HK&Shanghai Bking Corp pt 2/2

HSBC Holdings PLC 30 July 2007 Additional Information 1. Net interest income Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Net interest income 29,251 23,590 Average interest-earning assets 2,498,886 2,179,207 Net interest spread 2.02% 1.76% Net interest margin 2.36% 2.18% Net interest income of HK$29,251 million was HK$5,661 million, or 24.0 per cent, higher than the first half of 2006. Higher income was attributable to strong balance sheet growth and improved deposit spreads throughout the region, coupled with higher balance sheet management income. Net interest income in Personal Financial Services rose by HK$2,637 million, or 18.3 per cent, partly due to strong growth in the deposit base in Hong Kong and in the region. Lending growth also contributed to the increase in interest income, particularly personal loans in India, Korea and at Hang Seng Bank, and credit cards in the Philippines, India, Australia and at Hang Seng Bank. In addition, strong returns were generated on investments held by the group's insurance companies, benefiting from higher yields and growth in portfolio size. Net interest income in Commercial Banking was HK$1,527 million, or 23.6 per cent, higher than the first half of 2006 mainly due to balance sheet growth, notably in Hong Kong, India, mainland China and Singapore, and the widening of deposit spreads. In Corporate, Investment Banking and Markets, net interest income increased significantly as a result of strong balance sheet management income, reflecting the replacement of maturing assets at higher yields. This was coupled with business growth in the payments and cash management and securities services businesses and improved deposits spreads, notably in mainland China, India, Hong Kong and Taiwan. Average interest-earning assets rose by HK$319.7 billion, or 14.7 per cent, to HK$2,498.9 billion. Average advances to customers grew by HK$77.9 billion, or 7.6 per cent, with strong increases in corporate loans in mainland China and India, and a small rise in average mortgage balances in Hong Kong coupled with stronger growth in India and Singapore, partly offset by the disposal of the broker-originated mortgage business in Australia and the reclassification of part of the mortgage book in New Zealand as 'held for sale' which is in the 'Other assets' category. Average credit card balances rose in most areas, notably Hong Kong, Australia, India, the Philippines and Thailand, and personal instalment loans grew, most significantly in India and Korea. Average placements with banks were HK$151.9 billion higher, and holdings of available-for-sale securities rose by HK$82.0 billion, reflecting the deployment of the commercial surplus. The group's net interest margin of 2.36 per cent for the first half of 2007 was 18 basis points higher than the comparable period in 2006. Net interest spread improved by 26 basis points, while the contribution from net free funds declined by eight basis points reflecting the deployment of funds into trading assets. For the bank in Hong Kong, net interest margin increased by 19 basis points to 2.27 per cent for the first half of 2007. Spread rose by 29 basis points, benefiting from higher yields on money market placements and debt securities, and improved deposit spreads, particularly on US dollar current and savings accounts as US dollar interest rates rose. This was partly offset by lower spreads on mortgages and term lending as Hong Kong dollar lending rates decreased. The contribution from net free funds decreased by 10 basis points primarily due to the reduction of free funds as a result of redeployment of surplus funds into trading assets. At Hang Seng Bank, net interest margin improved by nine basis points to 2.46 per cent, benefiting from wider deposit spreads and the better yields on the balance sheet management portfolio. Balance sheet management income improved as lower-yielding securities gradually matured and were replaced by higher-yielding assets. Net interest spread rose by five basis points to 1.87 per cent while the contribution from net free funds increased by four basis points, benefiting from the rise in market interest rates and from interest-free customer balances. Notwithstanding the benefit from higher interest rates, the pricing of residential mortgages and corporate lending was still under pressure due to intense market competition. In the rest of Asia-Pacific, net interest margin at 2.30 per cent was 15 basis points higher than the first half of 2006, and spread increased by 33 basis points to 2.09 per cent. In mainland China, spread improved as the increase in lending rates outweighed the increase in deposit rates, coupled