HSBC 2004 Annual Report Download - page 75

73
Hong Kong
Profit/(loss) before tax excluding goodwill amortisation
Year ended 31 December
2004
US$m
2003
US$m
2002
US$m
Personal Financial Services ............................................................................ 2,097 1,740 1,705
Commercial Banking ..................................................................................... 914 711 733
Corporate, Investment Banking and Markets ................................................. 1,584 1,275 1,226
Private Banking ............................................................................................. 135 127 107
Other .............................................................................................................. 23 (123) (61)
Total1 ............................................................................................................. 4,753 3,730 3,710
1Goodwill amortisation excluded:
– arising on subsidiaries ............................................................................ 93–
– arising on associates and joint ventures ................................................. –(1)–
– total ......................................................................................................... 92–
Profit before tax
Year ended 31 December
2004
US$m
2003
US$m
2002
US$m
Hong Kong
Net interest income ...................................................................................... 3,639 3,901 4,133
Dividend income ............................................................................................ 19 31 25
Net fees and commissions .............................................................................. 1,726 1,383 1,264
Dealing profits ............................................................................................... 630 321 133
Other income ................................................................................................. 781 596 495
Other operating income .................................................................................. 3,156 2,331 1,917
Total operating income ................................................................................ 6,795 6,232 6,050
Staff costs ...................................................................................................... (1,415) (1,276) (1,249)
Premises and equipment ................................................................................. (256) (240) (233)
Other .............................................................................................................. (653) (502) (459)
Depreciation and intangible asset amortisation .............................................. (200) (194) (198)
(2,524) (2,212) (2,139)
Goodwill amortisation ................................................................................... (9) (3) –
Operating expenses ........................................................................................ (2,533) (2,215) (2,139)
Operating profit before provisions ............................................................. 4,262 4,017 3,911
Provisions for bad and doubtful debts ............................................................ 223 (400) (246)
Provisions for contingent liabilities and commitments ................................... (3) (6) (14)
Amounts written back on/(written off) fixed asset investments ..................... 26 31 (10)
Operating profit ........................................................................................... 4,508 3,642 3,641
Share of operating profit in associates ............................................................ 818 11
Gains on disposal of investments and tangible fixed assets ............................ 228 68 58
Profit on ordinary activities before tax ...................................................... 4,744 3,728 3,710
%%%
Share of HSBC’ s pre-tax profits (excluding goodwill amortisation) .............. 24.5 25.9 35.3
Share of HSBC’ s pre-tax profits .................................................................... 26.9 29.1 38.4
Cost:income ratio (excluding goodwill amortisation) .................................... 37.1 35.5 35.4
Period-end staff numbers (full-time equivalent) ............................................. 25,552 23,636 23,786