13th Nov 2006 11:06
HSBC Holdings PLC13 November 2006 -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K ------------ PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT: NOVEMBER 13, 2006 ------------ COMMISSION FILE NUMBER 1-8198 HSBC FINANCE CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 86-1052062 (STATE OF INCORPORATION) (IRS EMPLOYER IDENTIFICATION NUMBER) 2700 SANDERS ROAD, PROSPECT HEIGHTS, 60070 ILLINOIS (ZIP CODE) (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (847) 564-5000 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE Check the appropriate box below if the Form 8-K filing is intended tosimultaneously satisfy the filing obligation of the registrant under any of thefollowing provisions (see General Instruction A.2. below): ( ) Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ( ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ( ) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ( ) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) -------------------------------------------------------------------------------- ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION-------------------------------------------------------------------------------- Financial supplement pertaining to the financial results of HSBC FinanceCorporation for the quarter and nine months ended September 30, 2006. Theinformation included in the financial supplement is presented on a managedbasis, which is a non-GAAP financial measure that assumes that securitizedreceivables have not been sold and remain on our balance sheet. This information shall not be deemed to be "filed" for the purposes ofSection 18 of the Securities Exchange Act of 1934, as amended (the ExchangeAct), or otherwise incorporated by reference into any filing pursuant to theSecurities Act of 1933, as amended, or the Exchange Act except as otherwiseexpressly stated in such a filing. ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS-------------------------------------------------------------------------------- (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Shell company transactions. (d) Exhibits. NO. EXHIBIT --- ------- 99 Quarterly Financial Supplement for the quarter ended September 30, 2006 SIGNATURE -------------------------------------------------------------------------------- Pursuant to the requirement of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned hereunto duly authorized. HSBC FINANCE CORPORATION (Registrant) By: /s/ Patrick D. Schwartz ------------------------------------ Patrick D. Schwartz Vice President and Deputy General Counsel-Corporate Dated: November 13, 2006 EXHIBIT 99 HSBC FINANCE CORPORATION QUARTERLY FINANCIAL SUPPLEMENT -- SEPTEMBER 30, 2006 INDEX PAGE NO.----- -------- Basis of Reporting.................................................. 2Consolidated Statements of Income -- Owned Basis: Three Months...................................................... 3 Nine Months....................................................... 4Receivables Analysis................................................ 5Financial Highlights -- Managed Basis: Three Months...................................................... 6 Nine Months....................................................... 7Credit Quality/Credit Loss Reserves -- Managed Basis................ 8Reconciliations to GAAP Financial Measures: Revenues, Average Interest-Earning Assets and Net Interest Income: Three Months................................................... 9 Nine Months.................................................... 10 Selected Financial Ratios......................................... 11 Credit Quality/Credit Loss Reserves: Two-Months-and-Over Contractual Delinquency.................... 12 Quarter-to-Date Charge-offs, Net of Recoveries................. 12 Real Estate Charge-offs and REO Expense........................ 14 Credit Loss Reserves........................................... 15 Nonperforming Assets........................................... 15 HSBC Finance Corporation -------------------------------------------------------------------------------- BASIS OF REPORTING-------------------------------------------------------------------------------- NON-GAAP FINANCIAL MEASURES-------------------------------------------------------------------------------- This Quarterly Financial Supplement includes financial information which ispresented on a non-GAAP basis as discussed below. Information included in thisQuarterly Financial Supplement is intended to supplement and should not beconsidered a substitute for owned basis reporting. This Quarterly FinancialSupplement should be read in conjunction with the owned basis informationreported in our Quarterly Report on Form 10-Q. See "Reconciliations to GAAP Financial Measures" for quantitativereconciliations of non-GAAP financial information to the equivalent owned basisGAAP financial information. MANAGED BASIS REPORTING We have historically monitored our operations andevaluated trends on a managed basis (a non-GAAP financial measure), whichassumes that securitized receivables have not been sold and remain on ourbalance sheet. This is because the receivables that we securitize are subjectedto underwriting standards comparable to our owned portfolio, are serviced byoperating personnel without regard to ownership and result in a similar creditloss exposure for us. In addition, we fund our operations and make certaindecisions about allocating resources such as capital on a managed basis. When reporting on a managed basis, net interest income, provision forcredit losses and fee income related to receivables securitized are reclassifiedfrom securitization related revenue in our owned statement of income into theappropriate caption. Additionally, charge-off and delinquency associated withthese receivables are included in our managed basis credit quality statistics. Debt analysts, rating agencies and fixed income investors have alsohistorically evaluated our operations on a managed basis for the reasonsdiscussed above and have historically requested managed basis information fromus. We believe that managed basis information enables such investors and otherinterested parties to better