HSBC 2009 Annual Report Download - page 100

HSBC HOLDINGS PLC
Report of the Directors: Operating and Financial Review (continued)
Geographical regions > Hong Kong > 2009
98
Hong Kong
Profit/(loss) before tax by customer group and global business
2009
US$m
2008
US$m
2007
US$m
Personal Financial Services ............................................................................. 2,728 3,428 4,212
Commercial Banking ....................................................................................... 956 1,315 1,619
Global Banking and Markets ........................................................................... 1,507 1,436 1,578
Private Banking ............................................................................................... 197 237 305
Other ................................................................................................................ (359) (955) (375)
5,029 5,461 7,339
Profit before tax
2009
US$m
2008
US$m
2007
US$m
Net interest income .......................................................................................... 4,195 5,698 5,483
Net fee income ................................................................................................. 2,669 2,580 3,362
Net trading income .......................................................................................... 1,225 1,193 1,242
Changes in fair value of long-term debt issued and related derivatives ......... (3) 3 2
Net income/(expense) from other financial instruments designated at fair
value ............................................................................................................ 788 (1,194) 674
Net income/(expense) from financial instruments designated at fair value ... 785 (1,191) 676
Gains less losses from financial investments .................................................. 9 (309) 94
Dividend income .............................................................................................. 28 41 31
Net earned insurance premiums ...................................................................... 3,674 3,247 2,797
Other operating income ................................................................................... 1,274 817 845
Total operating income ................................................................................. 13,859 12,076 14,530
Net insurance claims incurred and movement in liabilities
to policyholders ........................................................................................... (4,392) (1,922) (3,208)
Net operating income before loan impairment charges and other
credit risk provisions ................................................................................. 9,467 10,154 11,322
Loan impairment charges and other credit risk provisions ............................. (500) (765) (231)
Net operating income .................................................................................... 8,967 9,389 11,091
Total operating expenses ................................................................................. (3,946) (3,943) (3,780)
Operating profit ............................................................................................. 5,021 5,446 7,311
Share of profit in associates and joint ventures ............................................... 8 15 28
Profit before tax ............................................................................................. 5,029 5,461 7,339
% % %
Share of HSBC’s profit before tax .................................................................. 71.0 58.7 30.3
Cost efficiency ratio ........................................................................................ 41.7 38.8 33.4
Year-end staff numbers (full-time equivalent) ................................................ 27,614 29,330 27,655
Balance sheet data41
At 31 December
2009 2008 2007
US$m US$m US$m
Loans and advances to customers (net) ........................................................... 99,381 100,220 89,638
Loans and advances to banks (net) .................................................................. 36,197 29,646 63,737
Trading assets, financial assets designated at fair value, and
financial investments ................................................................................... 154,418 122,602 102,180
Total assets ...................................................................................................... 399,243 414,484 359,386
Deposits by banks ............................................................................................ 6,023 11,769 6,420
Customer accounts ........................................................................................... 275,441 250,517 234,488
For footnote, see page 149.
All commentaries on Hong Kong are on an underlying basis unless stated otherwise.