with a better funding structure comprising a higher proportion of low cost customer deposits. Spread improved in Indonesia as funding costs decreased following interest rate cuts. In the Philippines, local interest rates dropped but strong growth in high-yielding credit card receivables more than offset the decline in yields for other lending products. India benefited from higher margins on customer accounts in a rising interest rate environment as savings rates were contained, and yields improved on the back of strong growth in credit card advances and personal loans. The contribution from net free funds dropped by 18 basis points mainly due to an increase in net trading assets in Korea, mainland China and Australia. 2. Net fee income Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Account services 778 709 Credit facilities 689 640 Import/export 1,582 1,400 Remittances 817 684 Securities/stockbroking 4,261 2,572 Cards 2,025 2,348 Insurance 277 154 Unit trusts 2,227 1,227 Funds under management 1,781 1,658 Other 2,959 1,793 Fee income 17,396 13,185 Fee expense (2,313) (2,271) 15,083 10,914 Net fee income was HK$4,169 million, or 38.2 per cent, higher than the first half of 2006. Securities broking and custody fees rose by 65.7 per cent, reflecting significantly higher stock market turnover and IPO activity in Hong Kong. The buoyant stock markets also stimulated demand for unit trusts and fee income increased by 81.5 per cent. Trade finance income was 13.0 per cent higher, notably in India, Hong Kong and mainland China, and in part due to the transfer into the group of HSBC's South African operations in the second quarter of 2007. Remittance and other account fees grew, reflecting the group's strong transactional capabilities. Gross fee income from credit cards was impacted by a loss of revenues in Taiwan as credit card activity fell in the wake of the country's curbs on consumer credit growth, and by the transfer in August 2006 of the majority of the merchant acquiring business to the joint venture company set up with Global Payments Inc. However, there was strong growth in issuing fees elsewhere in the region, notably India, Hong Kong and the Philippines, due to an increase in the number of cards in circulation and higher cardholder spending. 'Other' includes investment banking fees which were higher as several IPO mandates in Hong Kong were won, and an increase in commissions received from fellow HSBC Group companies in respect of treasury business. 3. Gains less losses from financial investments Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Available-for-sale financial investments 420 1,150 420 1,150 The profit on the disposal of available-for-sale securities in 2007 largely comprises gains on the sale of equity shares and further disposals of Philippine government securities. Prior year gains include the profits made on the sale of part of the group's stake in UTI Bank, and also on Philippine government securities. 4. Other operating income Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Rental income from investment properties 77 109 Movement in present value of in-force insurance business 629 632 Profit on disposal of property, plant and equipment, and assets held for sale 16 337 Profit on disposal of subsidiaries, associates and business portfolios 35 - Net gains or losses from the disposal or revaluation of investment properties 275 477 Other 1,044 895 2,076 2,450 Profit on the disposal of property, plant and equipment was lower than in 2006 due to the non-recurrence of gains made on the sale of a commercial property in Hong Kong. Gains on investment properties decreased reflecting lower property sales and due to a lower revaluation surplus as property price rises in Hong Kong slowed. 'Other' largely comprises recoveries of IT and other operating costs from fellow HSBC Group companies which were incurred on their behalf. 5. Gains arising from dilution of investments in associates During the period, two associates of the group, Bank of Communications Limited and Industrial Bank Co., Ltd., issued new shares. The group did not subscribe for any additional shares issued under these offers and, as a result, its interests in the associates' equity decreased from 19.90 per cent to 18.60 per cent and from 15.98 per cent to 12.78 per cent, respectively. The net assets of both Bank of Communications and Industrial Bank increased substantially when they received the proceeds from the new share issues. After the new issues, the group's share of the net assets of both associates increased by HK$4,632 million compared to the share of the net assets immediately prior. This increase in the group's share of net assets was regarded as a gain arising from deemed disposals of part of its interests in the associates and has been presented in the consolidated income statement. The gains resulting from the dilution of the group's investments in the associates were HK$3,167 million and HK$1,465 million in respect of Bank of Communications and Industrial Bank respectively. The dilution of the interests does not affect the classification of the group's investments as investments in associates. 