31st Mar 2009 16:34
Financial summary > Balance sheet > Movement in 2008
Balance sheet
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At 31 December
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2008US$m
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2007US$m
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2006US$m
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ASSETS
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Cash and balances at central banks
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52,396
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21,765
|
|
12,732
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Trading assets
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427,329
|
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445,968
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|
328,147
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Financial assets designated at fair value
|
28,533
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|
41,564
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|
20,573
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Derivatives
|
494,876
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|
187,854
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|
103,702
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Loans and advances to banks
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153,766
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|
237,366
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|
185,205
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Loans and advances to customers
|
932,868
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|
981,548
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|
868,133
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Financial investments
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300,235
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283,000
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204,806
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Other assets
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137,462
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155,201
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|
137,460
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|
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|
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Total assets
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2,527,465
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2,354,266
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1,860,758
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LIABILITIES AND EQUITY
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Liabilities
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Deposits by banks
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130,084
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132,181
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99,694
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Customer accounts
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1,115,327
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1,096,140
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896,834
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Trading liabilities
|
247,652
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|
314,580
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|
226,608
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Financial liabilities designated at fair value
|
74,587
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89,939
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|
70,211
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Derivatives
|
487,060
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183,393
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101,478
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Debt securities in issue
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179,693
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246,579
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230,325
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Liabilities under insurance contracts
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43,683
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42,606
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17,670
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Other liabilities
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149,150
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113,432
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103,010
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Total liabilities
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2,427,236
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2,218,850
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1,745,830
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Equity
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Total shareholders' equity
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93,591
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128,160
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108,352
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Minority interests
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6,638
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7,256
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6,576
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Total equity
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100,229
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135,416
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114,928
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Total equity and liabilities
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2,527,465
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2,354,266
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1,860,758
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A more detailed consolidated balance sheet is contained in the Financial Statements on page 334.
Movement from 31 December 2007 to 31 December 2008
Total assets amounted to US$2.5 trillion, 7 per cent higher than at 31 December 2007. After excluding currency movements, the disposal of HSBC's French regional subsidiaries and the acquisition of the assets, liabilities and operations of The Chinese Bank in 2008, underlying assets rose by 22 per cent, driven by growth in derivative assets.
The expansion in the Group's balance sheet was largely attributable to increases in derivative assets and liabilities, and was due to growth in the fair value of these positions rather than a rise in their notional contract amounts. Excluding the growth in derivative liabilities, customer accounts formed an increasing share of the Group's liabilities as depositors and savers responded to HSBC's reputation for strength and security. As a result, a proportion of the Group's funding repayable on demand or within one year rose. For information on the Group's management of liquidity, see pages 235 to 240.
The Group's tier 1 capital ratio declined from 9.3 per cent to 8.3 per cent. For detail on regulatory capital and risk weighted assets, see pages 274 to 280.
The following commentary is on an underlying basis.
Assets
The Group's cash and balances at central banks rose substantially, particularly in Hong Kong as additional liquidity was injected into the banking system, and in the US where excess liquidity was required in the short-term as part of a planned transfer of assets between the Group's subsidiaries.
Trading assets increased by 11 per cent. The majority of the rise occurred on 30 September 2008, following the Group's consolidation of five Constant Net Asset Value ('CNAV') funds with assets of around US$40 billion. The decision to consolidate these funds was based on actions taken to support them. For further details of these actions, see page 180. The rise was partly offset by the reclassification of US$18 billion of trading assets
partly to 'Loans and Advances' and partly to 'Financial investments' following the changes to International Accounting Standard 39 - 'Financial Instruments - Recognition and Measurement' ('IAS39') issued in October 2008 by the IASB.
Excluding these effects, trading assets remained broadly unchanged as rises in Europe and Asia, where the Group increased its holdings of government bonds, were offset by the run-off of the mortgage-backed securities portfolio in the US and a reduction in debt securities held for balance sheet management purposes due to changes in liquidity and risk preference.
An 18 per cent decline in financial assets designated at fair value was driven by falling equity markets, which reduced the value of assets held to meet life insurance liabilities, particularly in Hong Kong and France. To the extent that these liabilities related to unit-linked and participating insurance contracts, there was a corresponding decline in liabilities under insurance contracts. The underperformance of certain investment products also led clients to withdraw funds.
Derivative assets rose significantly, led by an increase in interest rate derivatives with further growth in credit and foreign exchange derivatives. The global falls in interest rates resulted in significant gaps between the fixed and floating legs of interest rate swaps, leading to substantial mark-to-market increases in the value of interest rate swap positions. Widening credit spreads and increasing market volatility caused mark-to-market increases in the value of credit derivatives held in the UK and the US. Foreign exchange derivative asset growth was driven by a combination of increased volumes and mark-to-market rises in existing positions in the UK. Under IFRS, only limited netting is allowed between derivative assets and liabilities with the same counterparty, and the balance sheet value is therefore significantly higher than the credit exposure. For information on maximum exposure to credit risk, see pages 197 to 200.
A 29 per cent decline in loans and advances to banks occurred mainly in Hong Kong and the UK where Balance Sheet Management invested a greater proportion of its assets in government and government-guaranteed debt.
HSBC also reduced counterparty credit risk in the UK by channelling an increasing proportion of lending to banks through the London Clearing House in the form of reverse repos. This is recorded within customer loans even when the end counterparty is a bank, which means the fall in loans and advances to banks and the rise in loans and advances to customers are magnified. The rise in loans and advances to customers was also inflated by the reclassification of US$15 billion of assets following changes to IAS39 isused in October 2008.
Further increases in loans and advances to customers were due to growth in mortgage lending in Europe and Asia, as well as to a rise in overdraft balances to customers whose exposures are managed net but reported gross under IFRS. These rises were offset by a reduction in customer lending in the US due to the run-off of the mortgage services portfolio, the sale of certain loan portfolios at HSBC USA, tighter underwriting criteria which restricted originations in the consumer lending and credit card portfolios, and the cessation of most new originations in the US vehicle finance portfolio.