understand the performance and quality of ourentire loan portfolio and is important to understanding the quality oforiginations and the related credit risk inherent in our owned and securitizedportfolios. As the level of our securitized receivables have fallen over time,managed basis and owned basis results have now largely converged. As a result,we currently anticipate that we will not furnish managed basis QuarterlyFinancial Supplements after this Form 8-K relating to the third quarter 2006. Wealso now report "Management Basis" results (a non-GAAP financial measure) inReports on Form 8-K on an IFRSs basis with our quarterly results. ManagementBasis reporting, in addition to managed basis adjustments, assumes the privatelabel and real estate secured receivables transferred to HBUS have not been soldand remain on balance sheet. As we continue to manage and service receivablessold to HBUS, we make decisions about allocating certain resources, such asemployees, on a Management Basis. 2 HSBC Finance Corporation -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME -- OWNED BASIS THREE MONTHS % CHANGE FROM THREE MONTHS ENDED PRIOR --------------------------- ------------- 9/30/06 6/30/06 9/30/05 QTR. YEAR-------------------------------------------------------------------------------------------- (DOLLARS ARE IN MILLIONS) Finance and other interest income.............. $4,535 $4,311 $3,402 5.2% 33.3%Interest expense: HSBC affiliates.............................. 283 173 222 63.6 27.5 Non-affiliates............................... 1,650 1,589 1,017 3.8 62.2 ------ ------ ------ ----- -----NET INTEREST INCOME............................ 2,602 2,549 2,163 2.1 20.3Provision for credit losses.................... 1,384 1,248 1,361 10.9 1.7 ------ ------ ------ ----- -----NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES....................................... 1,218 1,301 802 (6.4) 51.9 ------ ------ ------ ----- -----Other revenues: Securitization related revenue............... 24 51 41 (52.9) (41.5) Insurance revenue............................ 280 226 274 23.9 2.2 Investment income............................ 31 34 33 (8.8) (6.1) Derivative income (expense).................. 68 (7) (53) 100+ 100+ Fee income................................... 559 442 439 26.5 27.3 Enhancement services revenue................. 129 130 71 (.8) 81.7 Taxpayer financial services revenue.......... 4 20 (1) (80.0) 100+ Gain on receivable sales to HSBC affiliates.. 101 97 99 4.1 2.0 Servicing and other fees from HSBC affiliates................................ 121 116 109 4.3 11.0 Other income................................. 48 90 135 (46.7) (64.4) ------ ------ ------ ----- -----TOTAL OTHER REVENUES........................... 1,365 1,199 1,147 13.8 19.0 ------ ------ ------ ----- -----Costs and expenses: Salaries and employee benefits............... 571 564 513 1.2 11.3 Sales incentives............................. 94 98 117 (4.1) (19.7) Occupancy and equipment expenses............. 78 79 83 (1.3) (6.0) Other marketing expenses..................... 197 176 196 11.9 .5 Other servicing and administrative expenses.. 318 246 194 29.3 63.9 Support services from HSBC affiliates........ 261 270 226 (3.3) 15.5 Amortization of intangibles.................. 63 63 90 -- (30.0) Policyholders' benefits...................... 123 107 109 15.0 12.8 ------ ------ ------ ----- -----TOTAL COSTS AND EXPENSES....................... 1,705 1,603 1,528 6.4 11.6 ------ ------ ------ ----- -----Income before income tax expense............... 878 897 421 (2.1) 100+Income tax expense............................. 327 329 140 (.6) 100+ ------ ------ ------ ----- -----NET INCOME..................................... $ 551 $ 568 $ 281 (3.0)% 96.1% ====== ====== ====== ===== ===== SECURITIZATION RELATED REVENUE THREE MONTHS ENDED --------------------------- 9/30/06 6/30/06 9/30/05---------------------------------------------------------------------------------------- (IN MILLIONS) Net initial gains(1)....................................... $-- $-- $--Net replenishment gains(1)................................. 4 4 38Servicing revenue and excess spread........................ 20 47 3 --- --- ---Total...................................................... $24 $51 $41 === === === -------- (1) Net of our estimate of probable credit losses under the recourse provisions. 3 HSBC Finance Corporation -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME -- OWNED BASIS NINE MONTHS NINE MONTHS ENDED ---------------------------- 9/30/06 9/30/05 % CHANGE------------------------------------------------------------------------------------- (dollars are in millions) Finance and other interest income...................... $12,933 $9,491 36.3%Interest expense: HSBC affiliates...................................... 609 507 20.1 Non-affiliates....................................... 4,709 2,898 62.5 ------- ------ -----NET INTEREST INCOME.................................... 7,615 6,086 25.1Provision for credit losses............................ 3,498 3,233 8.2 ------- ------ -----NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES.. 4,117 2,853 44.3 ------- ------ -----Other revenues: Securitization related revenue....................... 146 180 (18.9) Insurance revenue.................................... 779 809 (3.7) Investment income.................................... 99 99 -- Derivative income.................................... 118 283 (58.3) Fee income........................................... 1,393 1,099 26.8 Enhancement services revenue......................... 363 201 80.6 Taxpayer financial services revenue.................. 258 260 (.8) Gain on receivable sales to HSBC affiliates.......... 283 308 (8.1) Servicing and other fees from HSBC affiliates........ 355 329 7.9 Other income......................................... 221 250 (11.6) ------- ------ -----TOTAL OTHER REVENUES................................... 4,015 3,818 5.2 ------- ------ -----Costs and expenses: Salaries and employee benefits....................... 1,716 1,536 11.7 Sales incentives..................................... 272 289 (5.9) Occupancy and equipment expenses..................... 