6. Loan impairment charges and other credit risk provisions Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Net charge for impairment of customer advances - Individually assessed impairment allowances: New allowances 983 815 Releases (323) (556) Recoveries (93) (133) 567 126 - Net charge for collectively assessed impairment allowances 2,084 2,434 2,651 2,560 Net (release)/charge for other credit risk provisions (16) 23 2,635 2,583 The net charge for loan impairment and other credit risk provisions was HK$52 million higher than in the first half of 2006. The charge for new individually assessed allowances was higher, largely attributable to the downgrading of certain corporate customers with activities in Thailand and mainland China. Releases and recoveries were lower, mainly relating to corporates in Hong Kong and mainland China. The net charge for collectively assessed allowances decreased, due to lower charges in Taiwan and Indonesia where delinquency rates for personal unsecured lending have improved. Charges rose in other parts of the region, reflecting higher credit card and other personal lending volumes, particularly in India, Hong Kong, Thailand and Australia. Delinquency levels rose in Thailand due to a deterioration in economic conditions, coupled with a rise in the minimum monthly repayment amount on credit cards. Included in the net release of other credit risk provisions is an impairment charge of HK$8 million against an available-for-sale investment (half-year ended 30 June 2006: nil). 7. Employee compensation and benefits Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Wages and salaries 7,832 6,852 Performance-related pay 3,602 2,655 Social security costs 141 143 Retirement benefit costs 536 459 12,111 10,109 Staff numbers by region^ At 30Jun07 At 30Jun06 Hong Kong 25,786 25,655 Rest of Asia-Pacific 30,826 29,069 Total 56,612 54,724 ^ Full-time equivalent Staff costs increased by HK$2,002 million, or 19.8 per cent, compared with the first half of 2006. Salaries rose by 14.3 per cent, in line with increases in headcount throughout the region, and due to annual salary rises. Staff numbers rose significantly in India and Indonesia reflecting the establishment of the consumer finance business and expansion of the sales force, and in mainland China to support new branch openings. Ownership of the group service centre in Guangdong was transferred to another HSBC Group entity in August 2006 with a resultant decrease in headcount of approximately 4,000 in the rest of the Asia-Pacific region. Performance-related pay increased in line with improved operating revenues, higher dealing income and the increase in headcount. 8. General and administrative expenses Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Premises and equipment - Rental expenses 903 727 - Amortisation of prepaid operating lease payments 29 29 - Other premises and equipment 1,155 1,124 2,087 1,880 Marketing and advertising expenses 1,675 1,395 Other administrative expenses 3,845 3,039 Litigation and other provisions (450) 3 7,157 6,317 The increase in general and administrative expenses of HK$840 million, or 13.3 per cent, reflected additional costs incurred in business expansion throughout the region. Premises and equipment costs rose due to new branch openings and rent increases. Marketing expenditure was higher, with higher credit card bonus point redemption costs, brand advertising at airports in mainland China, campaigns to support the launch of HSBC Direct in Korea, and retail banking promotions at Hang Seng Bank. Technology costs also increased as the group continued to improve its customer relationship management systems and internet banking capabilities. 9. Tax expense The tax expense in the consolidated income statement comprises: Half-year ended Half-year ended Figures in HK$m 30Jun07 30Jun06 Current income tax - Hong Kong profits tax 3,609 2,797 - Overseas taxation 2,211 1,709 Deferred taxation 584 63 6,404 4,569 The effective rate of tax for the first half of 2007 was 16.4 per cent, compared with 17.9 per cent for the first half of 2006. The decrease was attributable to the dilution gains on investments in associates being tax-exempt. 