HSBC Holdings Regulatory News (HSBA)

6 Mar 2006 08:15

HSBC Holdings PLC06 March 2006 HSBC Rest of Asia-Pacific Operations 2005 Half-year ended 2004 Half-year ended Figures in US$m 30Jun 31Dec 2005 30Jun 31Dec 2004Interest income 2,669 3,004 5,673 1,922 2,227 4,149Interest expense (1,512) (1,749) (3,261) (938) (1,151) (2,089)Net interest income 1,157 1,255 2,412 984 1,076 2,060Fee income 763 856 1,619 615 672 1,287Fee expense (131) (148) (279) (116) (130) (246)Net fee income 632 708 1,340 499 542 1,041Trading income 387 473 860 265 229 494Net income from financial instruments designated at fair value 14 44 58 - - -Net investment income on assets backing policyholder's liabilities - - - 6 26 32Gains less losses from financial investments 2 16 18 4 13 17Dividend income 4 1 5 1 2 3Net earnedinsurance premiums 29 126 155 57 40 97Other operating income 131 204 335 63 83 146Total operating income 2,356 2,827 5,183 1,879 2,011 3,890Net insurance claims incurred and movement in policyholder's liabilities (37) (129) (166) (46) (36) (82)Net operating income before loan impairment charges and other credit risk provisions 2,319 2,698 5,017 1,833 1,975 3,808Loan impairment charges and other credit risk provision (23) (111) (134) 9 (98) (89)Net operating income 2,296 2,587 4,883 1,842 1,877 3,719Total operating expenses (1,264) (1,498) (2,762) (967) (1,120) (2,087)Operating profit 1,032 1,089 2,121 875 757 1,632Share of profit in associates and joint ventures 248 205 453 94 121 215Profit before tax 1,280 1,294 2,574 969 878 1,847 HSBC North American Operations 2005 Half-year ended 2004 Half-year endedFigures in US$m 30Jun 31Dec 2005 30Jun 31Dec 2004Interest income 11,893 12,481 24,374 10,084 11,197 21,281Interest expense (3,917) (5,570) (9,487) (2,632) (3,656) (6,288)Net interest income 7,976 6,911 14,887 7,452 7,541 14,993Fee income 2,411 2,935 5,346 2,320 2,431 4,751Fee expense (341) (399) (740) (414) (572) (986)Net fee income 2,070 2,536 4,606 1,906 1,859 3,765Trading income 275 738 1,013 221 361 582Net income from financial instruments designated at fair value (257) 691 434 - - -Net investment income on assets backing policyholder liabilities - - - - - -Gains less losses from financial investments 40 48 88 63 97 160Dividend income 18 24 42 16 16 32Net earned insurance premiums 290 312 602 267 286 553Other operating income 476 264 740 299 60 359Total operating income 10,888 11,524 22,412 10,224 10,220 20,444Net insurance claims incurred and movement in policyholder's liabilities (173) (160) (333) (157) (155) (312)Net operating income before loan impairment charges and other credit risk provisions 10,715 11,364 22,079 10,067 10,065 20,132Loan impairment charges and other credit risk provisions (2,023) (3,015) (5,038) (2,377) (2,645) (5,022)Net operating income 8,692 8,349 17,041 7,690 7,420 15,110Total operating expenses (5,026) (5,191) (10,217) (4,277) (4,755) (9,032)Operating profit 3,666 3,158 6,824 3,413 2,665 6,078Share of profit in associates and joint ventures 47 1 48 4 (12) (8)Profit before tax 3,713 3,159 6,872 3,417 2,653 6,070 HSBC South American Operations 2005 Half-year ended 2004 Half-year endedFigures in US$m 30Jun 31Dec 2005 30Jun 31Dec 2004Interest income 2,469 1,458 3,927 1,069 1,307 2,376Interest expense (1,664) (513) (2,177) (463) (603) (1,066)Net interest income 805 945 1,750 606 704 1,310Fee income 346 394 740 291 299 590Fee expense (81) (122) (203) (62) (69) (131)Net fee income 265 272 537 229 230 459Trading income 218 191 409 26 28 54Net income from financial instruments designated at fair value 46 140 186 - - -Net investment income on assets backing policyholder's liabilities - - - 34 61 95Gains less losses from financial investments 38 1 39 - 34 34Dividend income 2 2 4 1 1 2Net earned insurance premiums 341 405 746 266 330 596Other operating income 38 150 188 4 24 28Total operating income 1,753 