HSBC 2004 Annual Report Download - page 317

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Net assets:
At 31 December 2004 At 31 December 2003 At 31 December 2002
US$m % US$m % US$m %
Europe ......................................... 36,136 41.7 35,102 47.1 30,681 59.3
Hong Kong .................................. 15,706 18.1 11,302 15.2 9,682 18.7
Rest of Asia-Pacific ..................... 6,375 7.4 5,145 6.9 3,811 7.3
North America ............................. 26,883 31.0 22,044 29.6 7,613 14.7
South America ............................. 1,523 1.8 880 1.2 (22) –
Total net assets ............................ 86,623 100.0 74,473 100.0 51,765 100.0
Profit on ordinary activities before tax:
Hong
Rest of
Asia- North South
Intra-
HSBC
Europe Kong Pacific America America items Total
US$m US$m US$m US$m US$m US$m US$m
Year ended 31 December 2004
Interest receivable ................................... 18,096 5,167 4,146 21,201 2,421 (828) 50,203
Interest payable ....................................... (9,034) (1,528) (2,091) (6,288) (1,066) 828 (19,179)
Net interest income ................................. 9,062 3,639 2,055 14,913 1,355 – 31,024
Dividend income .................................... 545 19 3 32 2 – 601
Fees and commissions receivable ........... 7,724 1,986 1,303 4,520 580 (236) 15,877
Fees and commissions payable ............... (1,429) (260) (246) (985) (100) 236 (2,784)
Dealing profits ........................................ 953 630 494 439 50 –2,566
Other operating income .......................... 1,592 781 195 1,158 207 (630) 3,303
Operating income ................................... 18,447 6,795 3,804 20,077 2,094 (630) 50,587
Operating expenses (excluding
goodwill amortisation) ........................ (11,570) (2,524) (2,080) (8,887) (1,444) 630 (25,875)
Goodwill amortisation ............................ (947) (9) (68) (761) (29) – (1,814)
Operating expenses ................................. (12,517) (2,533) (2,148) (9,648) (1,473) 630 (27,689)
Operating profit before provisions .......... 5,930 4,262 1,656 10,429 621 –22,898
Provisions for bad and doubtful debts ..... (1,025) 223 (100) (5,186) (269) –(6,357)
Provisions for contingent liabilities
and commitments ............................... (12) (3) – (42) 30 – (27)
Amounts (written off)/written back on
fixed asset investments ....................... (20) 26 – – (6) – –
Operating profit ...................................... 4,873 4,508 1,556 5,201 376 – 16,514
Share of operating profit in
joint ventures ...................................... 5–––––5
Share of operating profit/(loss)
in associates ........................................ 54 8 232 (8) 1 – 287
Gains on disposal of investments and
tangible fixed assets ............................ 293 228 17 226 38 – 802
Profit on ordinary activities before tax .... 5,225 4,744 1,805 5,419 415 – 17,608