240 252 (4.8) Other marketing expenses............................. 546 561 (2.7) Other servicing and administrative expenses.......... 847 680 24.6 Support services from HSBC affiliates................ 783 652 20.1 Amortization of intangibles.......................... 206 280 (26.4) Policyholders' benefits.............................. 348 347 .3 ------- ------ -----TOTAL COSTS AND EXPENSES............................... 4,958 4,597 7.9 ------- ------ -----Income before income tax expense....................... 3,174 2,074 53.0Income tax expense..................................... 1,167 695 67.9 ------- ------ -----NET INCOME............................................. $ 2,007 $1,379 45.5% ======= ====== ===== SECURITIZATION RELATED REVENUE NINE MONTHS ENDED ----------------- 9/30/06 9/30/05------------------------------------------------------------------------------------ (in millions) Net initial gains(1)............................................. $ -- $ --Net replenishment gains(1)....................................... 23 135Servicing revenue and excess spread.............................. 123 45 ---- ----Total............................................................ $146 $180 ==== ==== -------- (1) Net of our estimate of probable credit losses under the recourse provisions. 4 HSBC Finance Corporation -------------------------------------------------------------------------------- RECEIVABLES ANALYSIS END-OF-PERIOD RECEIVABLES % CHANGE FROM PRIOR ------------- 9/30/06 6/30/06 9/30/05 QTR. YEAR------------------------------------------------------------------------------------------- (DOLLARS ARE IN MILLIONS) OWNED RECEIVABLES: Real estate secured...................... $ 95,241 $ 93,893 $ 78,130 1.4% 21.9% Auto finance............................. 12,182 11,723 10,137 3.9 20.2 MasterCard/Visa.......................... 25,856 24,959 18,974 3.6 36.3 Private label............................ 2,431 2,522 2,777 (3.6) (12.5) Personal non-credit card................. 21,034 20,664 18,484 1.8 13.8 Commercial and other..................... 185 198 220 (6.6) (15.9) -------- -------- -------- ----- -----Total owned receivables.................... 156,929 153,959 128,722 1.9 21.9 -------- -------- -------- ----- -----RECEIVABLES SERVICED WITH LIMITED RECOURSE: Auto finance............................. 479 693 1,474 (30.9) (67.5) MasterCard/Visa.......................... 500 750 3,615 (33.3) (86.2) Personal non-credit card................. 295 468 1,670 (37.0) (82.3) -------- -------- -------- ----- -----Total receivables serviced with limited recourse................................. 1,274 1,911 6,759 (33.3) (81.2) -------- -------- -------- ----- -----MANAGED RECEIVABLES:(1) Real estate secured...................... 95,241 93,893 78,130 1.4 21.9 Auto finance............................. 12,661 12,416 11,611 2.0 9.0 MasterCard/Visa.......................... 26,356 25,709 22,589 2.5 16.7 Private label............................ 2,431 2,522 2,777 (3.6) (12.5) Personal non-credit card(2).............. 21,329 21,132 20,154 .9 5.8 Commercial and other..................... 185 198 220 (6.6) (15.9) -------- -------- -------- ----- -----Total managed receivables.................. $158,203 $155,870 $135,481 1.5% 16.8% ======== ======== ======== ===== ===== -------- (1) Managed basis reporting is a non-GAAP financial measure. See "Basis of Reporting" for a discussion on the use of non-GAAP financial information. (2) Personal non-credit card receivables are comprised of the following: 9/30/06 6/30/06 9/30/05------------------------------------------------------------------------------ (IN MILLIONS) Domestic personal unsecured...................... $13,478 $12,943 $11,571Union Plus personal unsecured.................... 252 267 374Personal homeowner loans......................... 4,319 4,334 4,360Foreign unsecured................................ 3,280 3,588 3,849 ------- ------- -------Total............................................ $21,329 $21,132 $20,154 ======= ======= ======= 5 HSBC Finance Corporation -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS -- MANAGED BASIS(1) REVENUES, AVERAGE INTEREST-EARNING ASSETS AND NET INTEREST INCOME THREE MONTHS % CHANGE FROM THREE MONTHS ENDED PRIOR ------------------------------------------------------ ------------- 9/30/06 (2) 6/30/06 (2) 9/30/05 (2) QTR. YEAR----------------------------------------------------------------------------------------------------- (DOLLARS ARE IN MILLIONS) Finance and other interest income..................... $ 4,597 11.48% $ 4,413 11.34% $ 3,671 10.89% 4.2% 25.2%Interest expense............. 1,958 4.89 1,797 4.62 1,331 3.95 9.0 47.1 -------- ----- -------- ----- -------- ----- ----- -----NET INTEREST INCOME.......... 2,639 6.59% 2,616 6.72% 2,340 6.94% .9 12.8Provision for credit losses.. 1,384 1,219 1,338 13.5 3.4 -------- -------- -------- ----- -----NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES..................... $ 1,255 $ 1,397 $ 1,002 (10.2)% 25.2% ======== ======== ======== ===== =====Other revenues:Insurance revenue............ $ 280 $ 226 $ 274 23.9% 2.2%Investment income............ 31 34 33 (8.8) (6.1)Fee income................... 575 468 497 22.9 15.7Securitization related revenue.................... (29) (71) (217) (59.2) (86.6)Derivative income (expense).. 68 (7) (53) 100+ 100+Enhancement services revenue.................... 129 130 71 (.8) 81.7Taxpayer financial services revenue.................... 4 20 (1) (80.0) 100+Gain on receivable sales to HSBCaffiliates................... 101 97 99 4.1 2.0Servicing and other fees from HSBC affiliates............ 121 116 109 4.3 11.0Other income................. 48 90 135 (46.7) (64.4) -------- -------- -------- ----- -----TOTAL OTHER REVENUES......... $ 1,328 $ 1,103 $ 947 20.4% 40.2% ======== ======== ======== ===== =====Average managed receivablesReal estate secured.......... $ 94,864 $ 91,347 $ 74,369 3.9% 27.6%Auto finance................. 12,543 12,222 11,230 2.6 11.7MasterCard/Visa.............. 26,170 25,476 22,536 2.7 16.1Private label................ 2,499 2,510 2,840 (.4) (12.0)Personal non-credit card..... 21,313 20,979 19,944 1.6 6.9Commercial and other......... 