HSBC 2008 Annual Report Download - page 129

127
2007
North America
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$m
Net interest income/(expense) .... 13,175 1,558 378 273 (17) (520) 14,847
Net fee income/(expense) ........... 4,571 338 701 279 (79) – 5,810
Trading income/(expense)
excluding net interest income (349) (2) (871) 11 (78) – (1,289)
Net interest income/(expense)
on trading activities ................ 134 – 137 – (44) 520 747
Net trading income/(expense)16 .. (215) (2) (734) 11 (122) 520 (542)
Changes in fair value of long-
term debt issued and related
derivatives .............................. – – – – 1,750 – 1,750
Net income/(expense) from
other financial instruments
designated at fair value ........... – – 11 – (11) – –
Net income from financial
instruments designated at
fair value ................................. – – 11 – 1,739 – 1,750
Gains less losses from financial
investments ............................. 176 (1) 65 2 3 – 245
Dividend income ......................... 47 1 57 – – – 105
Net earned insurance premiums . 449 – – – – – 449
Other operating income/
(expense) ................................ (5) 88 167 34 1,480 (1,404) 360
Total operating income ............... 18,198 1,982 645 599 3,004 (1,404) 23,024
Net insurance claims17 ................ (241) – – – – – (241)
Net operating income5 ................ 17,957 1,982 645 599 3,004 (1,404) 22,783
Loan impairment charges and
other credit risk provisions ..... (11,909) (191) (46) (10) – – (12,156)
Net operating income ................. 6,048 1,791 599 589 3,004 (1,404) 10,627
Total operating expenses ............ (7,594) (893) (1,562) (415) (1,496) 1,404 (10,556)
Operating profit/(loss) ................ (1,546) 898 (963) 174 1,508 – 71
Share of profit/(loss) in
associates and joint ventures .. – 22 (2) – – – 20
Profit/(loss) before tax ................ (1,546) 920 (965) 174 1,508 – 91
% % % % % %
Share of HSBC’s profit
before tax ................................ (6.4) 3.8 (4.0) 0.7 6.3 0.4
Cost efficiency ratio ................... 42.3 45.1 242.2 69.3 49.8 46.3
Balance sheet data15
US$m US$m US$m US$m US$m US$m
Loans and advances to
customers (net) ....................... 218,676 38,930 26,186 6,068 – 289,860
Total assets ................................. 237,475 46,247 252,804 20,073 1,095 (8,409) 549,285
Customer accounts ...................... 61,824 36,306 30,732 16,187 124 145,173
For footnotes, see page 143.