10. Dividends Half-year ended Half-year ended 30Jun07 30Jun06 HK$ HK$m HK$ HK$m per share per share Dividends paid on ordinary share capital - Paid 0.56 5,000 0.42 3,757 - Proposed 0.61 5,500 0.61 5,500 1.17 10,500 1.03 9,257 11. Advances to customers Figures in HK$m At 30Jun07 At 31Dec06 Gross advances to customers 1,161,956 1,050,625 Impairment allowances: - Individually assessed (2,284) (2,118) - Collectively assessed (4,681) (4,725) (6,965) (6,843) 1,154,991 1,043,782 Allowances as a percentage of gross advances to customers: - Individually assessed 0.20% 0.20% - Collectively assessed 0.40% 0.45% Total allowances 0.60% 0.65% 12. Impairment allowances against advances to customers Individually Collectively assessed assessed Figures in HK$m allowances allowances Total At 1Jan07 2,118 4,725 6,843 Amounts written off (485) (2,425) (2,910) Recoveries of advances written off in previous years 92 329 421 Net charge to income statement 567 2,084 2,651 Unwinding of discount of loan impairment (50) (112) (162) Exchange and other adjustments 42 80 122 At 30Jun07 2,284 4,681 6,965 13. Impaired advances to customers and allowances The geographical information shown below, and in note 14, has been classified by location of the principal operations of the subsidiary company or, in the case of the bank, by location of the branch responsible for advancing the funds. Rest of Figures in HK$m Hong Kong Asia-Pacific Total Half-year ended 30Jun07 Impairment charge 641 2,010 2,651 Half-year ended 30Jun06 Impairment charge 514 2,046 2,560 At 30Jun07 Advances to customers which are considered to be impaired are as follows: Gross impaired advances 3,649 5,587 9,236 Individually assessed allowances (924) (1,360) (2,284) 2,725 4,227 6,952 Individually assessed allowances as a percentage of gross impaired advances 25.3% 24.3% 24.7% Gross impaired advances as a percentage of gross advances to customers 0.5% 1.1% 0.8% Rest of Figures in HK$m Hong Kong Asia-Pacific Total At 31Dec06 Advances to customers which are considered to be impaired are as follows: Gross impaired advances 3,530 5,071 8,601 Individually assessed allowances (1,016) (1,102) (2,118) 2,514 3,969 6,483 Individually assessed allowances as a percentage of gross impaired advances 28.8% 21.7% 24.6% Gross impaired advances as a percentage of gross advances to customers 0.6% 1.2% 0.8% Impaired advances to customers are those advances where objective evidence exists that full repayment of principal or interest is considered unlikely. Individually assessed allowances are made after taking into account the value of collateral held in respect of such advances. 14. Analysis of advances to customers based on categories used by the HSBC Group The following analysis of advances to customers is based on categories used by the HSBC Group, including The Hongkong and Shanghai Banking Corporation Limited and its subsidiaries, for risk management purposes. Rest of Figures in HK$m Hong Kong Asia-Pacific Total At 30Jun07 Residential mortgages 188,455 122,593 311,048 Hong Kong SAR Government's Home Ownership Scheme, Private Sector Participation Scheme and Tenants Purchase Scheme mortgages 31,050 - 31,050 Credit card advances 30,543 22,996 53,539 Other personal 65,483 39,123 104,606 Total personal 315,531 184,712 500,243 Commercial, industrial and international trade 130,546 165,056 295,602 Commercial real estate 89,298 45,366 134,664 Other property-related lending 59,292 16,921 76,213 Government 2,785 5,016 7,801 Other commercial 41,758 46,940 88,698 Total corporate and commercial 323,679 279,299 602,978 Non-bank financial institutions 28,700 25,784 54,484 Settlement accounts 3,935 316 4,251 Total financial 32,635 26,100 58,735 Gross advances to customers 671,845 490,111 1,161,956 Individually assessed impairment allowances (924) (1,360) (2,284) Collectively assessed impairment allowances (1,699) (2,982) (4,681) Net advances to customers 669,222 485,769 1,154,991 At 31Dec06 Residential mortgages 191,522 112,905 304,427 Hong Kong SAR Government's Home Ownership Scheme, Private Sector Participation Scheme and Tenants Purchase Scheme mortgages 31,708 - 31,708 Credit card advances 31,315 19,999 51,314 Other personal 30,778 35,909 66,687 Total personal 285,323 168,813 454,136 Commercial, industrial and international trade 130,994 133,560 264,554 Commercial real estate 94,706 36,052 130,758 Other property-related lending 53,832 15,627 69,459 Government 4,283 6,727 11,010 Other commercial 43,186 38,781 81,967 Total corporate and commercial 327,001 230,747 557,748 Non-bank financial institutions 18,138 16,471 34,609 Settlement accounts 3,774 358 4,132 Total financial 21,912 16,829 38,741 Gross advances to customers 634,236 416,389 1,050,625 Individually assessed impairment allowances (1,016) (1,102) (2,118) Collectively assessed impairment allowances (1,822) (2,903) (4,725) Net advances to customers 631,398 412,384 1,043,782 Net advances to customers increased by HK$111.2 billion, or 10.7 per cent, since the end of 2006. Net advances in Hong Kong grew by HK$37.8 billion, or 6.0 per cent, since the end of 2006. This was primarily attributable to IPO financing loans, mainly to personal customers, reflecting the significant IPO activity in the first half of 2007. Mortgage balances were marginally lower due to muted demand and intense price competition. Corporate and commercial balances fell slightly although advances to smaller businesses grew, particularly to manufacturers with operations in mainland China. In the rest of Asia-Pacific, net advances rose by HK$73.4 billion, or 17.8 per cent, since the end of 2006. Mortgage balances grew by 8.6 per cent with increases in Australia, India and Singapore. Credit card advances rose by 15.0 per cent, notably in Australia, India, Thailand and the Philippines, and the growth in other personal lending was largely attributable to business expansion in India. Lending to corporate and commercial customers rose by HK$48.6 billion, notably in mainland China, Singapore, India and Mauritius. 15. Customer accounts Figures in HK$m At 30Jun07 At 31Dec06 Current accounts 346,060 292,450 Savings accounts 839,011 785,659 Other deposit accounts 978,153 911,358 2,163,224 1,989,467 Customer accounts increased by HK$173.8 billion, or 8.7 per cent, since the end of 2006. In Hong Kong, customer accounts rose by HK$71.6 billion, or 5.0 per cent, in the first half of 2007 following successful deposit campaigns. Deposits from personal customers increased by HK$23.9 billion, or 2.6 per cent, and in Commercial Banking and Corporate, Investment Banking and Markets, customer account balances grew by HK$47.7 billion, or 9.2 per cent. In the rest of Asia-Pacific, customer accounts increased by HK$102.2 billion, or 18.5 per cent, as the group continued to expand the deposit base throughout the region, with particular focus on attracting high net worth accounts through HSBC Premier and increasing corporate balances by growing the payments and cash management and securities services businesses. Deposits from personal customers increased by HK$30.8 billion, or 15.2 per cent, notably in mainland China, Singapore, India and Australia. Customer account balances held by corporate customers rose by HK$71.4 billion, or 20.3 per cent, largely in Singapore, mainland China, Australia and Taiwan. The group's advances-to-deposits ratio increased to 53.4 per cent at 30 June 2007, from 52.5 per cent at 31 December 2006. 16. Reserves Figures in HK$m At 30Jun07 At 31Dec06 Other reserves - Property revaluation reserve 5,785 4,798 - Available-for-sale investment reserve 38,409 25,812 - Cash flow hedge reserve (416) (166) - Foreign exchange reserve 5,795 2,805 - Other 7,089 2,265 56,662 35,514 Retained profits 95,645 80,942 Total reserves 152,307 116,456 The bank and its banking subsidiary companies operate under regulatory jurisdictions which require the maintenance of minimum impairment allowances in excess of those required under Hong Kong Financial Reporting Standards. At 30 June 2007, the effect of this requirement is to restrict the amount of reserves which can be distributed to shareholders by HK$3,093 million (31 December 2006: HK$1,689 million). The property revaluation reserve includes an amount of HK$206 million in relation to properties classified as assets held for sale (31 December 2006: HK$62 million). An amount of HK$4,632 million, being the amount of the gains arising from the dilution of investments in associates, has been transferred from retained profits to other reserves. 17. Contingent liabilities and commitments Figures in HK$m At 30Jun07 At 31Dec06 Contract amount Contingent liabilities 119,489 100,999 Commitments 1,143,308 1,039,819 1,262,797 1,140,818 18. Segmental analysis The allocation of earnings reflects the benefits of shareholders' funds to the extent that these are actually allocated to businesses in the segment by way of intra-group capital and funding structures. Common costs are included in segments on the basis of the actual recharges made. Geographical information has been classified by the location of the principal operations of the subsidiary company or, in the case of the bank, by the location of the branch responsible for reporting the results or advancing the funds. Due to the nature of the group structure, the analysis of profits shown below includes intra-group items between geographical regions. Consolidated income statement Intra- Rest of