188 202 234 (6.9) (19.7)Purchase accounting fair value adjustments.......... (14) 14 116 (100+) (100+) -------- -------- -------- ----- -----Average managed receivables.. $157,563 $152,750 $131,269 3.2% 20.0%Average noninsurance investments................ 1,941 2,189 2,868 (11.3) (32.3)Other interest-earning assets..................... 711 702 680 1.3 4.6 -------- -------- -------- ----- -----Average managed interest- earning assets............. $160,215 $155,641 $134,817 2.9% 18.8% ======== ======== ======== ===== =====SELECTED FINANCIAL RATIOS:Return on average managed assets..................... 1.26% 1.34% .75% (6.0)% 68.0%Efficiency ratio............. 41.16 41.42 44.65 .6 7.8Net interest margin.......... 6.59 6.72 6.94 (1.9) (5.0)Risk adjusted revenue........ 6.88 6.88 7.47 -- (7.9) ======== ======== ======== ===== ===== -------- (1) Managed basis reporting is a non-GAAP financial measure. See "Basis of Reporting" for a discussion on the use of non-GAAP financial information and "Reconciliations to GAAP Financial Measures" for quantitative reconciliations to the equivalent GAAP basis financial measure. (2) % Columns: comparison to average managed interest-earning assets, annualized 6 HSBC Finance Corporation -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS -- MANAGED BASIS(1) REVENUES, AVERAGE INTEREST-EARNING ASSETS AND NET INTEREST INCOME NINE MONTHS NINE MONTHS ENDED ----------------------------------- 9/30/06 (2) 9/30/05 (2) % CHANGE--------------------------------------------------------------------------------------------- (dollars are in millions) Finance and other interest income............ $ 13,241 11.35% $ 10,550 10.81% 25.5%Interest expense............................. 5,419 4.64 3,706 3.80 46.2 -------- ----- -------- ----- -----NET INTEREST INCOME.......................... 7,822 6.71% 6,844 7.01% 14.3Provision for credit losses.................. 3,477 3,292 5.6 -------- -------- -----NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES.............................. $ 4,345 $ 3,552 22.3% ======== ======== =====Other revenues:Insurance revenue............................ $ 779 $ 809 (3.7)%Investment income............................ 99 99 --Fee income................................... 1,465 1,322 10.8Securitization related revenue............... (154) (742) (79.2)Derivative income............................ 118 283 (58.3)Enhancement services revenue................. 363 201 80.6Taxpayer financial services revenue.......... 258 260 (.8)Gain on receivable sales to HSBC affiliates.. 283 308 (8.1)Servicing and other fees from HSBC affiliates................................. 355 329 7.9Other income................................. 221 250 (11.6) -------- -------- -----TOTAL OTHER REVENUES......................... $ 3,787 $ 3,119 21.4% ======== ======== =====Average managed receivablesReal estate secured.......................... $ 90,959 $ 70,383 29.2%Auto finance................................. 12,258 10,658 15.0MasterCard/Visa.............................. 25,707 22,177 15.9Private label................................ 2,504 3,028 (17.3)Personal non-credit card..................... 21,006 19,833 5.9Commercial and other......................... 199 267 (25.5)Purchase accounting fair value adjustments... 15 151 (90.1) -------- -------- -----Average managed receivables.................. $152,648 $126,497 20.7%Average noninsurance investments............. 2,192 2,966 (26.1)Other interest-earning assets................ 702 673 4.3 -------- -------- -----Average managed interest-earning assets...... $155,542 $130,136 19.5% ======== ======== =====SELECTED FINANCIAL RATIOS:Return on average managed assets............. 1.57% 1.26% 24.6%Efficiency ratio............................. 40.94 44.20 7.4Net interest margin.......................... 6.71 7.01 (4.3)Risk adjusted revenue........................ 7.17 7.45 (3.8) ======== ======== ===== -------- (1) Managed basis reporting is a non-GAAP financial measure. See "Basis of Reporting" for a discussion on the use of non-GAAP financial information and "Reconciliations to GAAP Financial Measures" for quantitative reconciliations to the equivalent GAAP basis financial measure. (2) % Columns: comparison to average managed interest-earning assets, annualized. 7 HSBC Finance Corporation -------------------------------------------------------------------------------- CREDIT QUALITY/CREDIT LOSS RESERVES -- MANAGED BASIS(1) TWO-MONTHS-AND-OVER CONTRACTUAL DELINQUENCY AS A PERCENT OF MANAGED CONSUMER RECEIVABLES, EXCLUDESCOMMERCIAL. 9/30/06 6/30/06 9/30/05---------------------------------------------------------------------------------------- Real estate secured........................................ 2.98% 2.52% 2.51%Auto finance............................................... 2.67 2.43 2.67MasterCard/Visa............................................ 4.48 4.10 4.13Private label.............................................. 5.61 5.42 5.22Personal non-credit card................................... 9.74 9.00 9.36 ---- ---- ----TOTAL...................................................... 4.16% 3.70% 3.87% ==== ==== ==== QUARTER-TO-DATE CHARGE-OFFS, NET OF RECOVERIES AS A PERCENT OF AVERAGE MANAGED CONSUMER RECEIVABLES,ANNUALIZED, EXCLUDES COMMERCIAL. 9/30/06 6/30/06 9/30/05---------------------------------------------------------------------------------------- Real estate secured........................................ .98% .97% .75%Auto finance............................................... 4.00 2.73 4.41MasterCard/Visa............................................ 5.49 5.73 6.11Private label.............................................. 5.65 5.29 5.35Personal non-credit card................................... 7.82 7.97 8.15 ---- ---- ----TOTAL...................................................... 2.97% 2.94% 3.21% ==== ==== ====Real estate charge-offs and REO expense as a percent of average managed real estate secured receivables.......... 1.11% 1.04% .88% ==== ==== ==== CREDIT LOSS RESERVES 9/30/06 6/30/06 9/30/05------------------------------------------------------------------------------------- (in millions) Reserves for managed receivables at beginning of quarter............................................... $ 4,740 $ 4,629 $ 4,281Provision for credit losses............................. 