HSBC 2002 Annual Report Download - page 280

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
278
Profit on ordinary activities before tax:
Europe Hong Kong Rest of
Asia-Pacific North America South America *
Intra-
HSBC
items Total
US$m US$m US$m US$m US$m US$m US$m
Year ended 31 December 2001†
Interest receivable.............................. 14,508 8,971 3,612 7,000 2,306 (1,136 ) 35,261
Interest payable.................................. (8,945) (4,806) (2,130) (4,550) (1,241) 1,136 (20,536)
Net interest income............................ 5,563 4,165 1,482 2,450 1,065 – 14,725
Dividend income................................ 116 26 3 29 12 – 186
Fees and commissions receivable ...... 5,013 1,358 810 1,068 624 (117) 8,756
Fees and commissions payable .......... (803) (186) (129) (155) (130) 117 (1,286)
Dealing profits ................................... 708 218 395 346 18 – 1,685
Other operating income...................... 1,022 436 58 207 356 (257) 1,822
Operating income............................... 11,619 6,017 2,619 3,945 1,945 (257) 25,888
Operating expenses............................ (7,920) (2,140) (1,405) (2,685) (1,511 ) 257 (15,404)
Operating profit before provisions..... 3,699 3,877 1,214 1,260 434 – 10,484
Provisions for bad and doubtful
debts .............................................. (441) (197) (172 ) (300 ) (927 ) – (2,037 )
Provisions for contingent liabilities
and commitments........................... (30) 6 (43) (582) – – (649)
Loss from foreign currency
redenomination in Argentina ......... – – – – (520) – (520)
Amounts written off fixed asset
investments.................................... (90) (18) (11) (5) (1) – (125)
Operating profit/(loss)........................ 3,138 3,668 988 373 (1,014) – 7,153
Share of operating loss in joint
ventures ........................................ (79) – (5) (7) – – (91)
Share of operating profit in
associates....................................... 42 17 99 5 1 – 164
Gains on disposal of investments and
tangible fixed assets....................... 441 198 6 132 (3 ) – 774
Profit/(loss) on ordinary activities
before tax....................................... 3,542 3,883 1,088 503 (1,016) – 8,000
*Formerly described as Latin America, which included Group entities in Panama and Mexico, which are now included in North
America. Figures for 2001 have been restated to reflect this change.
†Figures for 2001 have been restated to reflect adoption of the UK Financial Reporting Standard 19 ‘Deferred Tax’, details of
which are set out in Note 1 on the Financial Statements on pages 195 to 197.