HSBC 2010 Annual Report Download - page 76

HSBC HOLDINGS PLC
Report of the Directors: Operating and Financial Review (continued)
Geographical regions > North America
74
Profit/(loss) before tax and balance sheet data – North America
2010
Personal
Financial
Services
US$m
Commercial
Banking
US$m
Global
Banking &
Markets
US$m
Global
Private
Banking
US$m
Other
US$m
Inter-
segment
elimination56
US$m
Total
US$m
Profit/(loss) before tax
Net interest income/(expense) .... 9,912 1,525 952 190 (71) (69) 12,439
Net fee income/(expense) ........... 2,032 534 955 149 (6) – 3,664
Trading income/(expense)
excluding net interest income (472) 17 563 13 (12) – 109
Net interest income on
trading activities ..................... 24 2 93 –17 69 205
Net trading income/(expense)49 .. (448) 19 656 13 5 69 314
Changes in fair value of long-
term debt issued and related
derivatives .............................. – – – – 111 – 111
Net income/(expense) from
other financial instruments
designated at fair value ........... 6 – (2) –(4) – –
Net income/(expense) from
financial instruments
designated at fair value ........... 6 – (2) – 107 – 111
Gains less losses from
financial investments .............. 5 (6) 141 – 3 – 143
Dividend income ......................... 18 7 12 3 2 – 42
Net earned insurance premiums . 245 – – – – – 245
Other operating income .............. (243) 242 64 15 2,351 (2,196) 233
Total operating income ............ 11,527 2,321 2,778 370 2,391 (2,196) 17,191
Net insurance claims57 ................ (148) – – – 4 – (144)
Net operating income46 ............. 11,379 2,321 2,778 370 2,395 (2,196) 17,047
Loan impairment (charges)/
recoveries and other
credit risk provisions .............. (8,194) (323) 184 38 – – (8,295)
Net operating income ............... 3,185 1,998 2,962 408 2,395 (2,196) 8,752
Total operating expenses ............ (5,338) (1,081) (1,380) (297) (2,422) 2,196 (8,322)
Operating profit/(loss) .............. (2,153) 917 1,582 111 (27) – 430
Share of profit/(loss) in
associates and joint ventures .. 4 22 – – (2) – 24
Profit/(loss) before tax .............. (2,149) 939 1,582 111 (29) – 454
% % % %
%
%
Share of HSBC’s profit
before tax ................................ (11.3) 5.0 8.3 0.6 (0.2) 2.4
Cost efficiency ratio ................... 46.9 46.6 49.7 80.3 101.1 48.8
Balance sheet data45
US$m US$m US$m US$m US$m US$m
Loans and advances to
customers (net) ....................... 131,194 30,277 24,338 4,723 – 190,532
Total assets ................................. 154,086 39,213 306,416 5,824 9,373 (22,425) 492,487
Customer accounts ...................... 76,817 46,425 22,324 12,812 108 158,486