1,384 1,219 1,338Charge-offs............................................. (1,369) (1,282) (1,185)Recoveries.............................................. 201 161 133Other, net.............................................. (10) 13 4 ------- ------- -------Reserves for managed receivables at end of quarter...... $ 4,946 $ 4,740 $ 4,571 ======= ======= =======Reserves as a percent of managed receivables............ 3.13% 3.04% 3.37% ------- ------- ------- NONPERFORMING ASSETS 9/30/06 6/30/06 9/30/05--------------------------------------------------------------------------------------- (in millions) Nonaccrual managed receivables............................ $4,183 $3,675 $3,541Accruing managed receivables 90 or more days delinquent... 842 770 604Renegotiated commercial loans............................. 1 1 -- ------ ------ ------Total nonperforming managed receivables................... 5,026 4,446 4,145Real estate owned......................................... 740 620 462 ------ ------ ------TOTAL NONPERFORMING ASSETS................................ $5,766 $5,066 $4,607 ====== ====== ======Managed credit loss reserves as a percent of nonperforming managed receivables..................................... 98.4% 106.6% 110.3% -------- (1) Managed basis reporting is a non-GAAP financial measure. See "Basis of Reporting" for a discussion on the use of non-GAAP financial information and "Reconciliations to GAAP Financial Measures" for quantitative reconciliations to the equivalent GAAP basis financial measure. 8 HSBC Finance Corporation -------------------------------------------------------------------------------- RECONCILIATION TO GAAP FINANCIAL MEASURES REVENUES, AVERAGE INTEREST-EARNING ASSETS AND NET INTEREST INCOME THREE MONTHS THREE THREE MONTHS ENDED 9/30/06 THREE MONTHS ENDED 6/30/06 MONTHS ----------------------------------- ----------------------------------- ENDED SERVICED WITH SERVICED WITH 9/30/05 LIMITED LIMITED -------- OWNED RECOURSE(1) MANAGED OWNED RECOURSE(1) MANAGED OWNED--------------------------------------------------------------------------------------------------------------------- (DOLLARS ARE IN MILLIONS) Finance and other interest income....................... $ 4,535 $ 62 $ 4,597 $ 4,311 $ 102 $ 4,413 $ 3,402Interest expense............... 1,933 25 1,958 1,762 35 1,797 1,239 -------- ------ -------- -------- ------ -------- --------NET INTEREST INCOME............ 2,602 37 2,639 2,549 67 2,616 2,163Provision for credit losses.... 1,384 -- 1,384 1,248 (29) 1,219 1,361 -------- ------ -------- -------- ------ -------- --------NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES.. $ 1,218 $ 37 $ 1,255 $ 1,301 $ 96 $ 1,397 $ 802Other revenues: Securitization related revenue................... $ 24 $ (53) $ (29) $ 51 $ (122) $ (71) $ 41 Insurance revenue............ 280 -- 280 226 -- 226 274 Investment income............ 31 -- 31 34 -- 34 33 Fee income................... 559 16 575 442 26 468 439 Derivative income (expense).. 68 -- 68 (7) -- (7) (53) Enhancement services revenue................... 129 -- 129 130 -- 130 71 Taxpayer financial services revenue................... 4 -- 4 20 -- 20 (1) Gain on receivable sales to HSBC affiliates........... 101 -- 101 97 -- 97 99 Servicing and other fees from HSBC affiliates........... 121 -- 121 116 -- 116 109 Other income................. 48 -- 48 90 -- 90 135 -------- ------ -------- -------- ------ -------- --------TOTAL OTHER REVENUES........... $ 1,365 $ (37) $ 1,328 $ 1,199 $ (96) $ 1,103 $ 1,147Average receivables: Real estate secured.......... $ 94,864 $ -- $ 94,864 $ 91,347 $ -- $ 91,347 $ 74,369 Auto finance................. 11,960 583 12,543 11,419 803 12,222 9,585 MasterCard/Visa.............. 25,637 533 26,170 24,224 1,252 25,476 18,442 Private label................ 2,499 -- 2,499 2,510 -- 2,510 2,840 Personal non-credit card..... 20,936 377 21,313 20,414 565 20,979 17,904 Commercial and other......... 188 -- 188 202 -- 202 234 Purchase accounting fair value adjustments......... (14) -- (14) 14 -- 14 116 -------- ------ -------- -------- ------ -------- --------Average receivables............ $156,070 $1,493 $157,563 $150,130 $2,620 $152,750 $123,490Average noninsurance investments.................. 1,941 -- 1,941 2,189 -- 2,189 2,868Other interest-earning assets.. 711 -- 711 702 -- 702 680 -------- ------ -------- -------- ------ -------- --------Average interest-earning assets....................... $158,722 $1,493 $160,215 $153,021 $2,620 $155,641 $127,038Net interest income as a percentage of average interest-earning assets...... 6.56% 9.91% 6.59% 6.66% 10.23% 6.72% 6.81% ======== ====== ======== ======== ====== ======== ======== THREE MONTHS ENDED 9/30/05 ----------------------- SERVICED WITH LIMITED RECOURSE(1) MANAGED-------------------------------------------------------- Finance and other interest income....................... $ 269 $ 3,671Interest expense............... 92 1,331 ------ --------NET INTEREST INCOME............ 177 2,340Provision for credit losses.... (23) 1,338 ------ --------NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES.. $ 200 $ 1,002Other revenues: Securitization related revenue................... $ (258) $ (217) Insurance revenue............ -- 274 Investment income............ -- 33 Fee income................... 58 497 Derivative income (expense).. -- (53) Enhancement services revenue................... -- 71 Taxpayer financial services revenue................... -- (1) Gain on receivable sales to HSBC affiliates........... -- 99 Servicing and other fees from HSBC affiliates........... -- 109 Other income................. -- 135 ------ --------TOTAL OTHER REVENUES........... $ (200) $ 947Average receivables: Real estate secured.......... $ -- $ 74,369 Auto finance................. 1,645 11,230 MasterCard/Visa.............. 4,094 22,536 Private label................ -- 2,840 Personal non-credit card..... 2,040 19,944 Commercial and other......... -- 234 Purchase accounting fair value adjustments......... -- 116 ------ --------Average receivables............ $7,779 $131,269Average noninsurance investments.................. -- 2,868Other interest-earning assets.. -- 680 ------ --------Average interest-earning assets....................... $7,779 $134,817Net interest income as a percentage of average interest-earning assets...... 9.10% 6.94% ====== ======== -------- (1) When reporting on a managed basis, finance and other interest income, interest expense, provision for credit losses and fee income related to securitized receivables are reclassified from securitization related revenue in our owned statements of income into the appropriate caption. 9 HSBC Finance Corporation -------------------------------------------------------------------------------- RECONCILIATION TO GAAP FINANCIAL MEASURES REVENUES, AVERAGE INTEREST-EARNING ASSETS AND NET INTEREST INCOME NINE MONTHS NINE MONTHS ENDED 9/30/06 NINE MONTHS ENDED 9/30/05 ----------------------------------- ---------------------------------- SERVICED WITH SERVICED LIMITED WITH LIMITED OWNED RECOURSE(1) MANAGED OWNED RECOURSE(1) MANAGED-------------------------------------------------------------------------------------------------------------------- (DOLLARS ARE IN MILLIONS) Finance and other interest income........ $ 12,933 $ 308 $ 13,241 $ 9,491 $ 1,059 $ 10,550Interest expense......................... 5,318 101 5,419 3,405 301 3,706 -------- ------ -------- -------- ------- --------NET INTEREST INCOME...................... 7,615 207 7,822 6,086 758 6,844Provision for credit losses.............. 3,498 (21) 3,477 3,233 59 3,292 -------- ------ -------- -------- ------- --------NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES.......................... $ 4,117 $ 228 $ 4,345 $ 2,853 $ 699 $ 3,552Other revenues: Securitization related revenue......... $ 146 $ (300) $ (154) $ 180 $ (922) $ (742) Insurance revenue...................... 779 -- 779 809 -- 809 Investment income...................... 99 -- 99 99 -- 99 Fee income............................. 1,393 72 1,465 1,099 223 1,322 Derivative income...................... 118 -- 118 283 -- 283 Enhancement services revenue........... 363 -- 363 201 -- 201 Taxpayer financial services revenue.... 258 -- 258 260 -- 260 Gain on receivable sales to HSBC affiliates.......................... 283 -- 283 308 -- 308 Servicing and other fees from HSBC affiliates.......................... 355 -- 355 329 -- 329 Other income........................... 221 -- 221 250 -- 250 -------- ------ -------- -------- ------- --------TOTAL OTHER REVENUES..................... $ 4,015 $ (228) $ 3,787 $ 3,818 $ (699) $ 3,119Average receivables: Real estate secured.................... $ 90,959 $ -- $ 90,959 $ 70,353 $ 30 $ 70,383 Auto finance........................... 11,437 821 12,258 8,625 2,033 10,658 MasterCard/Visa........................ 24,575 1,132 25,707 16,716 5,461 22,177 Private label.......................... 2,504 -- 2,504 3,028 -- 3,028 Personal non-credit card............... 20,420 586 21,006 17,069 2,764 19,833 Commercial and other................... 199 -- 199 267 -- 267 Purchase accounting fair value adjustments......................... 15 -- 15 151 -- 151 -------- ------ -------- -------- ------- --------Average receivables...................... $150,109 $2,539 $152,648 $116,209 $10,288 $126,497Average noninsurance investments......... 2,192 -- 2,192 2,966 -- 2,966Other interest-earning assets............ 702 -- 702 673 -- 673 -------- ------ -------- -------- ------- --------Average interest-earning assets.......... $153,003 $2,539 $155,542 $119,848 $10,288 $130,136Net interest income as a percentage of average interest-earning assets........ 6.64% 10.87% 6.71% 6.77% 9.82% 7.01% ======== ====== ======== ======== ======= ======== -------- (1) When reporting on a managed basis, finance and other interest income, interest expense, provision for credit losses and fee income related to securitized receivables are reclassified from securitization related revenue in our owned statements of income into the appropriate caption. 10 HSBC Finance Corporation -------------------------------------------------------------------------------- RECONCILIATION TO GAAP FINANCIAL MEASURES SELECTED FINANCIAL RATIOS THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------ ------------------- 9/30/06 6/30/06 9/30/05 9/30/06 9/30/05----------------------------------------------------------------------------------------------- (dollars are in millions) RETURN ON AVERAGE COMMON SHAREHOLDER'S EQUITY:Net income............................... $ 551 $ 568 $ 281 $ 2,007 $ 1,379 Dividends on preferred stock........... (9) (9) (25) (27) (62) -------- -------- -------- -------- --------Net income available to common shareholders........................... $ 542 $ 559 $ 256 $ 1,980 $ 1,317Average common shareholder's equity...... $ 20,131 $ 19,975 $ 16,973 $ 19,828 $ 16,605 -------- -------- -------- -------- --------Return on average common shareholder's equity................................. 10.77% 11.19% 6.03% 13.31% 10.58% ======== ======== ======== ======== ========RETURN ON AVERAGE ASSETS:Net income............................... $ 551 $ 568 $ 281 $ 2,007 $ 1,379Average assets: Owned basis......................... $172,746 $167,505 $141,765 $167,647 $136,185 Serviced with limited recourse...... 1,493 2,620 7,779 2,539 10,288 -------- -------- -------- -------- -------- Managed basis....................... $174,239 $170,125 $149,544 $170,186 $146,473Return on average owned assets........... 1.28% 1.36% .79% 1.60% 1.35%Return on average managed assets......... 1.26 1.34 .75 1.57 1.26 ======== ======== ======== ======== ========EFFICIENCY RATIO:Total costs and expenses less policyholders' benefits................ $ 1,582 $ 1,496 $ 1,419 $ 4,610 $ 4,250 -------- -------- -------- -------- --------Net interest income and other revenues less policyholders' benefits: Owned basis......................... $ 3,844 $ 3,641 $ 3,201 $ 11,282 $ 9,557 Serviced with limited recourse...... -- (29) (23) (21) 59 -------- -------- -------- -------- -------- Managed basis....................... $ 3,844 $ 3,612 $ 3,178 $ 11,261 $ 9,616 -------- -------- -------- -------- --------Owned basis efficiency ratio............. 41.16% 41.09% 44.33% 40.86% 44.47%Managed basis efficiency ratio........... 