HSBC 2009 Annual Report Download - page 81

79
Reconciliation of reported and underlying profit before tax
2009 compared with 2008
Private Banking
2008
as
reported
US$m
2008
acquisitions
and
disposals10
US$m
Currency
translation11
US$m
2008
at 2009
exchange
rates12
US$m
2009
acquisitions
and
disposals10
US$m
Under-
lying
change
US$m
2009
as
reported
US$m
Re-
ported
change13
%
Under-
lying
change13
%
Net interest income .......... 1,612 – (52) 1,560 – (86) 1,474 (9) (6)
Net fee income ................. 1,476 – (33) 1,443 –
(207) 1,236 (16) (14)
Other income15 ................. 543 – (19) 524 – (122) 402 (26) (23)
Net operating income16 .. 3,631 – (104) 3,527 – (415) 3,112 (14) (12)
Loan impairment charges
and other credit risk
provisions .................... (68) – 2 (66) – (62) (128) (88) (94)
Net operating income .... 3,563 – (102) 3,461 – (477) 2,984 (16) (14)
Operating expenses .......... (2,116) – 54 (2,062) – 178 (1,884) 11 9
Operating profit ............. 1,447 – (48) 1,399 – (299) 1,100 (24) (21)
Income from associates ... – – – – – 8 8
Profit before tax ............. 1,447 – (48) 1,399 – (291) 1,108 (23) (21)
2008 compared with 2007
Private Banking
2007
as
reported
US$m
2007
acquisitions,
disposals
& dilution
gains10
US$m
Currency
translation11
US$m
2007
at 2008
exchange
rates17
US$m
2008
acquisitions
and
disposals10
US$m
Under-
lying
change
US$m
2008
as
reported
US$m
Re-
ported
change13
%
Under-
lying
change13
%
Net interest income .......... 1,216 1 (12) 1,205 – 407 1,612 33 34
Net fee income ................. 1,615 (105) 26 1,536 – (60) 1,476 (9) (4)
Other income15 ................. 717 (18) 5 704 – (161) 543 (24) (23)
Net operating income16 .... 3,548 (122) 19 3,445 – 186 3,631 2 5
Loan impairment charges
and other credit risk
provisions .................... (14) – – (14) – (54) (68) (386) (386)
Net operating income ...... 3,534 (122) 19 3,431 – 132 3,563 1 4
Operating expenses .......... (2,025) 98 (17) (1,944) – (172) (2,116) (4) (9)
Operating profit ............... 1,509 (24) 2 1,487 – (40) 1,447 (4) (3)
Income from associates ... 2 – – 2 – (2) – (100) (100)
Profit before tax ............... 1,511 (24) 2 1,489 – (42) 1,447 (4) (3)
For footnotes, see page 149.