segment Figures in HK$m Hong Kong Asia-Pacific elimination Total Half-year ended 30Jun07 Interest income 45,937 25,425 (3,812) 67,550 Interest expense (26,335) (15,785) 3,821 (38,299) Net interest income 19,602 9,640 9 29,251 Fee income 11,779 6,040 (423) 17,396 Fee expense (1,670) (1,066) 423 (2,313) Net trading income 2,574 4,386 (6) 6,954 Net income from financial instruments designated at fair value 1,661 629 (3) 2,287 Gains less losses from financial investments 256 164 - 420 Gains arising from dilution of investments in associates - 4,632 - 4,632 Dividend income 181 165 - 346 Net earned insurance premiums 11,208 850 - 12,058 Other operating income 3,260 280 (1,464) 2,076 Total operating income 48,851 25,720 (1,464) 73,107 Net insurance claims incurred and movement in policyholders' liabilities (11,824) (1,106) - (12,930) Net operating income before loan impairment charges and other credit risk provisions 37,027 24,614 (1,464) 60,177 Loan impairment charges and other credit risk provisions (629) (2,006) - (2,635) Net operating income 36,398 22,608 (1,464) 57,542 Operating expenses (12,019) (9,985) 1,464 (20,540) Operating profit 24,379 12,623 - 37,002 Share of profit in associates and joint venture 103 1,898 - 2,001 Profit before tax 24,482 14,521 - 39,003 Tax expense (3,941) (2,463) - (6,404) Profit for the period 20,541 12,058 - 32,599 Profit attributable to shareholders 17,628 11,359 - 28,987 Profit attributable to minority interests 2,913 699 - 3,612 Half-year ended 30Jun06 Interest income 38,238 19,254 (3,747) 53,745 Interest expense (22,167) (11,735) 3,747 (30,155) Net interest income 16,071 7,519 - 23,590 Fee income 8,491 4,998 (304) 13,185 Fee expense (1,518) (1,057) 304 (2,271) Net trading income 1,816 2,646 - 4,462 Net income from financial instruments designated at fair value 64 (36) - 28 Gains less losses from financial investments 945 205 - 1,150 Gains arising from dilution of investments in associates - - - - Dividend income 579 12 - 591 Net earned insurance premiums 10,218 694 - 10,912 Other operating income 3,183 523 (1,256) 2,450 Total operating income 39,849 15,504 (1,256) 54,097 Net insurance claims incurred and movement in policyholders' liabilities (9,253) (491) - (9,744) Net operating income before loan impairment charges and other credit risk provisions 30,596 15,013 (1,256) 44,353 Loan impairment charges and other credit risk provisions (544) (2,039) - (2,583) Net operating income 30,052 12,974 (1,256) 41,770 Operating expenses (10,762) (7,983) 1,256 (17,489) Operating profit 19,290 4,991 - 24,281 Share of profit in associates 81 1,154 - 1,235 Profit before tax 19,371 6,145 - 25,516 Tax expense (2,968) (1,601) - (4,569) Profit for the period 16,403 4,544 - 20,947 Profit attributable to shareholders 14,006 4,465 - 18,471 Profit attributable to minority interests 2,397 79 - 2,476 19. Accounting policies The accounting policies applied in preparing this news release are the same as those applied in preparing the accounts for the year ended 31 December 2006, as disclosed in the Annual Report and Accounts for 2006. 20. Additional information Additional financial information, including the group's capital ratios, relating to the period ended 30 June 2007, prepared in accordance with the Banking (Disclosure) Rules made under section 60A of the Banking Ordinance, will be made available on our website: www.hsbc.com.hk. A further press release will be issued to announce the availability of this information. 21. Statutory accounts The information in this news release is not audited and does not constitute statutory accounts. Certain financial information in this news release is extracted from the statutory accounts for the year ended 31 December 2006 which have been delivered to the Registrar of Companies and the Hong Kong Monetary Authority. The Auditors expressed an unqualified opinion on those statutory accounts in their report dated 5 March 2007. The Annual Report and Accounts for the year ended 31 December 2006, which include the statutory accounts, can be obtained on request from Group Public Affairs, The Hongkong and Shanghai Banking Corporation Limited, 1 Queen's Road Central, Hong Kong, and may be viewed on our website: www.hsbc.com.hk. 22. Ultimate holding company The Hongkong and Shanghai Banking Corporation Limited is an indirectly-held, wholly-owned subsidiary of HSBC Holdings plc. 23. Statement of compliance The information in this news release for the half-year ended 30 June 2007 complies with Hong Kong Accounting Standard 34, Interim Financial Reporting. This information is provided by RNS The company news service from the London Stock Exchange

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