41.16 41.42 44.65 40.94 44.20 ======== ======== ======== ======== ========MANAGED BASIS RISK ADJUSTED REVENUE:Net interest income...................... $ 2,639 $ 2,616 $ 2,340 $ 7,822 $ 6,844Other revenues, excluding securitization related revenue as well as the mark-to- market on derivatives which do not qualify as effective hedges and ineffectiveness associated with qualifying hedges under SFAS No. 133... 1,285 1,183 1,230 3,825 3,624Less: Net charge-offs.................... (1,168) (1,121) (1,052) (3,279) (3,198) -------- -------- -------- -------- --------Risk adjusted revenue.................... $ 2,756 $ 2,678 $ 2,518 $ 8,368 $ 7,270 -------- -------- -------- -------- --------Average interest-earning assets.......... $160,215 $155,641 $134,817 $155,542 $130,136 -------- -------- -------- -------- --------Managed basis risk adjusted revenue...... 6.88% 6.88% 7.47% 7.17% 7.45% ======== ======== ======== ======== ======== 11 HSBC Finance Corporation -------------------------------------------------------------------------------- RECONCILIATION TO GAAP FINANCIAL MEASURES CREDIT QUALITY/CREDIT LOSS RESERVES TWO-MONTHS-AND-OVER CONTRACTUAL DELINQUENCY QUARTER-TO-DATE CHARGE-OFFS, ------------------------------------------- NET OF RECOVERIES TWO-MONTHS- TWO-MONTHS- ------------------------------- AND-OVER CONSUMER AND-OVER NET AVERAGE NET CONTRACTUAL RECEIVABLES CONTRACTUAL CHARGE- CONSUMER CHARGE- DELINQUENCY OUTSTANDING DELINQUENCY(1) OFFS RECEIVABLES OFFS(1)------------------------------------------------------------------------------------------------------------- (DOLLARS ARE IN MILLIONS) SEPTEMBER 30, 2006 OWNED: First mortgage.............. $ 1 $ 16 8.13% $ -- $ 17 --% Real estate secured......... 2,840 95,241 2.98 232 94,864 .98 Auto finance................ 310 12,182 2.54 110 11,960 3.69 MasterCard/Visa............. 1,170 25,856 4.53 354 25,637 5.52 Private label............... 136 2,431 5.61 35 2,499 5.65 Personal non-credit card.... 2,038 21,034 9.69 407 20,936 7.77 ------ -------- ----- ------ -------- ----- Total....................... $6,495 $156,760 4.14% $1,138 $155,913 2.92% ====== ======== ===== ====== ======== ===== SERVICED WITH LIMITED RECOURSE: Auto finance................ $ 28 $ 479 5.85% $ 15 $ 583 10.29% MasterCard/Visa............. 11 500 2.20 5 533 3.75 Personal non-credit card.... 39 295 13.22 10 377 10.61 ------ -------- ----- ------ -------- ----- Total....................... $ 78 $ 1,274 6.12% $ 30 $ 1,493 8.04% ====== ======== ===== ====== ======== ===== MANAGED: First mortgage.............. $ 1 $ 16 8.13% $ -- $ 17 --% Real estate secured......... 2,840 95,241 2.98 232 94,864 .98 Auto finance................ 338 12,661 2.67 125 12,543 4.00 MasterCard/Visa............. 1,181 26,356 4.48 359 26,170 5.49 Private label............... 136 2,431 5.61 35 2,499 5.65 Personal non-credit card.... 2,077 21,329 9.74 417 21,313 7.82 ------ -------- ----- ------ -------- ----- Total....................... $6,573 $158,034 4.16% $1,168 $157,406 2.97% ====== ======== ===== ====== ======== =====JUNE 30, 2006 OWNED First mortgage.............. $ 1 $ 18 6.76% $ -- $ 19 .96% Real estate secured......... 2,368 93,893 2.52 222 91,347 .97 Auto finance................ 264 11,723 2.25 69 11,419 2.43 MasterCard/Visa............. 1,037 24,959 4.16 351 24,224 5.80 Private label............... 137 2,522 5.42 33 2,510 5.29 Personal non-credit card.... 1,845 20,664 8.93 404 20,414 7.92 ------ -------- ----- ------ -------- ----- Total....................... $5,652 $153,779 3.68% $1,079 $149,933 2.88% ====== ======== ===== ====== ======== ===== SERVICED WITH LIMITED RECOURSE: Auto finance................ $ 37 $ 693 5.34% $ 14 $ 803 6.97% MasterCard/Visa............. 17 750 2.27 13 1,252 4.15 Personal non-credit card.... 56 468 11.97 14 565 9.91 ------ -------- ----- ------ -------- ----- Total....................... $ 110 $ 1,911 5.76% $ 41 $ 2,620 6.26% ====== ======== ===== ====== ======== ===== MANAGED: First mortgage.............. $ 1 $ 18 6.76% $ -- $ 19 .96% Real estate secured......... 2,368 93,893 2.52 222 91,347 .97 Auto finance................ 301 12,416 2.43 83 12,222 2.73 MasterCard/Visa............. 1,054 25,709 4.10 364 25,476 5.73 Private label............... 137 2,522 5.42 33 2,510 5.29 Personal non-credit card.... 1,901 21,132 9.00 418 20,979 7.97 ------ -------- ----- ------ -------- ----- Total....................... $5,762 $155,690 3.70% $1,120 $152,553 2.94% ====== ======== ===== ====== ======== ===== -------- (1) Certain percentages may not recompute from the dollar figures presented due to rounding. 12 HSBC Finance Corporation -------------------------------------------------------------------------------- RECONCILIATION TO GAAP FINANCIAL MEASURES CREDIT QUALITY/CREDIT LOSS RESERVES (CONTINUED) TWO-MONTHS-AND-OVER CONTRACTUAL DELINQUENCY QUARTER-TO-DATE CHARGE-OFFS, ------------------------------------------ NET OF RECOVERIES TWO-MONTHS TWO-MONTHS- ------------------------------- AND-OVER CONSUMER AND-OVER NET AVERAGE NET CONTRACTUAL RECEIVABLES CONTRACTUAL CHARGE- CONSUMER CHARGE- DELINQUENCY OUTSTANDING DELINQUENCY(1) OFFS RECEIVABLES OFFS(1)------------------------------------------------------------------------------------------------------------ (dollars are in millions) SEPTEMBER 30, 2005 OWNED: First mortgage.............. $ 1 $ 22 6.04% $ -- $ 23 --% Real estate secured......... 1,961 78,130 2.51 140 74,369 .75 Auto finance................ 212 10,137 2.09 78 9,585 3.25 MasterCard/Visa............. 846 18,974 4.46 288 18,442 6.24 Private label............... 145 2,777 5.22 38 2,840 5.35 Personal non-credit card.... 1,696 18,484 9.18 358 17,904 8.01 ------ -------- ----- ------ -------- ----- Total....................... $4,861 $128,524 3.78% $ 902 $123,163 2.93% ====== ======== ===== ====== ======== ===== SERVICED WITH LIMITED RECOURSE: Auto finance................ $ 98 $ 1,474 6.65% $ 46 $ 1,645 11.19% MasterCard/Visa............. 87 3,615 2.41 56 4,094 5.47 Personal non-credit card.... 191 1,670 11.44 48 2,040 9.41 ------ -------- ----- ------ -------- ----- Total....................... $ 376 $ 6,759 5.56% $ 150 $ 7,779 7.71% ====== ======== ===== ====== ======== ===== MANAGED: First mortgage.............. $ 1 $ 22 6.04% $ -- $ 23 --% Real estate secured......... 