HSBC 2008 Annual Report Download - page 107

105
2007
Hong Kong
Personal
Financial
Services
US$m
Commercial
Banking
US$m
Global
Banking &
Markets
US$m
Private
Banking
US$m
Other
US$m
Inter-
segment
elimination21
US$m
Total
US$m
Net interest income/(expense) ..... 3,342 1,540 986 70 (767) 312 5,483
Net fee income ............................ 1,973 526 682 179 2 – 3,362
Trading income excluding net
interest income ....................... 188 63 553 280 186 – 1,270
Net interest income on trading
activities .................................. 5 – 241 – 38 (312) (28)
Net trading income16.................... 193 63 794 280 224 (312) 1,242
Changes in fair value of long-
term debt issued and related
derivatives .............................. – – – – 2 – 2
Net income/(expense) from
other financial instruments
designated at fair value ........... 820 (13) 7 – (140) – 674
Net income/(expense) from
financial instruments
designated at fair value ........... 820 (13) 7 – (138) – 676
Gains less losses from
financial investments .............. – – 38 1 55 – 94
Dividend income ......................... 2 1 6 – 22 – 31
Net earned insurance
premiums ................................ 2,654 130 13 – – – 2,797
Other operating income .............. 153 28 114 6 881 (337) 845
Total operating income ............... 9,137 2,275 2,640 536 279 (337) 14,530
Net insurance claims17 ................ (3,116) (82) (10) – – – (3,208)
Net operating income5 ................ 6,021 2,193 2,630 536 279 (337) 11,322
Loan impairment charges and
other credit risk provisions ..... (175) (28) (28) – – – (231)
Net operating income ................. 5,846 2,165 2,602 536 279 (337) 11,091
Total operating expenses ............ (1,639) (547) (1,025) (231) (675) 337 (3,780)
Operating profit/(loss) ................ 4,207 1,618 1,577 305 (396) – 7,311
Share of profit in associates
and joint ventures ................... 5 1 1 – 21 – 28
Profit/(loss) before tax ................ 4,212 1,619 1,578 305 (375) – 7,339
% % % % % %
Share of HSBC’s profit
before tax ................................ 17.4 6.7 6.5 1.3 (1.6) 30.3
Cost efficiency ratio ................... 27.2 24.9 39.0 43.1 241.9 33.4
Balance sheet data15
US$m US$m US$m US$m US$m US$m
Loans and advances to
customers (net) ....................... 38,197 25,890 19,171 4,329 2,051 89,638
Total assets ................................. 66,002 32,059 215,801 17,484 53,227 (27,679) 356,894
Customer accounts ...................... 129,159 51,562 37,364 15,649 754 234,488
For footnotes, see page 143.