable and acquisition financing -- increased 5 percent to $2.98 billion, compared with $2.83 billion for the same 2000 period.

At March 31, 2001, total assets were $15.36 billion, compared with $16.80 billion at December 31, 2000, a decrease of 9 percent. Retained earnings were $1.34 billion, compared with $1.43 billion at December 31, 2000, a decrease of 6 percent. Retained earnings at March 31, 2000, were $1.87 billion.

IBM Credit Corporation in the United States is part of the worldwide IBM Global Financing organization. With more than $46 billion in new financing originations in 2000, IBM Global Financing offers businesses of all sizes leasing and financing solutions for IBM and non-IBM hardware, software and services. In addition, IBM Global Financing provides flexible commercial financing offerings for inventory, accounts receivable and acquisition financing to resellers and remarketers. Visit the IBM Global Financing home page at www.ibm.com/financing.

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.

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

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