HSBC 2011 Annual Report Download - page 74

HSBC HOLDINGS PLC
Report of the Directors: Operating and Financial Review (continued)
Geographical regions > Rest of Asia-Pacific
72
Profit/(loss) before tax by country within global businesses
Retail
Banking
and Wealth
Management17
US$m
Commercial
Banking
US$m
Global
Banking
and
Markets17
US$m
Global
Private
Banking
US$m
Other
US$m
Total
US$m
2011
Australia ............................................... 88 106 108 – 5 307
India ..................................................... (14) 122 539 5 161 813
Indonesia .............................................. 6 89 157 – 7 259
Mainland China ................................... 1,112 1,340 1,116 (4) 117 3,681
Associates ........................................ 1,179 1,150 529 –117 2,975
Other mainland China ..................... (67) 190 587 (4) – 706
Malaysia ............................................... 173 118 228 1 9 529
Singapore ............................................. 183 133 189 97 (7) 595
Taiwan ................................................. 45 23 130 – 12 210
Vietnam................................................. – 51 79 – 24 154
Other .................................................... 48 264 543 (8) 76 923
1,641 2,246 3,089 91 404 7,471
2010
Australia ............................................... 59 96 95 – 8 258
India ..................................................... (83) 71 508 4 179 679
Indonesia .............................................. 12 94 116 – (3) 219
Mainland China ................................... 839 833 683 (7) 217 2,565
Associates ........................................ 973 746 443 – 188 2,350
Other mainland China ..................... (134) 87 240 (7) 29 215
Malaysia ............................................... 120 88 194 – (1) 401
Singapore ............................................. 169 87 100 84 84 524
Taiwan ................................................. 31 36 87 – (7) 147
Vietnam................................................. (7) 50 61 – 7 111
Other .................................................... 22 201 644 – 131 998
1,162 1,556 2,488 81 615 5,902
2009
Australia ............................................... 30 32 140 – (4) 198
India ..................................................... (220) (41) 394 1 240 374
Indonesia .............................................. (24) 60 129 – (11) 154
Mainland China ................................... 494 616 479 (7) 50 1,632
Associates ........................................ 678 558 285 – – 1,521
Other mainland China ..................... (184) 58 194 (7) 50 111
Malaysia ............................................... 88 53 140 – 5 286
Singapore ............................................. 154 77 222 98 (9) 542
Taiwan ................................................. 6 65 87 – 2 160
Vietnam................................................. (8) 40 63 – 6 101
Other .................................................... (9) 162 617 (2) (15) 753
511 1,064 2,271 90 264 4,200
For footnote, see page 95.
In Australia GDP growth in early 2011 was
initially affected by weather-related disruptions,
particularly to coal exports. However, activity
strengthened and GDP rose by 2.5% in the year to
September, predominantly from ongoing investment
in the mining sector. Labour market conditions eased
during the year, with the unemployment rate rising
modestly to 5.2% by the year end. The Reserve Bank
of Australia reduced its policy rate in November and
December from 4.75% to 4.25%.
Review of performance
Our operations in the Rest of Asia-Pacific region
reported pre-tax profits of US$7.5bn compared with
US$5.9bn in 2010, an increase of 27%. Reported
profits included gains arising from the dilution of
HSBC’s shareholding in Ping An following its issue
of share capital to third parties in 2010 and 2011 of
US$188m and US$181m, respectively. On
an underlying basis, excluding these gains, pre-tax
profit rose by 23%.