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Annual Financial Report - 49 of 56

18th Mar 2016 17:03

RNS Number : 6405S

HSBC Holdings PLC

18 March 2016

Profit/(loss) for the year (continued)

	Europe	Asia	MENA	North America	Latin America	Intra- HSBC items	Total
	$m	$m	$m	$m	$m	$m	$m
2013
Net interest income	10,693	11,432	1,486	5,742	6,186	-	35,539
Net fee income	6,032	5,936	622	2,143	1,701	-	16,434
Net trading income	4,423	2,026	357	948	936	-	8,690
Other income/(expense)	(181)	5,038	38	(30)	1,745	(2,628)	3,982

Net operating income1	20,967	24,432	2,503	8,803	10,568	(2,628)	64,645

Loan impairment (charges)/recoveries and other credit risk provisions	(1,530)	(498)	42	(1,197)	(2,666)	-	(5,849)

Net operating income	19,437	23,934	2,545	7,606	7,902	(2,628)	58,796

Employee compensation and benefits	(7,175)	(5,666)	(634)	(3,098)	(2,623)	-	(19,196)
General and administrative expenses	(9,479)	(3,660)	(607)	(3,051)	(2,896)	2,628	(17,065)
Depreciation and impairment ofproperty, plant and equipment	(559)	(392)	(35)	(176)	(202)	-	(1,364)
Amortisation and impairment ofintangible assets	(400)	(218)	(13)	(91)	(209)	-	(931)

Total operating expenses	(17,613)	(9,936)	(1,289)	(6,416)	(5,930)	2,628	(38,556)

Operating profit	1,824	13,998	1,256	1,190	1,972	-	20,240

Share of profit in associates and joint ventures	1	1,855	438	31	-	-	2,325

Profit before tax	1,825	15,853	1,694	1,221	1,972	-	22,565

Tax expense	(1,279)	(2,170)	(328)	(313)	(675)	-	(4,765)

Profit for the year	546	13,683	1,366	908	1,297	-	17,800

1 Net operating income before loan impairment charges and other credit risk provisions, also referred to as revenue.

Other information about the profit/(loss) for the year

	Europe	Asia	MENA	North America	Latin America	Intra- HSBC items	Total
	$m	$m	$m	$m	$m	$m	$m
2015
Net operating income1	21,058	25,303	2,565	7,657	6,592	(3,375)	59,800
- external	19,778	23,477	2,559	7,386	6,600	-	59,800
- inter-segment	1,280	1,826	6	271	(8)	(3,375)	-

Profit for the year includes the following significant non-cash items:
Depreciation, amortisation and impairment	1,013	620	38	195	315	-	2,181
Loan impairment losses gross of recoveries and other credit risk provisions	1,082	858	331	618	1,641	-	4,530
Changes in fair value of long-term debt and related derivatives	671	5	6	181	-	-	863

2014
Net operating income1	21,571	23,677	2,548	8,152	8,272	(2,972)	61,248
- external	20,450	22,071	2,524	7,937	8,266	-	61,248
- inter-segment	1,121	1,606	24	215	6	(2,972)	-

Profit for the year includes the following significant non-cash items:
Depreciation, amortisation and impairment	950	606	40	182	473	-	2,251
Loan impairment losses gross of recoveries and other credit risk provisions	1,066	800	37	437	2,466	-	4,806
Changes in fair value of long-term debt and related derivatives	614	(4)	(3)	(99)	-	-	508

2013
Net operating income1	20,967	24,432	2,503	8,803	10,568	(2,628)	64,645
- external	20,108	22,853	2,497	8,569	10,618	-	64,645
- inter-segment	859	1,579	6	234	(50)	(2,628)	-

Profit for the year includes the following significant non-cash items:
Depreciation, amortisation and impairment	957	610	48	303	412	-	2,330
Loan impairment losses gross of recoveries and other credit risk provisions	2,165	665	45	1,321	2,949	-	7,145
Changes in fair value of long-term debt and related derivatives	(936)	(1)	(3)	(288)	-	-	(1,228)