2,106 3,859 1,166 1,412 2,578Net insurance claims incurred and movement in policyholder's liabilities (297) (394) (691) (203) (256) (459)Net operating income before loan impairment charges and other credit risk provisions 1,456 1,712 3,168 963 1,156 2,119Loan impairment charges and other credit risk provisions (242) (312) (554) (140) (127) (267)Net operating income 1,214 1,400 2,614 823 1,029 1,852Total operating expenses (872) (1,095) (1,967) (667) (746) (1,413)Operating profit 342 305 647 156 283 439Share of profit in associates and joint ventures - - - - 1 1Profit before tax 342 305 647 156 284 440 10. Registers of shareholders The Overseas Branch Register of shareholders in Hong Kong will be closed for oneday, on Friday 24 March 2006. Any person who has acquired shares registered onthe Hong Kong Branch Register but who has not lodged the share transfer with theHong Kong Branch Registrar should do so before 4.00pm on Thursday 23 March 2006in order to receive the fourth interim dividend for 2005, which will be payableon Thursday 11 May 2006. Transfers may not be made to or from the Hong KongOverseas Branch Register while that Branch Register is closed. Any person who has acquired shares registered on the Principal Register in theUnited Kingdom but who has not lodged the share transfer with the PrincipalRegistrar should do so before 4.00pm on Friday 24 March 2006 in order to receivethe dividend. Any person who has acquired shares registered on the Overseas Branch Register ofshareholders in Bermuda but who has not lodged the share transfer with theBermuda Branch Registrar should do so before 4.00pm on Friday 24 March 2006 inorder to receive the dividend. Transfers of American Depositary Shares should be lodged with the depositary by12 noon on Friday 24 March 2006 in order to receive the dividend. 11. Foreign currency amounts The sterling and Hong Kong dollar equivalent figures in the consolidated incomestatement and balance sheet are for information only. These are translated atthe average rate for the period for the income statement and the closing ratefor the balance sheet as follows: Year end 31Dec05 31Dec04 Closing : HK$/US$ 7.754 7.773 £/US$ 0.581 0.517 Average : HK$/US$ 7.778 7.789 £/US$ 0.550 0.546 12. Litigation HSBC, through a number of its subsidiaries, is named in and is defending legalactions in various jurisdictions arising from its normal business. None of theseproceedings is regarded as material litigation. 13. Dealings in HSBC Holdings plc shares Except for dealings as intermediaries by HSBC Bank plc, HSBC Financial Products (France) and The Hongkong and Shanghai Banking Corporation Limited, which are members of a European Economic Area exchange, neither the Company norany subsidiaries has bought, sold or redeemed any securities of the Company during the year ended 31 December 2005. 14. Statutory accounts The information in this news release does not constitute statutory accountswithin the meaning of Section 240 of the Companies Act 1985 (the Act). Thestatutory accounts for the year ended 31 December 2005 will be delivered to theRegistrar of Companies in England and Wales in accordance with Section 242 ofthe Act. The auditor has reported on those accounts. Its report was unqualifiedand did not contain a statement under Section 237(2) or (3) of the Act. The comparative figures for the year ended 31 December 2004 are not the Group'sstatutory accounts for that year. The statutory accounts for the year ended 31December 2004, which were prepared under UK GAAP, have been delivered to theRegistrar of Companies in England and Wales in accordance with Section 242 ofthe Act. The auditor has reported on those accounts. Its report was unqualifiedand did not contain a statement under Section 237(2) or (3) of the Act. 15. Forward-looking statements This news release contains certain forward-looking statements with respect tothe financial condition, results of operations and business of HSBC. Theseforward-looking statements represent HSBC's expectations or beliefsconcerning future events and involve known and unknown risks and uncertaintythat could cause actual results, performance or events to differ materially fromthose expressed or implied in such statements. Certain statements, such as thosethat include the words 'potential', 'estimated', and similar expressions orvariations on such expressions may be considered 'forward-looking statements'. 