HSBC 2003 Annual Report Download - page 320

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
318
Profit on ordinary activities before tax:
Hong
Rest of
Asia- North South
Intra-
HSBC
Europe Kong Pacific America
1
America items Total
US$m US$m US$m US$m US$m US$m US$m
Year ended 31 December 2003
Interest receivable.................................... 14,023 5,293 3,363 16,285 1,716 (712
)
39,968
Interest payable........................................ (6,483
)
(1,392
)
(1,623
)
(4,508
)
(1,076
)
712 (14,370
)
Net interest income.................................. 7,540 3,901 1,740 11,777 640 – 25,598
Dividend income...................................... 150 31 4 34 3 – 222
Fees and commissions receivable ............ 6,242 1,584 1,006 3,434 435 (141
)
12,560
Fees and commissions payable ................ (1,050
)
(201
)
(201
)
(758
)
(97
)
141 (2,166
)
Dealing profits ......................................... 960 321 421 340 136 – 2,178
Other operating income............................ 1,253 596 120 932 201 (422
)
2,680
Operating income..................................... 15,095 6,232 3,090 15,759 1,318 (422
)
41,072
Operating expenses (excluding
goodwill amortisation)......................... (9,529
)
(2,212
)
(1,741
)
(6,947
)
(1,075
)
422 (21,082
)
Goodwill amortisation ............................ (758
)
(3
)
(35
)
(643
)
(11
)
– (1,450
)
Operating expenses ................................. (10,287
)
(2,215
)
(1,776
)
(7,590
)
(1,086
)
422 (22,532
)
Operating profit before provisions ........... 4,808 4,017 1,314 8,169 232 – 18,540
Provisions for bad and doubtful debts...... (874
)
(400
)
(85
)
(4,676
)
(58
)
– (6,093
)
Provisions for contingent liabilities
and commitments................................. (33
)
(6
)
(1
)
32–(35
)
Loss from foreign currency
redenomination in Argentina ............... ––––(9
)
–(9
)
Amounts (written off)/written back on
fixed asset investments ........................ (64
)
31 (2
)
(9
)
(62
)
–(106
)
Operating profit ....................................... 3,837 3,642 1,226 3,487 105 – 12,297
Share of operating (loss)/profit in joint
ventures .............................................. (127
)
––11––(116
)
Share of operating profit in associates ..... 47 18 149 6 1 – 221
Gains on disposal of investments and
tangible fixed assets............................. 212 68 16 109 9 – 414
Profit on ordinary activities before tax..... 3,969 3,728 1,391 3,613 115 – 12,816
Year ended 31 December 2002
Interest receivable.................................... 12,646 5,968 3,174 5,796 1,751 (740
)
28,595
Interest payable........................................ (6,303
)
(1,835
)
(1,567
)
(3,064
)
(1,106
)
740 (13,135
)
Net interest income.................................. 6,343 4,133 1,607 2,732 645 – 15,460
Dividend income...................................... 211 25 3 24 15 – 278
Fees and commissions receivable ............ 5,397 1,449 897 1,205 417 (120
)
9,245
Fees and commissions payable ................ (869
)
(185
)
(173
)
(221
)
(93
)
120 (1,421
)
Dealing profits ......................................... 508 133 364 161 147 – 1,313
Other operating income............................ 1,025 495 83 333 110 (326
)
1,720
Operating income..................................... 12,615 6,050 2,781 4,234 1,241 (326
)
26,595
Operating expenses (excluding
goodwill amortisation)......................... (7,878
)
(2,139
)
(1,528
)
(2,675
)
(1,060
)
326 (14,954
)
Goodwill amortisation ............................ (651
)
–(33
)
(146
)
(24
)
–(854
)
Operating expenses ................................. (8,529
)
(2,139
)
(1,561
)
(2,821
)
(1,084
)
326 (15,808
)
Operating profit before provisions........... 4,086 3,911 1,220 1,413 157 – 10,787
Provisions for bad and doubtful debts...... (569
)
(246
)
(89
)
(300
)
(117
)
– (1,321
)
Provisions for contingent liabilities
and commitments................................. (15
)
(14
)
18 3 (31
)
–(39
)
Loss from foreign currency
redenomination in Argentina ............... ––––(68
)
–(68
)
Amounts written off fixed asset
investments.......................................... (267
)
(10
)
(2
)
(9
)
(36
)
–(324
)
Operating profit/(loss).............................. 3,235 3,641 1,147 1,107 (95
)
–9,035
Share of operating loss in joint ventures . (26
)
––(2
)
––(28
)
Share of operating profit in associates ..... 3 11 113 8 – – 135
Gains on disposal of investments and
tangible fixed assets............................. 288 58 – 125 37 – 508
Profit/(loss) on ordinary activities
before tax............................................. 3,500 3,710 1,260 1,238 (58
)
–9,650