HSBC 2003 Annual Report Download - page 86
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HSBC HOLDINGS PLC
Financial Review (continued)
84
compared with long-term rates, increased margins as
surplus funds were deployed in longer-dated assets.
Higher income also resulted from the growth of the
investment portfolio.
Other operating income increased by 18 per cent
to US$125 million. Fees and commission income for
the period was US$73 million, an increase of 9 per
cent over 2001. This growth was driven by higher
insurance referral fees and fund management
income. Dealing income rose to US$44 million, an
increase of US$11 million, primarily due to a higher
volume of client transactions in the debt securities
and derivatives markets and increased sales of client-
tailored structured products.
Operating expenses, excluding goodwill
amortisation, of US$109 million increased by
US$12 million, or 12 per cent, compared with 2001.
The increase was predominantly driven by costs
associated with the reorganisation of Private Banking
activities in Hong Kong.