HSBC 2003 Annual Report Download - page 81

79
Hong Kong
Profit/(loss) before tax excluding goodwill amortisation
Year ended 31 December
2003
US$m
2002
US$m
2001
US$m
Personal Financial Services ............................................................... 1,740 1,705 1,631
Commercial Banking ......................................................................... 711 733 726
Corporate, Investment Banking and Markets .................................... 1,275 1,226 1,244
Private Banking ................................................................................. 127 107 84
Other ................................................................................................. (123) (61
)
198
Total1 ................................................................................................. 3,730 3,710 3,883
1Goodwill amortisation excluded:
– arising on subsidiaries ............................................................... 3––
– arising on associates and joint ventures ..................................... (1) ––
– total ............................................................................................ 2––
Profit before tax
Year ended 31 December
2003 2002320013
Hong Kong US$m US$m US$m
Net interest income .......................................................................... 3,901 4,133 4,165
Dividend income ............................................................................... 31 25 26
Net fees and commissions ................................................................. 1,383 1,264 1,172
Dealing profits ................................................................................... 321 133 218
Other income ..................................................................................... 596 495 436
Other operating income ..................................................................... 2,331 1,917 1,852
Total operating income ................................................................... 6,232 6,050 6,017
Staff costs .......................................................................................... (1,276
)
(1,249
)
(1,279
)
Premises and equipment .................................................................... (240
)
(233
)
(234
)
Other ................................................................................................. (502
)
(459
)
(428
)
Depreciation and intangible asset amortisation .................................. (194
)
(198
)
(199
)
(2,212
)
(2,139
)
(2,140
)
Goodwill amortisation ....................................................................... (3
)
––
Operating expenses ............................................................................ (2,215
)
(2,139
)
(2,140
)
Operating profit before provisions ................................................. 4,017 3,911 3,877
Provisions for bad and doubtful debts ............................................... (400
)
(246
)
(197
)
Provisions for contingent liabilities and commitments ...................... (6
)
(14
)
6
Amounts written off fixed asset investments ..................................... 31 (10
)
(18
)
Operating profit ............................................................................... 3,642 3,641 3,668
Share of operating profit in associates ............................................... 18 11 17
Gains on disposal of investments and tangible fixed assets ............... 68 58 198
Profit on ordinary activities before tax .......................................... 3,728 3,710 3,883
%%%
Share of HSBC’ s pre-tax profits (excluding goodwill amortisation) . 25.9 35.3 44.1
Share of HSBC’s pre-tax profits ........................................................ 29.1 38.4 48.5
Cost:income ratio (excluding goodwill amortisation) ........................ 35.5 35.4 35.6
Period-end staff numbers (full-time equivalent) ................................ 23,636 23,786 24,654
US$m US$m US$m
Selected balance sheet data1
Loans and advances to customers (net) ............................................. 73,988 69,948 67,359
Loans and advances to banks (net) .................................................... 38,640 33,359 42,516
Debt securities, treasury bills and other eligible bills ........................ 66,158 60,083 49,625
Total assets2,3 ..................................................................................... 197,487 180,433 175,652
Deposits by banks .............................................................................. 4,777 2,379 3,271
Customer accounts ............................................................................ 164,024 148,904 146,544
1Third party only.
2Excluding Hong Kong Government certificates of indebtedness.
3Figures for 2002 and 2001 have been restated to reflect the adoption of UITF Abstracts 37 ‘Purchases and sales of own shares’, and 38
‘Accounting for ESOP trusts’, details of which are set out in Note 1 in the ‘Notes on the Financial Statements’ on pages 239 to 240.