Citicorp, the second-largest US bank, announced a 7.5 per cent increase in fourth quarter net earnings but said the Asian crisis had reduced pre-tax results by $250 million (£183 million). The bank said net earnings in the final three months of 1997 came to $1.061 billion an increase of 7.5 per cent over the same period in 1996. Earnings per share rose 12 per cent to $2.20 which was in line with market expectations.

Citicorp chairman, Mr John Reed said: "The Asian turmoil reduced our pre-tax results by about $250 million - $100 million related to translating normal earnings at reduced exchange rates." The rest of the loss was attributed to reduced business in both Asia and Brazil and other market developments. "Fortunately, strong markets in the United States and Europe helped offset these conditions," Mr Reed added.