1,961 78,130 2.51 140 74,369 .75 Auto finance................ 310 11,611 2.67 124 11,230 4.41 MasterCard/Visa............. 933 22,589 4.13 344 22,536 6.11 Private label............... 145 2,777 5.22 38 2,840 5.35 Personal non-credit card.... 1,887 20,154 9.36 406 19,944 8.15 ------ -------- ----- ------ -------- ----- Total....................... $5,237 $135,283 3.87% $1,052 $130,942 3.21% ====== ======== ===== ====== ======== ===== -------- (1) Certain percentages may not recompute from the dollar figures presented dueto rounding. 13 HSBC Finance Corporation -------------------------------------------------------------------------------- RECONCILIATION TO GAAP FINANCIAL MEASURES Credit Quality/Credit Loss Reserves (Continued) SERVICED WITH OWNED LIMITED RECOURSE MANAGED------------------------------------------------------------------------------------------ (dollars are in millions) REAL ESTATE CHARGE-OFFS AND REO EXPENSE:THREE MONTHS ENDED SEPTEMBER 30, 2006Real estate charge-offs and REO expense............. $ 263 $ -- $ 263Average real estate secured receivables............. 94,864 -- 94,864 ------- ---- -------Real estate charge-offs and REO expense as a percentage of average real estate secured receivables(1).................................... 1.11% -- 1.11% ======= ==== =======THREE MONTHS ENDED JUNE 30, 2006Real estate charge-offs and REO expense............. $ 238 $ -- $ 238Average real estate secured receivables............. 91,347 -- 91,347 ------- ---- -------Real estate charge-offs and REO expense as a percentage of average real estate secured receivables(1).................................... 1.04% -- 1.04% ======= ==== =======THREE MONTHS ENDED SEPTEMBER 30, 2005Real estate charge-offs and REO expense............. $ 163 $ -- $ 163Average real estate secured receivables............. 74,369 -- 74,369 ------- ---- -------Real estate charge-offs and REO expense as a percentage of average real estate secured receivables(1).................................... .88% -- .88% ======= ==== ======= -------- (1) Certain percentages may not recompute from the dollar figures presented due to rounding. 14 HSBC Finance Corporation -------------------------------------------------------------------------------- RECONCILIATION TO GAAP FINANCIAL MEASURES CREDIT QUALITY/CREDIT LOSS RESERVES (CONTINUED) SERVICED WITH OWNED LIMITED RECOURSE MANAGED------------------------------------------------------------------------------------------- (DOLLARS ARE IN MILLIONS) CREDIT LOSS RESERVES:THREE MONTHS ENDED SEPTEMBER 30, 2006Reserves for receivables at beginning of quarter... $ 4,649 $ 91 $ 4,740Provision for credit losses........................ 1,384 -- 1,384Charge-offs, net of recoveries..................... (1,138) (30) (1,168)Other, net......................................... (10) -- (10) -------- ------ --------Reserves for receivables at end of quarter......... $ 4,885 $ 61 $ 4,946Receivables........................................ $156,929 $1,274 $158,203Credit loss reserves as a percent of receivables... 3.11% 4.79% 3.13% -------- ------ --------THREE MONTHS ENDED JUNE 30, 2006Reserves for receivables at beginning of quarter... $ 4,468 $ 161 $ 4,629Provision for credit losses........................ 1,248 (29) 1,219Charge-offs, net of recoveries..................... (1,080) (41) (1,121)Other, net......................................... 13 -- 13 -------- ------ --------Reserves for receivables at end of quarter......... $ 4,649 $ 91 $ 4,740Receivables........................................ $153,959 $1,911 $155,870Credit loss reserves as a percent of receivables... 3.02% 4.76% 3.04% -------- ------ --------THREE MONTHS ENDED SEPTEMBER 30, 2005Reserves for receivables at beginning of quarter... $ 3,756 $ 525 $ 4,281Provision for credit losses........................ 1,361 (23) 1,338Charge-offs, net of recoveries..................... (902) (150) (1,052)Other, net......................................... 5 (1) 4 -------- ------ --------Reserves for receivables at end of quarter......... $ 4,220 $ 351 $ 4,571Receivables........................................ $128,722 $6,759 $135,481Credit loss reserves as a percent of receivables... 3.28% 5.19% 3.37% -------- ------ --------NONPERFORMING ASSETS:SEPTEMBER 30, 2006Nonaccrual receivables............................. $ 4,124 $ 59 $ 4,183Accruing receivables 90 or more days delinquent.... 835 7 842Renegotiated commercial loans...................... 1 -- 1 -------- ------ --------Total nonperforming receivables.................... 4,960 66 5,026Real estate owned.................................. 740 -- 740 -------- ------ --------Total nonperforming assets......................... $ 5,700 $ 66 $ 5,766Credit loss reserves as a percent of nonperforming receivables...................................... 98.5% -- 98.4% -------- ------ --------JUNE 30, 2006Nonaccrual receivables............................. $ 3,595 $ 80 $ 3,675Accruing receivables 90 or more days delinquent.... 758 12 770Renegotiated commercial loans...................... 1 -- 1 -------- ------ --------Total nonperforming receivables.................... 4,354 92 4,446Real estate owned.................................. 620 -- 620 -------- ------ --------Total nonperforming assets......................... $ 4,974 $ 92 $ 5,066Credit loss reserves as a percent of nonperforming receivables...................................... 106.8% -- 106.6% -------- ------ --------SEPTEMBER 30, 2005Nonaccrual receivables............................. $ 3,273 $ 268 $ 3,541Accruing receivables 90 or more days delinquent.... 563 41 604Renegotiated commercial loans...................... -- -- -- -------- ------ --------Total nonperforming receivables.................... 3,836 309 4,145Real estate owned.................................. 462 -- 462 -------- ------ --------Total nonperforming assets......................... $ 4,298 $ 309 $ 4,607Credit loss reserves as a percent of nonperforming receivables...................................... 110.0% -- 110.3% -------- ------ -------- 15 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings