HSBC 2009 Annual Report Download - page 127

125
North America
Profit/(loss) before tax by country within customer groups and global businesses
Personal
Financial
Services
US$m
Commercial
Banking
US$m
Global
Banking &
Markets
US$m
Private
Banking
US$m
Other
US$m
Total
US$m
2009
US ..................................................................... (5,292) 158 505 (49) (3,626) (8,304)
Canada .............................................................. 17 347 159 – (100) 423
Bermuda ............................................................ 49 37 47 (2) 10 141
Other ................................................................. – 1 1 1 (1) 2
(5,226) 543 712 (50) (3,717) (7,738)
2008
US52 ................................................................... (17,364) 226 (2,899) 67 3,427 (16,543)
Canada .............................................................. 106 380 252 5 96 839
Bermuda ............................................................ 31 51 72 11 9 174
Other ................................................................. (1) 1 – – 2 2
(17,228) 658 (2,575) 83 3,534 (15,528)
2007
US ...................................................................... (1,824) 377 (1,243) 156 1,468 (1,066)
Canada .............................................................. 265 466 239 8 5 983
Bermuda ............................................................ 13 77 39 10 34 173
Other ................................................................. – – – – 1 1
(1,546) 920 (965) 174 1,508 91
For footnote, see page 149.
Loans and advances to customers (net) by country
At 31 December
2009
US$m
2008
US$m
2007
US$m
US .................................................................................................................... 156,638 208,834 233,706
Canada ............................................................................................................. 47,158 44,866 53,891
Bermuda ........................................................................................................... 3,057 2,514 2,263
206,853 256,214 289,860
Customer accounts by country
At 31 December
2009
US$m
2008
US$m
2007
US$m
US .................................................................................................................... 99,371 101,963 100,034
Canada ............................................................................................................. 41,565 33,905 37,061
Bermuda ........................................................................................................... 8,221 7,664 8,078
149,157 143,532 145,173
2009 compared with 2008
Economic briefing
Economic conditions remained extremely difficult in
the US during the early months of 2009 before some
signs of recovery appeared as the year progressed,
limiting the decline in full year GDP to 2.4 per cent
after a 0.4 per cent increase during 2008. Housing
sales and residential construction activity showed
some improvement from very depressed levels and
this, along with the introduction of tax incentives,
drove a reduction in the rate of decline of house
prices in some states as the year progressed. Labour
market conditions weakened throughout the year as
the unemployment rate rose to a 26-year high of
10.1 per cent in October 2009, contributing to
concerns around the trend of delinquencies on both
secured and unsecured debt within the household
sector. The annual CPI rate remained negative
during the second and third quarters of the year
before rising to 2.7 per cent by December 2009,
although this trend was largely reflective of the