16. Corporate governance HSBC is committed to high standards of corporate governance. HSBC Holdings plchas complied throughout 2005 with the applicable code provisions of the CombinedCode on Corporate Governance issued by the Financial Reporting Council. Theterms of reference of the Group Audit Committee and the Remuneration Committeewere modified in February 2005 to incorporate certain provisions set out in theCode on Corporate Governance Practices in Appendix 14 to the Rules Governing theListing of Securities on the Stock Exchange of Hong Kong Limited which came intoeffect on 1 January 2005. HSBC Holdings plc has complied throughout 2005 withall other applicable code provisions of the Code on Corporate GovernancePractices in Appendix 14 to the Rules Governing the Listing of Securities on TheStock Exchange of Hong Kong Limited. The Board of HSBC Holdings plc has adopted a code of conduct for transactions inHSBC Group securities by Directors that complies with The Model Code in theListing Rules of the Financial Services Authority and with The Model Code forSecurities Transactions by Directors of Listed Issuers ('Hong Kong Model Code')set out in the Rules Governing the Listing of Securities on The Stock Exchangeof Hong Kong Limited save that The Stock Exchange of Hong Kong has grantedcertain waivers from strict compliance with the Hong Kong Model Code, primarilyto take into account accepted practices in the UK, particularly in respect ofemployee share plans. Following a specific enquiry, each Director has confirmedhe or she has complied with the code of conduct for transactions in HSBC Groupsecurities throughout 2005. The Directors of HSBC Holdings plc are:Sir John Bond, Baroness Dunn*, Sir Brian Moffat+, S K Green, A W Jebson, LordButler+, R K F Ch'ien+, J D Coombe+, R A Fairhead+, D J Flint, W K L Fung+, M FGeoghegan, S Hintze+, J W J Hughes-Hallett+, Sir John Kemp-Welch+, Sir MarkMoody-Stuart+, S W Newton+, S M Robertson+, H Sohmen*, and Sir BrianWilliamson+. * Non-executive Director+ Independent non-executive Director The Group Audit Committee has reviewed the annual results for 2005. 17. Annual Review and Annual Report and Accounts The Annual Review 2005 and/or Annual Report and Accounts 2005 will be mailed toshareholders on or about Tuesday 4 April 2006. Copies may be obtained from GroupCorporate Affairs, HSBC Holdings plc, 8 Canada Square, London E14 5HQ, UnitedKingdom; Group Public Affairs, The Hongkong and Shanghai Banking CorporationLimited, 1 Queen's Road Central, Hong Kong; Employee Communications, HSBC - NorthAmerica, 2700 Sanders Road, Prospect Heights, Illinois, 60070, USA; HSBC France,Direction de la Communication, 103 avenue des Champs Elysees, 75419 Paris Cedex08, France; or from the HSBC Group website - www.hsbc.com. Chinese translations of the Annual Review and Annual Report and Accounts may beobtained on request from Computershare Hong Kong Investor Services Limited,Hopewell Centre, 46th Floor, 183 Queen's Road East, Wan Chai, Hong Kong. A French translation of the Annual Review may be obtained on request from HSBCFrance, Direction de la Communication, 103 avenue des Champs Elysees, 75419Paris Cedex 08, France. The Annual Review and Annual Report and Accounts will be available on the StockExchange of Hong Kong's website - www.hkex.com.hk. Custodians or nominees that wish to distribute copies of the Annual Review and/or Annual Report and Accounts to their clients may request copies for collectionby writing to Group Corporate Affairs at the address given above. Requests mustbe received no later than 13 March 2006. 