1 Net operating income before loan impairment charges and other credit risk provisions, also referred to as revenue.

Balance sheet information

	Europe	Asia	MENA	North America	Latin America	Intra- HSBC items	Total
	$m	$m	$m	$m	$m	$m	$m
At 31 December 2015
Loans and advances to customers	392,041	356,375	29,894	128,851	17,293	-	924,454
Interests in associates and joint ventures	198	15,720	3,176	45	-	-	19,139
Total assets	1,129,365	889,747	59,236	393,960	86,262	(148,914)	2,409,656
Customer accounts	497,876	598,620	36,468	135,152	21,470	-	1,289,586
Total liabilities	1,067,127	813,466	49,126	355,506	75,827	(148,914)	2,212,138

Capital expenditure incurred1	1,182	725	34	198	187	-	2,326

At 31 December 2014
Loans and advances to customers	409,733	362,955	29,063	129,787	43,122	-	974,660
Interests in associates and joint ventures	175	14,958	2,955	83	10	-	18,181
Total assets	1,290,926	878,723	62,417	436,859	115,354	(150,140)	2,634,139
Customer accounts	545,959	577,491	39,720	138,884	48,588	-	1,350,642
Total liabilities	1,223,371	807,998	52,569	398,356	102,007	(150,140)	2,434,161

Capital expenditure incurred1	1,168	637	25	208	348	-	2,386

At 31 December 2013
Loans and advances to customers	456,110	336,897	27,211	127,953	43,918	-	992,089
Interests in associates and joint ventures	169	13,822	2,575	74	-	-	16,640
Total assets	1,392,959	831,791	60,810	432,035	113,999	(160,276)	2,671,318
Customer accounts	581,933	548,483	38,683	140,809	51,389	-	1,361,297
Total liabilities	1,326,537	770,938	50,706	393,635	99,319	(160,276)	2,480,859

Capital expenditure incurred1	907	1,236	32	265	385	-	2,825

1 Expenditure incurred on property, plant and equipment and other intangible assets. Excludes assets acquired as part of business combinations and goodwill.

Other financial information

Net operating income by global business

	RBWM3	CMB3		GB&M	GPB	Other1	Intra-HSBC items	Total
	$m		$m	$m	$m	$m	$m	$m
2015
Net operating income2	23,516		14,870	18,233	2,172	7,604	(6,595)	59,800
- external	20,941		15,021	20,994	1,888	956	-	59,800
- internal	2,575		(151)	(2,761)	284	6,648	(6,595)	-

2014
Net operating income2	25,149		15,748	17,778	2,377	6,365	(6,169)	61,248
- external	23,202		16,369	20,055	1,980	(358)	-	61,248
- internal	1,947		(621)	(2,277)	397	6,723	(6,169)	-

2013
Net operating income2	27,453		15,652	19,176	2,439	5,651	(5,726)	64,645
- external	25,702		16,577	20,767	1,955	(356)	-	64,645
- internal	1,751		(925)	(1,591)	484	6,007	(5,726)	-

Information by country

	2015			2014		2013
	External net operating income2,4		Non- current assets5	External net operating income2,4	Non- current assets5	External net operating income2,4	Non- current assets5
	$m		$m	$m	$m	$m	$m

UK	14,132		7,581	14,392	8,671	13,347	17,481
Hong Kong	14,447		10,979	12,656	12,376	12,031	12,170
USA	5,541		4,066	5,736	5,685	6,121	4,189
France	2,706		9,326	2,538	10,301	3,111	11,565
Brazil	3,546		28	4,817	1,403	5,364	1,715
Other countries	19,428		27,503	21,109	28,273	24,671	27,879
	59,893	59,483		61,248
Year ended/at 31 December	59,800		59,483	61,248	66,709	64,645	74,999

1 The main items reported in 'Other' are certain property activities, unallocated investment activities, centrally held investment companies, movements in fair value of own debt and HSBC's holding company and financing operations. 'Other' also includes gains and losses on the disposal of certain significant subsidiaries or business units.

2 Net operating income before loan impairment charges and other credit risk provisions, also referred to as revenue.

3 In the first half of 2015, a portfolio of customers was transferred from CMB to RBWM in Latin America in order to better align the combined banking needs of the customers with our established global businesses. Comparative data have been re-presented accordingly.

4 External net operating income is attributed to countries on the basis of the location of the branch responsible for reporting the results or advancing the funds.

5 Non-current assets consist of property, plant and equipment, goodwill, other intangible assets, interests in associates and joint ventures and certain other assets expected to be recovered more than 12 months after the reporting period.

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACSUWRNRNOAOAAR

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