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IBM Credit Corporation Announces Financial Results for 2001


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ARMONK, N.Y. - 17 Jan 2002: IBM Credit Corporation today reported 2001 net earnings of $445.27 million, an increase compared with $428.36 million in 2000.

New customer financing originations* for acquisition of information technology products and services increased 3 percent to $6.68 billion in 2001, compared with $6.47 billion in 2000. New commercial financing originations -- providing working capital for inventory, accounts receivable and acquisition financing -- decreased 13 percent to $11.46 billion in 2001, compared with $13.22 billion for the same 2000 period.

At Dec. 31, 2001, total assets were $15.31 billion, compared with $16.80 billion at Dec. 31, 2000, a decrease of 9 percent. Retained earnings at Dec. 31, 2001, were $1.08 billion, compared with $1.43 billion at Dec. 31, 2000, a decrease of 24 percent. The return on average equity was 25.0 percent in 2001, compared with 19.6 percent in 2000.

In the fourth quarter of 2001, net earnings were $125.07 million, an increase of 4 percent from $120.50 million in 2000. Customer financing originations* in the fourth quarter of 2001 were $2.06 billion, a decrease of 4 percent compared with the same 2000 period. For the fourth quarter of 2001, commercial financing originations were $3.07 billion, a 16 percent decrease compared with the same 2000 period.

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 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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