18. Annual General Meeting The Annual General Meeting of the Company will be held at the Barbican Hall,Barbican Centre, London EC2 on Friday 26 May 2006 at 11 am. Notice of the meeting will be mailed to shareholders on or about Tuesday 4 April 2006. 19. Interim results for 2006 The interim results for the six months to 30 June 2006 will be announced onMonday 31 July 2006. 20. Proposed interim dividends for 2006 The Board has adopted a policy of paying quarterly dividends. Under this policyit is intended to have a pattern of three equal interim dividends with avariable fourth interim dividend. It is envisaged that the first interimdividend in respect of 2006 will be US$0.15 per ordinary share. The proposedtimetables for the dividends in respect of 2006 are: First interim dividend for 2006 Announcement 2 May 2006 Shares quoted ex-dividend in London, Hong Kong and Bermuda; American Depositary Shares quoted ex-dividend in New York 17 May 2006 Record date and closure of Hong Kong Overseas Branch Register of shareholders for one day 19 May 2006 Shares quoted ex-dividend in Paris 22 May 2006 Payment date 6 July 2006 Second interim dividend for 2006 Announcement 31 July 2006 Shares quoted ex-dividend in London, Hong Kong and Bermuda; American Depositary Shares quoted ex-dividend in New York 16 August 2006 Record date and closure of Hong Kong Overseas Branch Register of shareholders for one day 18 August 2006 Shares quoted ex-dividend in Paris 21 August 2006 Payment date 4 October 2006 Third interim dividend for 2006 Announcement 6 November 2006 American Depositary Shares quoted ex-dividend in New York 21 November 2006 Shares quoted ex-dividend in London, Hong Kong and Bermuda 22 November 2006 Record date and closure of Hong Kong Overseas Branch Register of shareholders for one day 24 November 2006 Shares quoted ex-dividend in Paris 27 November 2006 Payment date 18 January 2007 Fourth interim dividend for 2006 Announcement 5 March 2007 Shares quoted ex-dividend in London, Hong Kong and Bermuda; American Depositary Shares quoted ex-dividend in New York 21 March 2007 Record date and closure of Hong Kong Overseas Branch Register of shareholders for one day 23 March 2007 Shares quoted ex-dividend in Paris 26 March 2007 Payment date 10 May 2007 21. News release Copies of this news release may be obtained from Group Corporate Affairs, HSBCHoldings plc, 8 Canada Square, London E14 5HQ, United Kingdom; The Hongkong andShanghai Banking Corporation Limited, 1 Queen's Road Central, Hong Kong; HSBCBank USA, 452 Fifth Avenue, New York, NY 10018, USA; HSBC France, Direction dela Communication, 103 avenue des Champs Elysees, 75419 Paris Cedex 08, France.The news release will also be available on the HSBC Group website -www.hsbc.com. 22. For further information contact: London Hong KongMichael Broadbent David HallDirector of Group Corporate Affairs Head of Group Public Affairs (Asia)Telephone: +44 20 7991 8980 Telephone: +852 2822 1133 Richard Beck Gareth HewettHead of Group External Relations Senior External Relations ManagerTelephone: +44 20 7991 0633 Telephone: +852 2822 4929 Patrick McGuinnessSenior Manager Investor RelationsTelephone: +44 20 7992 1938 Chicago ParisLisa Sodeika Chantal NedjibExecutive Vice President, Managing Director, Corporate Affairs Corporate CommunicationsTelephone: +1 847 564 6394 Telephone: +33 1 40 70 7729 Linda Recupero Gilberte LombardExecutive Vice President, Investor Relations DirectorGroup Public Affairs Telephone: +33 1 40 70 2257Telephone: +1 212 525 3800 This information is provided by RNS The company news service from the London Stock Exchange