Financial investments grew by 15 per cent as Balance Sheet Management assets were increasingly classified as available-for-sale financial investments rather than trading assets. As noted above, there was also a rise in financial investments in the UK as the Group placed a greater proportion of surplus funds in government issued or guaranteed debt. The growth in the Group's financial investments was partly offset by a reduction in holdings of asset-backed securities, including those held through special purpose entities, which decreased due to a combination of asset sales, amortisation and write-downs. For details of the Group's asset-backed securities portfolios, see pages 145 to 158.
Liabilities
Deposits by banks rose by 14 per cent, driven, in particular, by increases in France, due to a rise in repo activity to finance increased trading activity, and in Hong Kong, where banks responded to HSBC's reputation for strength and security and deposited their surplus liquidity with the Group.
Customer account balances grew by 16 per cent, driven by strong inflows from customers attracted by HSBC's relative financial strength as they withdrew funds from more volatile investments.
Trading liabilities declined 9 per cent as a fall in third-party funding requirements allowed a reduction in liabilities in Hong Kong, and repo transactions were reduced in Europe to manage liquidity and counterparty credit risk.
A significant widening of credit spreads led to further falls in the fair value of the Group's own debt which reduced financial liabilities designated at fair value. This was compounded by a decline in liabilities in the UK due to the underperformance of certain investment products.
Derivative businesses are managed within market risk limits, and as a consequence the value of derivative liabilities broadly matched the value of derivative assets.
A decline of 22 per cent in debt securities in issue was driven by the US as maturing debt securities did not need replacing as the funding requirements of the consumer finance business declined as its balance sheet contracted. There was also a reduction in debt securities in issue in line with the decrease in holdings of asset-backed securities.
Liabilities under insurance contracts increased by 10 per cent, largely due to new business sales in Hong Kong, France and the UK, partly offset by reduced liabilities on unit-linked policies.
Other liabilities rose by 50 per cent due to the consolidation of the CNAV funds described above.
Equity
Total shareholders' equity declined by 19 per cent, which mainly arose from a decline in the available-for-sale reserve. The continuing market turmoil led to falls in the market values of assets held in HSBC's available-for-sale portfolio. These declines mainly represented market illiquidity rather than impairment of the assets concerned, but they nonetheless reduced the value of the available-for-sale reserve from a positive reserve of US$0.9 billion to a negative reserve of US$20.6 billion.
Average balance sheet and net interest income
Average balances and related interest are shown for the domestic operations of HSBC's principal commercial banks by geographical region. 'Other operations' comprise the operations of the principal Commercial Banking and consumer finance entities outside their domestic markets and all other banking operations, including investment banking balances and transactions.
Average balances are based on daily averages for the principal areas of HSBC's banking activities with monthly or less frequent averages used elsewhere.
Balances and transactions with fellow subsidiaries are reported gross in the principal Commercial Banking and consumer finance entities within 'Other interest-earning assets' and 'Other interest-bearing liabilities' as appropriate and the elimination entries are included within 'Other operations' in those two categories.
Net interest margin numbers are calculated by dividing net interest income as reported in the income statement by the average interest-earning assets from which interest income is reported within the 'Net interest income' line of the income statement. Interest income and interest expense arising from trading assets and liabilities and the funding thereof is included within 'Net trading income' in the income statement.
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Assets |
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2008 |
2007 |
2006 |
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Average balance |
Interest income |
Yield |
Average balance |
Interest income |
Yield |
Average balance |
Interest income |
Yield |
||||||||||
|
US$m |
US$m |
% |
US$m |
US$m |
% |
US$m |
US$m |
% |
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Summary |
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Total interest-earning assets (itemised below) |
1,466,622 |
91,301 |
6.23 |
1,296,701 |
92,359 |
7.12 |
1,113,404 |
75,879 |
6.82 |
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Trading assets7 |
428,539 |
16,742 |
3.91 |
374,973 |
17,562 |
4.68 |
288,605 |
12,445 |
4.31 |
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Financial assets designated at fair value8 |
37,303 |
1,108 |
2.97 |
14,899 |
813 |
5.46 |
7,681 |
290 |
3.78 |
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Impairment provisions |
(20,360) |
(15,309) |
(11,864) |
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Non-interest-earning assets |
596,885 |
440,686 |
291,741 |
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Total assets and interest income |
2,508,989 |
109,151 |
4.35 |
2,111,950 |
110,734 |
5.24 |
1,689,567 |
88,614 |
5.24 |
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Short-term funds and loans and advances to banks |
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Europe |
HSBC Bank |
46,703 |
2,187 |
4.68 |
49,910 |
2,592 |
5.19 |
33,856 |
1,536 |
4.54 |
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HSBC Private Banking Holdings (Suisse) |
8,040 |
333 |
4.14 |
5,295 |
229 |
4.32 |
4,956 |
190 |
3.83 |
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HSBC France |
35,801 |
1,495 |
4.18 |
31,591 |
1,294 |
4.10 |
20,197 |
690 |
3.42 |
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Hong Kong |
Hang Seng Bank |
17,402 |
587 |
3.37 |
13,054 |
609 |
4.67 |
10,360 |
483 |
4.66 |
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The Hongkong and Shanghai Banking Corporation |
47,244 |
1,344 |
2.84 |
50,210 |
2,352 |
4.68 |
38,802 |
1,645 |
4.24 |
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Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
27,907 |
881 |
3.16 |
19,286 |
810 |
4.20 |
13,388 |
520 |
3.88 |
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HSBC Bank Malaysia |
4,659 |
165 |
3.54 |
2,861 |
103 |
3.60 |
2,492 |
87 |
3.49 |
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HSBC Bank Middle East |
6,028 |
188 |
3.12 |
6,328 |
324 |
5.12 |
4,279 |
208 |
4.86 |
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North America |
HSBC Bank USA |
9,595 |
328 |
3.42 |
9,393 |
477 |
5.08 |
8,422 |
465 |
5.52 |
||||||||
|
HSBC Bank Canada |
3,354 |
107 |
3.19 |
3,810 |
174 |
4.57 |
3,167 |
138 |
4.36 |
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Latin America |
HSBC Mexico |
3,682 |
247 |
6.71 |
3,555 |
239 |
6.72 |
3,395 |
227 |
6.69 |
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Brazilian operations9 |
7,959 |
951 |
11.95 |
5,790 |
645 |
11.14 |
4,129 |
572 |
13.85 |
|||||||||
|
HSBC Bank Panama |
1,133 |
30 |
2.65 |
897 |
33 |
3.68 |
130 |
9 |
6.92 |
|||||||||
|
HSBC Bank Argentina |
612 |
43 |
7.03 |
304 |
16 |
5.26 |
196 |
8 |
4.08 |
|||||||||
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Other operations |
19,992 |
760 |
3.80 |
19,087 |
898 |
4.70 |
16,686 |
618 |
3.70 |
|||||||||
|
240,111 |
9,646 |
4.02 |
221,371 |
10,795 |
4.88 |
164,455 |
7,396 |
4.50 |
||||||||||
For footnotes, see page 143.
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Assets (continued) |
2008 |
2007 |
2006 |
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|
Average balance |
Interest income |
Yield |
Average balance |
Interest income |
Yield |
Average balance |
Interest income |
Yield |
||||||||||
|
US$m |
US$m |
% |
US$m |
US$m |
% |
US$m |
US$m |
% |
||||||||||
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Loans and advances to customers |
||||||||||||||||||
|
Europe |
HSBC Bank |
288,214 |
18,587 |
6.45 |
237,231 |
18,078 |
7.62 |
226,528 |
14,166 |
6.25 |
||||||||
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HSBC Private Banking Holdings (Suisse) |
12,355 |
494 |
4.00 |
9,805 |
507 |
5.17 |
7,134 |
338 |
4.74 |
|||||||||
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HSBC France |
73,455 |
3,604 |
4.91 |
|
68,027 |
3,219 |
4.73 |
52,990 |
2,463 |
4.65 |
||||||||
|
HSBC Finance |
4,808 |
505 |
10.50 |
5,492 |
611 |
11.13 |
5,932 |
671 |
11.31 |
|||||||||
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Hong Kong |
Hang Seng Bank |
42,304 |
1,589 |
3.76 |
37,827 |
2,120 |
5.60 |
34,416 |
1,952 |
5.67 |
||||||||
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The Hongkong and Shanghai Banking Corporation |
54,628 |
2,291 |
4.19 |
48,134 |
2,901 |
6.03 |
47,292 |
2,843 |
6.01 |
|||||||||
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Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
77,741 |
5,163 |
6.64 |
59,286 |
4,321 |
7.29 |
52,159 |
3,449 |
6.61 |
||||||||
|
HSBC Bank Malaysia |
8,407 |
553 |
6.58 |
7,467 |
507 |
6.79 |
6,292 |
430 |
6.83 |
|||||||||
|
HSBC Bank Middle East |
23,697 |
1,549 |
6.54 |
15,125 |
1,200 |
7.93 |
12,757 |
957 |
7.50 |
|||||||||
|
North America |
HSBC Bank USA |
93,088 |
5,758 |
6.19 |
90,091 |
6,585 |
7.31 |
88,563 |
6,141 |
6.93 |
||||||||
|
HSBC Finance |
140,957 |
15,835 |
11.23 |
153,658 |
18,086 |
11.77 |
147,336 |
17,061 |
11.58 |
|||||||||
|
HSBC Bank Canada |
48,331 |
2,455 |
5.08 |
43,570 |
2,598 |
5.96 |
35,055 |
2,037 |
5.81 |
|||||||||
|
Latin America |
HSBC Mexico |
17,252 |
2,565 |
14.87 |
16,469 |
2,187 |
13.28 |
13,193 |
1,532 |
11.61 |
||||||||
|
Brazilian operations9 |
19,642 |
4,879 |
24.84 |
13,569 |
3,895 |
28.71 |
9,461 |
3,244 |
34.29 |
|||||||||
|
HSBC Bank Panama |
8,620 |
810 |
9.40 |
8,113 |
778 |
9.59 |
1,189 |
92 |
7.74 |
|||||||||
|
HSBC Bank Argentina |
2,136 |
378 |
17.70 |
1,667 |
241 |
14.46 |
838 |
107 |
12.77 |
|||||||||
|
Other operations |
28,027 |
1,707 |
6.09 |
21,318 |
1,790 |
8.40 |
7.72 |
19,795 |
1,528 |
7.72 |
||||||||
|
943,662 |
68,722 |
7.28 |
836,849 |
69,624 |
8.32 |
760,930 |
59,011 |
7.76 |
||||||||||
|
Financial investments |
||||||||||||||||||
|
Europe |
HSBC Bank |
83,725 |
3,840 |
4.59 |
45,885 |
2,431 |
5.30 |
42,726 |
1,977 |
4.63 |
||||||||
|
HSBC Private Banking Holdings (Suisse) |
12,018 |
553 |
4.60 |
10,372 |
511 |
4.93 |
8,729 |
391 |
4.48 |
|||||||||
|
HSBC France |
14,862 |
795 |
5.35 |
10,357 |
511 |
4.93 |
2,545 |
95 |
3.73 |
|||||||||
|
Hong Kong |
Hang Seng Bank |
24,031 |
1,063 |
4.42 |
30,791 |
1,550 |
5.03 |
27,288 |
1,224 |
4.49 |
||||||||
|
The Hongkong and Shanghai Banking Corporation |
15,361 |
563 |
3.67 |
20,717 |
1,017 |
4.91 |
20,362 |
911 |
4.47 |
|||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
31,992 |
1,507 |
4.71 |
23,739 |
1,065 |
4.49 |
17,179 |
737 |
4.29 |
||||||||
|
HSBC Bank Malaysia |
937 |
36 |
3.84 |
1,515 |
56 |
3.70 |
954 |
36 |
3.77 |
|||||||||
|
HSBC Bank Middle East |
5,671 |
144 |
2.54 |
3,654 |
174 |
4.76 |
1,387 |
72 |
5.19 |
|||||||||
|
North America |
HSBC Bank USA |
25,089 |
1,232 |
4.91 |
23,373 |
1,189 |
5.09 |
22,214 |
1,109 |
4.99 |
||||||||
|
HSBC Finance |
2,908 |
143 |
4.92 |
4,072 |
229 |
5.62 |
3,724 |
200 |
5.37 |
|||||||||
|
HSBC Bank Canada |
7,037 |
197 |
2.80 |
6,068 |
258 |
4.25 |
4,351 |
174 |
4.00 |
|||||||||
|
Latin America |
HSBC Mexico |
3,470 |
244 |
7.03 |
3,327 |
319 |
9.59 |
4,049 |
427 |
10.55 |
||||||||
|
Brazilian operations9 |
6,758 |
853 |
12.62 |
5,596 |
672 |
12.01 |
3,862 |
501 |
12.97 |
|||||||||
|
HSBC Bank Panama |
618 |
47 |
7.61 |
709 |
58 |
8.18 |
429 |
21 |
4.90 |
|||||||||
|
HSBC Bank Argentina |
287 |
47 |
16.38 |
563 |
68 |
12.08 |
311 |
38 |
12.22 |
|||||||||
|
Other operations |
29,632 |
1,354 |
4.57 |
27,252 |
1,407 |
5.16 |
4.96 |
24,742 |
1,191 |
4.81 |
||||||||
|
264,396 |
12,618 |
4.77 |
217,990 |
11,515 |
5.28 |
184,852 |
9,104 |
4.93 |
||||||||||
For footnotes, see page 143.
|
2008 |
2007 |
2006 |
||||||||||||||||||||
|
Average balance |
Interest income |
Yield |
Average balance |
Interest income |
Yield |
Average balance |
Interest income |
Yield |
||||||||||||||
|
US$m |
US$m |
% |
US$m |
US$m |
% |
US$m |
US$m |
% |
||||||||||||||
|
Other interest-earning assets |
||||||||||||||||||||||
|
Europe |
HSBC Bank |
25,885 |
630 |
2.43 |
11,170 |
652 |
5.84 |
9,938 |
652 |
6.56 |
||||||||||||
|
HSBC Private Banking Holdings (Suisse) |
21,189 |
875 |
4.13 |
16,360 |
882 |
5.39 |
14,558 |
732 |
5.03 |
|||||||||||||
|
HSBC France |
23,414 |
630 |
2.69 |
12,158 |
419 |
3.45 |
6,434 |
173 |
2.69 |
|||||||||||||
|
Hong Kong |
Hang Seng Bank |
1,629 |
48 |
2.95 |
832 |
42 |
5.05 |
538 |
28 |
5.20 |
||||||||||||
|
The Hongkong and Shanghai Banking Corporation |
33,571 |
949 |
2.83 |
27,057 |
1,237 |
4.57 |
19,246 |
909 |
4.72 |
|||||||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
24,492 |
352 |
1.44 |
11,137 |
588 |
5.28 |
6,938 |
449 |
6.47 |
||||||||||||
|
HSBC Bank Malaysia |
212 |
7 |
3.30 |
231 |
12 |
5.19 |
178 |
10 |
5.62 |
|||||||||||||
|
HSBC Bank Middle East |
843 |
63 |
7.47 |
758 |
52 |
6.86 |
380 |
32 |
8.42 |
|||||||||||||
|
North America |
HSBC Bank USA |
3,091 |
188 |
6.08 |
3,731 |
231 |
6.19 |
1,867 |
82 |
4.39 |
||||||||||||
|
HSBC Finance |
2,638 |
63 |
2.39 |
1,724 |
89 |
5.16 |
767 |
43 |
5.61 |
|||||||||||||
|
HSBC Bank Canada |
1,025 |
25 |
2.44 |
960 |
31 |
3.23 |
1,006 |
32 |
3.18 |
|||||||||||||
|
Latin America |
HSBC Mexico |
193 |
2 |
1.04 |
- |
- |
- |
- |
- |
- |
||||||||||||
|
Brazilian operations9 |
1,438 |
147 |
10.22 |
840 |
75 |
8.93 |
1,004 |
190 |
18.92 |
|||||||||||||
|
HSBC Bank Panama |
1,807 |
23 |
1.27 |
1,351 |
40 |
2.96 |
- |
- |
- |
|||||||||||||
|
HSBC Bank Argentina |
58 |
1 |
1.72 |
39 |
1 |
2.56 |
23 |
3 |
13.04 |
|||||||||||||
|
Other operations |
(123,032) |
(3,688) |
(67,857) |
(3,926) |
(59,710) |
(2,967) |
||||||||||||||||
|
18,453 |
315 |
1.71 |
20,491 |
425 |
2.07 |
3,167 |
368 |
11.62 |
||||||||||||||
|
Total interest-earning assets |
||||||||||||||||||||||
|
Europe |
HSBC Bank |
444,527 |
25,244 |
5.68 |
344,196 |
23,753 |
6.90 |
313,048 |
18,331 |
5.86 |
||||||||||||
|
HSBC Private Banking Holdings (Suisse) |
53,602 |
2,255 |
4.21 |
41,832 |
2,129 |
5.09 |
35,377 |
1,651 |
4.67 |
|||||||||||||
|
HSBC France |
147,532 |
6,524 |
4.42 |
122,133 |
5,443 |
4.46 |
82,166 |
3,421 |
4.16 |
|||||||||||||
|
HSBC Finance |
4,808 |
505 |
10.50 |
5,492 |
611 |
11.13 |
5,932 |
671 |
11.31 |
|||||||||||||
|
Hong Kong |
Hang Seng Bank |
85,366 |
3,287 |
3.85 |
82,504 |
4,321 |
5.24 |
72,602 |
3,687 |
5.08 |
||||||||||||
|
The Hongkong and Shanghai Banking Corporation |
150,804 |
5,147 |
3.41 |
146,118 |
7,507 |
5.14 |
125,702 |
6,308 |
5.02 |
|||||||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
162,132 |
7,903 |
4.87 |
113,448 |
6,784 |
5.98 |
89,664 |
5,155 |
5.75 |
||||||||||||
|
HSBC Bank Malaysia |
14,215 |
761 |
5.35 |
12,074 |
678 |
5.62 |
9,916 |
563 |
5.68 |
|||||||||||||
|
HSBC Bank Middle East |
36,239 |
1,944 |
5.36 |
25,865 |
1,750 |
6.77 |
18,803 |
1,269 |
6.75 |
|||||||||||||
|
North America |
HSBC Bank USA |
130,863 |
7,506 |
5.74 |
126,588 |
8,482 |
6.70 |
121,066 |
7,797 |
6.44 |
||||||||||||
|
HSBC Finance |
146,503 |
16,041 |
10.95 |
159,454 |
18,404 |
11.54 |
151,827 |
17,304 |
11.40 |
|||||||||||||
|
HSBC Bank Canada |
59,747 |
2,784 |
4.66 |
54,408 |
3,061 |
5.63 |
43,579 |
2,381 |
5.46 |
|||||||||||||
|
Latin America |
HSBC Mexico |
24,597 |
3,058 |
12.43 |
23,351 |
2,745 |
11.76 |
20,637 |
2,186 |
10.59 |
||||||||||||
|
Brazilian operations9 |
35,797 |
6,830 |
19.08 |
25,795 |
5,287 |
20.50 |
18,456 |
4,507 |
24.42 |
|||||||||||||
|
HSBC Bank Panama |
12,178 |
910 |
7.47 |
11,070 |
909 |
8.21 |
1,748 |
122 |
6.98 |
|||||||||||||
|
HSBC Bank Argentina |
3,093 |
469 |
15.16 |
2,573 |
326 |
12.67 |
1,368 |
156 |
11.40 |
|||||||||||||
|
Other operations |
(45,381) |
133 |
(200) |
169 |
|
7.05 |
1,513 |
370 |
|
|||||||||||||
|
1,466,622 |
91,301 |
6.23 |
1,296,701 |
92,359 |
7.12 |
1,113,404 |
75,879 |
6.82 |
||||||||||||||
For footnotes, see page 143.
|
Total equity and liabilities |
|||||||||||||||||
|
2008 |
2007 |
2006 |
|||||||||||||||
|
Average balance |
Interest expense |
Cost |
Average balance |
Interest expense |
Cost |
Average balance |
Interest expense |
Cost |
|||||||||
|
US$m |
US$m |
% |
US$m |
US$m |
% |
US$m |
US$m |
% |
|||||||||
|
Summary |
|||||||||||||||||
|
Total interest-bearing liabilities (itemised below) |
1,451,842 |
48,738 |
3.36 |
1,279,460 |
54,564 |
4.26 |
1,067,646 |
41,393 |
3.88 |
||||||||
|
Trading liabilities |
277,940 |
11,029 |
3.97 |
250,572 |
12,186 |
4.86 |
224,050 |
9,842 |
4.39 |
||||||||
|
Financial liabilities designated at fair value (excluding own debt issued) |
21,266 |
345 |
1.62 |
20,827 |
224 |
1.07 |
12,537 |
13 |
0.10 |
||||||||
|
Non-interest-bearing current accounts |
98,193 |
83,958 |
71,744 |
||||||||||||||
|
Total equity and other non-interest-bearing liabilities |
659,747 |
477,133 |
313,590 |
||||||||||||||
|
Total equity and liabilities |
2,508,988 |
60,112 |
2.40 |
2,111,950 |
66,974 |
3.17 |
1,689,567 |
51,248 |
3.03 |
||||||||
|
Deposits by banks10 |
|||||||||||||||||||
|
Europe |
HSBC Bank |
48,167 |
1,875 |
3.89 |
44,787 |
2,148 |
4.80 |
32,825 |
1,311 |
3.99 |
|||||||||
|
HSBC Private Banking Holdings (Suisse) |
4,493 |
105 |
2.34 |
690 |
22 |
3.19 |
1,030 |
33 |
3.20 |
||||||||||
|
HSBC France |
37,851 |
1,672 |
4.42 |
30,816 |
1,358 |
4.41 |
23,171 |
886 |
3.82 |
||||||||||
|
Hong Kong |
Hang Seng Bank |
1,696 |
55 |
3.24 |
2,993 |
123 |
4.11 |
2,031 |
84 |
4.14 |
|||||||||
|
The Hongkong and Shanghai Banking Corporation |
3,665 |
70 |
1.91 |
3,634 |
150 |
4.13 |
2,745 |
125 |
4.55 |
||||||||||
|
|
|||||||||||||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
16,232 |
450 |
2.77 |
10,247 |
445 |
4.34 |
6,276 |
246 |
3.92 |
|||||||||
|
HSBC Bank Malaysia |
338 |
10 |
2.96 |
375 |
12 |
3.20 |
280 |
9 |
3.21 |
||||||||||
|
HSBC Bank Middle East |
1,680 |
29 |
1.73 |
672 |
32 |
4.76 |
453 |
23 |
5.08 |
||||||||||
|
North America |
HSBC Bank USA |
11,015 |
220 |
2.00 |
6,933 |
414 |
5.97 |
3,695 |
208 |
5.63 |
|||||||||
|
HSBC Bank Canada |
1,391 |
41 |
2.95 |
1,681 |
93 |
5.53 |
1,520 |
68 |
4.47 |
||||||||||
|
Latin America |
HSBC Mexico |
822 |
32 |
3.89 |
983 |
63 |
6.41 |
781 |
50 |
6.40 |
|||||||||
|
Brazilian operations9 |
2,790 |
190 |
6.81 |
1,549 |
106 |
6.84 |
1,033 |
101 |
9.78 |
||||||||||
|
HSBC Bank Panama |
1,016 |
43 |
4.23 |
1,137 |
66 |
5.80 |
349 |
17 |
4.87 |
||||||||||
|
HSBC Bank Argentina |
27 |
1 |
3.70 |
117 |
9 |
7.69 |
72 |
5 |
6.94 |
||||||||||
|
Other operations |
4,564 |
166 |
3.64 |
4,495 |
291 |
6.47 |
5.33 |
5,304 |
334 |
6.30 |
|||||||||
|
135,747 |
4,959 |
3.65 |
111,109 |
5,332 |
4.80 |
81,565 |
3,500 |
4.29 |
|||||||||||
|
Financial liabilities designated at fair value - own debt issued11 |
|||||||||||||||||||
|
Europe |
HSBC Holdings |
18,675 |
721 |
3.86 |
15,142 |
822 |
5.43 |
15,132 |
745 |
4.92 |
|||||||||
|
HSBC Bank |
8,805 |
529 |
6.01 |
9,907 |
525 |
5.30 |
7,888 |
373 |
4.73 |
||||||||||
|
HSBC France |
1,515 |
79 |
5.21 |
143 |
11 |
7.69 |
|||||||||||||
|
Hong Kong |
Hang Seng Bank |
127 |
6 |
4.72 |
126 |
6 |
4.76 |
||||||||||||
|
North America |
HSBC Bank USA |
1,504 |
67 |
4.45 |
1,620 |
125 |
7.72 |
1,892 |
116 |
6.13 |
|||||||||
|
HSBC Finance |
32,126 |
1,563 |
4.87 |
31,889 |
2,079 |
6.52 |
29,917 |
1,877 |
6.27 |
||||||||||
|
Other operations |
1,083 |
168 |
15.51 |
- |
- |
- |
6.94 |
461 |
49 |
10.63 |
|||||||||
|
63,835 |
3,133 |
4.91 |
58,827 |
3,568 |
6.07 |
55,290 |
3,160 |
5.72 |
|||||||||||
For footnotes, see page 143.
|
2008 |
2007 |
2006 |
|||||||||||||||||
|
Average balance |
Interest expense |
Cost |
Average balance |
Interest expense |
Cost |
Average balance |
Interest expense |
Cost |
|||||||||||
|
US$m |
US$m |
% |
US$m |
US$m |
% |
US$m |
US$m |
% |
|||||||||||
|
Customer accounts12 |
|||||||||||||||||||
|
Europe |
HSBC Bank |
305,702 |
10,092 |
3.30 |
270,965 |
10,576 |
3.90 |
221,369 |
7,031 |
3.18 |
|||||||||
|
HSBC Private Banking Holdings (Suisse) |
37,778 |
1,349 |
3.57 |
30,955 |
1,485 |
4.80 |
25,346 |
1,069 |
4.22 |
||||||||||
|
HSBC France |
39,428 |
1,583 |
4.01 |
31,845 |
1,226 |
3.85 |
23,579 |
752 |
3.19 |
||||||||||
|
|
|||||||||||||||||||
|
Hong Kong |
Hang Seng Bank |
66,142 |
914 |
1.38 |
61,227 |
1,900 |
3.10 |
54,267 |
1,712 |
3.15 |
|||||||||
|
The Hongkong and Shanghai Banking Corporation |
139,169 |
1,365 |
0.98 |
125,478 |
3,499 |
2.79 |
104,441 |
2,934 |
2.81 |
||||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
96,476 |
2,869 |
2.97 |
76,052 |
2,645 |
3.48 |
56,760 |
1,903 |
3.35 |
|||||||||
|
HSBC Bank Malaysia |
10,266 |
295 |
2.87 |
8,823 |
260 |
2.95 |
7,260 |
212 |
2.92 |
||||||||||
|
HSBC Bank Middle East |
19,922 |
422 |
2.12 |
15,685 |
578 |
3.69 |
11,713 |
411 |
3.51 |
||||||||||
|
North America |
HSBC Bank USA |
86,701 |
2,069 |
2.39 |
78,138 |
3,051 |
3.90 |
71,031 |
2,490 |
3.51 |
|||||||||
|
HSBC Bank Canada |
34,090 |
967 |
2.84 |
30,060 |
1,090 |
3.63 |
25,277 |
804 |
3.18 |
||||||||||
|
Latin America |
HSBC Mexico |
14,612 |
561 |
3.84 |
14,230 |
548 |
3.85 |
13,625 |
471 |
3.46 |
|||||||||
|
Brazilian operations9 |
26,288 |
3,110 |
11.83 |
19,581 |
2,163 |
11.05 |
14,887 |
2,056 |
13.81 |
||||||||||
|
HSBC Bank Panama |
7,761 |
296 |
3.81 |
7,604 |
314 |
4.13 |
998 |
34 |
3.41 |
||||||||||
|
HSBC Bank Argentina |
2,266 |
145 |
6.40 |
1,892 |
85 |
4.49 |
983 |
41 |
4.17 |
||||||||||
|
Other operations |
64,253 |
1,952 |
3.04 |
55,351 |
2,297 |
4.15 |
2.84 |
49,846 |
1,811 |
3.63 |
|||||||||
|
950,854 |
27,989 |
2.94 |
827,886 |
31,717 |
3.83 |
681,382 |
23,731 |
3.48 |
|||||||||||
|
Debt securities in issue |
|||||||||||||||||||
|
Europe |
HSBC Bank |
86,216 |
4,001 |
4.64 |
64,168 |
3,753 |
5.85 |
45,870 |
2,047 |
4.46 |
|||||||||
|
HSBC France |
30,815 |
1,447 |
4.70 |
28,757 |
1,207 |
4.20 |
19,818 |
633 |
3.19 |
||||||||||
|
HSBC Finance |
215 |
8 |
3.72 |
240 |
18 |
7.50 |
548 |
32 |
5.84 |
||||||||||
|
Hong Kong |
Hang Seng Bank |
1,685 |
57 |
3.38 |
1,734 |
80 |
4.61 |
1,622 |
64 |
3.95 |
|||||||||
|
|
|||||||||||||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
8,995 |
640 |
7.12 |
8,979 |
559 |
6.23 |
7,990 |
438 |
5.48 |
|||||||||
|
HSBC Bank Malaysia |
475 |
20 |
4.21 |
318 |
13 |
4.09 |
371 |
13 |
3.50 |
||||||||||
|
HSBC Bank Middle East |
2,650 |
90 |
3.40 |
2,086 |
119 |
5.70 |
- |
- |
- |
||||||||||
|
North America |
HSBC Bank USA |
21,922 |
852 |
3.89 |
25,724 |
1,232 |
4.79 |
28,832 |
1,407 |
4.88 |
|||||||||
|
HSBC Finance |
98,096 |
3,765 |
3.84 |
115,520 |
5,311 |
4.60 |
112,353 |
5,047 |
4.49 |
||||||||||
|
HSBC Bank Canada |
16,957 |
604 |
3.56 |
14,771 |
640 |
4.33 |
10,616 |
460 |
4.33 |
||||||||||
|
Latin America |
HSBC Mexico |
2,693 |
243 |
9.02 |
1,147 |
110 |
9.59 |
249 |
23 |
9.24 |
|||||||||
|
Brazilian operations9 |
1,859 |
156 |
8.39 |
1,417 |
115 |
8.12 |
700 |
70 |
10.00 |
||||||||||
|
HSBC Bank Panama |
556 |
33 |
5.94 |
607 |
45 |
7.41 |
35 |
2 |
5.71 |
||||||||||
|
HSBC Bank Argentina |
2 |
- |
- |
12 |
- |
- |
- |
- |
- |
||||||||||
|
Other operations |
13,691 |
66 |
0.48 |
6,446 |
(13) |
(0.20) |
3,070 |
108 |
3.52 |
||||||||||
|
|
|||||||||||||||||||
|
286,827 |
11,982 |
4.18 |
271,926 |
13,189 |
4.85 |
232,074 |
10,344 |
4.46 |
|||||||||||
For footnotes, see page 143.
|
Total equity and liabilities (continued) |
||||||||||||||||||||||
|
2008 |
2007 |
2006 |
||||||||||||||||||||
|
Average balance |
Interest expense |
Cost |
Average balance |
Interest expense |
Cost |
Average balance |
Interest expense |
Cost |
||||||||||||||
|
US$m |
US$m |
% |
US$m |
US$m |
% |
US$m |
US$m |
% |
||||||||||||||
|
Other interest-bearing liabilities |
||||||||||||||||||||||
|
Europe |
HSBC Bank |
38,906 |
1,134 |
2.91 |
22,035 |
1,302 |
5.91 |
23,196 |
1,026 |
4.42 |
||||||||||||
|
HSBC Private Banking Holdings (Suisse) |
4,203 |
135 |
3.21 |
3,427 |
163 |
4.76 |
3,545 |
155 |
4.37 |
|||||||||||||
|
HSBC France |
33,920 |
1,361 |
4.01 |
27,830 |
979 |
3.52 |
13,476 |
488 |
3.62 |
|||||||||||||
|
HSBC Finance |
3,712 |
191 |
5.15 |
4,557 |
227 |
4.98 |
4,211 |
219 |
5.20 |
|||||||||||||
|
Hong Kong |
Hang Seng Bank |
1,258 |
41 |
3.26 |
2,278 |
114 |
5.00 |
1,378 |
64 |
4.64 |
||||||||||||
|
The Hongkong and Shanghai Banking Corporation |
10,557 |
288 |
2.73 |
9,866 |
535 |
5.42 |
8,140 |
365 |
4.48 |
|||||||||||||
|
|
||||||||||||||||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
23,685 |
466 |
1.97 |
|
12,631 |
580 |
4.59 |
13,425 |
629 |
4.69 |
|||||||||||
|
HSBC Bank Malaysia |
338 |
7 |
2.07 |
232 |
6 |
2.59 |
235 |
9 |
3.83 |
|||||||||||||
|
HSBC Bank Middle East |
1,918 |
89 |
4.64 |
1,168 |
81 |
6.93 |
1,046 |
63 |
6.02 |
|||||||||||||
|
North America |
HSBC Bank USA |
10,490 |
468 |
4.46 |
|
13,602 |
587 |
4.32 |
11,966 |
1,211 |
10.12 |
|||||||||||
|
HSBC Finance |
4,670 |
141 |
3.02 |
1,941 |
113 |
5.82 |
542 |
18 |
3.32 |
|||||||||||||
|
HSBC Bank Canada |
1,306 |
19 |
1.45 |
1,151 |
27 |
2.35 |
1,134 |
22 |
1.94 |
|||||||||||||
|
HSBC Markets Inc |
10,349 |
78 |
0.75 |
8,889 |
255 |
2.87 |
2,883 |
88 |
3.05 |
|||||||||||||
|
Latin America |
HSBC Mexico |
187 |
20 |
10.70 |
207 |
16 |
7.73 |
135 |
8 |
5.93 |
||||||||||||
|
Brazilian operations9 |
2,340 |
207 |
8.85 |
1,103 |
182 |
16.50 |
817 |
105 |
12.85 |
|||||||||||||
|
HSBC Bank Panama |
917 |
3 |
0.33 |
574 |
9 |
1.57 |
- |
- |
- |
|||||||||||||
|
HSBC Bank Argentina |
92 |
6 |
6.52 |
95 |
4 |
4.21 |
79 |
10 |
12.66 |
|||||||||||||
|
Other operations |
(134,269) |
(3,979) |
(101,874) |
(4,422) |
|
(68,873) |
(3,822) |
|||||||||||||||
|
14,579 |
675 |
4.63 |
9,712 |
758 |
7.80 |
17,335 |
658 |
3.80 |
||||||||||||||
|
Total interest-bearing liabilities |
||||||||||||||||||||||
|
Europe |
HSBC Bank |
487,796 |
17,631 |
3.61 |
411,862 |
18,304 |
4.44 |
331,148 |
11,788 |
3.56 |
||||||||||||
|
HSBC Private Banking Holdings (Suisse) |
46,474 |
1,589 |
3.42 |
35,072 |
1,670 |
4.76 |
29,921 |
1,257 |
4.20 |
|||||||||||||
|
HSBC France |
143,529 |
6,142 |
4.28 |
119,391 |
4,781 |
4.00 |
80,044 |
2,759 |
3.45 |
|||||||||||||
|
HSBC Finance |
3,927 |
199 |
5.07 |
4,797 |
245 |
5.11 |
4,759 |
251 |
5.27 |
|||||||||||||
|
|
||||||||||||||||||||||
|
Hong Kong |
Hang Seng Bank |
70,908 |
1,073 |
1.51 |
68,358 |
2,223 |
3.25 |
59,298 |
1,924 |
3.24 |
||||||||||||
|
The Hongkong and Shanghai Banking Corporation |
153,391 |
1,723 |
1.12 |
138,978 |
4,184 |
3.01 |
115,326 |
3,424 |
2.97 |
|||||||||||||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
145,388 |
4,425 |
3.04 |
107,909 |
4,229 |
3.92 |
84,451 |
3,216 |
3.81 |
||||||||||||
|
HSBC Bank Malaysia |
11,417 |
332 |
2.91 |
9,748 |
291 |
2.99 |
8,146 |
243 |
2.98 |
|||||||||||||
|
HSBC Bank Middle East |
26,170 |
630 |
2.41 |
19,611 |
810 |
4.13 |
13,212 |
497 |
3.76 |
|||||||||||||
|
North America |
HSBC Bank USA |
131,632 |
3,676 |
2.79 |
126,017 |
5,409 |
4.29 |
117,416 |
5,432 |
4.63 |
||||||||||||
|
HSBC Finance |
134,892 |
5,469 |
4.05 |
149,350 |
7,503 |
5.02 |
142,812 |
6,942 |
4.86 |
|||||||||||||
|
HSBC Bank Canada |
53,744 |
1,631 |
3.03 |
47,663 |
1,850 |
3.88 |
38,547 |
1,354 |
3.51 |
|||||||||||||
|
HSBC Markets Inc |
10,349 |
78 |
0.75 |
8,889 |
255 |
2.87 |
2,883 |
88 |
3.05 |
|||||||||||||
|
Latin America |
HSBC Mexico |
18,314 |
856 |
4.67 |
16,567 |
737 |
4.45 |
14,790 |
552 |
3.73 |
||||||||||||
|
Brazilian operations9 |
33,277 |
3,663 |
11.01 |
23,650 |
2,566 |
10.85 |
17,437 |
2,332 |
13.37 |
|||||||||||||
|
HSBC Bank Panama |
10,250 |
375 |
3.66 |
9,922 |
434 |
4.37 |
1,383 |
53 |
3.83 |
|||||||||||||
|
HSBC Bank Argentina |
2,387 |
152 |
6.37 |
2,116 |
98 |
4.63 |
1,134 |
56 |
4.94 |
|||||||||||||
|
Other operations |
(32,003) |
(906) |
(20,440) |
(1,025) |
|
4,939 |
(775) |
|
||||||||||||||
|
1,451,842 |
48,738 |
3.36 |
1,279,460 |
54,564 |
4.26 |
1,067,646 |
41,393 |
3.88 |
||||||||||||||
For footnotes, see page 143.
|
Net interest margin13 |
||||||
|
2008 |
2007 |
2006 |
||||
|
% |
% |
% |
||||
|
Europe |
HSBC Bank |
1.71 |
1.58 |
2.09 |
||
|
HSBC Private Banking Holdings (Suisse) |
1.24 |
1.10 |
1.11 |
|||
|
HSBC France |
0.26 |
0.54 |
0.81 |
|||
|
HSBC Finance |
6.36 |
6.66 |
7.08 |
|||
|
Hong Kong |
Hang Seng Bank |
2.59 |
2.54 |
2.43 |
||
|
The Hongkong and Shanghai Banking Corporation |
2.27 |
2.27 |
2.29 |
|||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
2.15 |
2.25 |
2.16 |
||
|
HSBC Bank Malaysia |
3.02 |
|
3.21 |
3.23 |
||
|
HSBC Bank Middle East |
3.63 |
3.63 |
4.11 |
|||
|
North America |
HSBC Bank USA . |
2.93 |
2.43 |
1.95 |
||
|
HSBC Finance |
7.22 |
6.84 |
6.83 |
|||
|
HSBC Bank Canada |
1.93 |
2.23 |
2.36 |
|||
|
Latin America |
HSBC Mexico |
8.95 |
|
8.60 |
7.92 |
|
|
Brazilian operations9 |
8.85 |
10.55 |
11.78 |
|||
|
HSBC Bank Panama |
4.39 |
4.29 |
3.94 |
|||
|
HSBC Bank Argentina |
10.25 |
8.86 |
7.31 |
|||
|
2.90 |
2.91 |
3.10 |
||||
|
Distribution of average total assets |
||||||
|
2008 |
2007 |
2006 |
||||
|
% |
% |
% |
||||
|
Europe |
HSBC Bank |
36.7 |
34.6 |
30.6 |
||
|
HSBC Private Banking Holdings (Suisse) |
2.3 |
2.2 |
2.3 |
|||
|
HSBC France |
13.8 |
12.0 |
10.0 |
|||
|
HSBC Finance |
0.2 |
0.3 |
0.5 |
|||
|
Hong Kong |
Hang Seng Bank |
3.9 |
4.4 |
4.3 |
||
|
The Hongkong and Shanghai Banking Corporation |
9.5 |
10.1 |
10.7 |
|||
|
Rest of Asia-Pacific |
The Hongkong and Shanghai Banking Corporation |
8.8 |
6.9 |
6.0 |
||
|
HSBC Bank Malaysia |
0.6 |
0.7 |
0.6 |
|||
|
HSBC Bank Middle East |
1.8 |
1.4 |
1.3 |
|||
|
North America |
HSBC Bank USA . |
11.2 |
10.1 |
11.3 |
||
|
HSBC Finance |
6.2 |
8.3 |
10.0 |
|||
|
HSBC Bank Canada |
2.9 |
3.3 |
2.4 |
|||
|
Latin America |
HSBC Mexico |
1.5 |
2.5 |
1.7 |
||
|
Brazilian operations9 |
2.1 |
1.6 |
1.5 |
|||
|
HSBC Bank Panama |
0.6 |
0.7 |
0.2 |
|||
|
HSBC Bank Argentina |
0.2 |
0.2 |
0.1 |
|||
|
Other operations (including consolidation adjustments) |
(2.3) |
0.7 |
0.7 |
6.5 |
||
|
100.0 |
100.0 |
100.0 |
||||
For footnotes, see page 143.
Related Shares:
HSBC Holdings