HSBC 2013 Annual Report Download - page 21
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19
Net fee income Quarter ended
31 December
2013
$m
31 December
2012
$m
30 September
2013
$m
Credit facilities ..................................................................................... 64 63 64
Funds under management .................................................................... 32 33 35
Account services .................................................................................. 20 20 20
Credit cards .......................................................................................... 16 22 16
Corporate finance ................................................................................. 10 12 8
Remittances .......................................................................................... 88 8
Immigrant Investor Program ................................................................ 68 8
Brokerage commissions ....................................................................... 34 4
Insurance .............................................................................................. 34 3
Trade finance import/export ................................................................. 32 3
Trustee fees .......................................................................................... 11 1
Other ....................................................................................................... 71 4
Fee income .............................................................................................. 173 178 174
Less: fee expense ................................................................................. (22) (24)(22)
Net fee income ..................................................................................... 151 154 152
Net fee income for the fourth quarter of 2013 was
$151m, marginally lower compared with the fourth quarter of 2012 and broadly unchanged compared with
the third quarter of 2013.
Net trading income Quarter ended
31 December
2013
$m
31 December
2012
$m
30 September
2013
$m
Trading activities .................................................................................. 26 36 27
Net interest from trading activities ...................................................... 10 11 11
Hedge ineffectiveness ............................................................................. (2) (2) 4
Net trading income ............................................................................... 34 45 42
Net trading income for the fourth quarter of 2013 was
$34m, a decrease of $11m, or 24% compared with the
fourth quarter of 2012, and a decrease of $8m, or 19%,
compared with the third quarter of 2013. Net trading
income decreased compared with the same quarter last
year primarily as a result of lower activity in the rates
business. Net trading income decreased compared with
the prior quarter primarily due to trading losses driven
by hedge ineffectiveness.