Interim Report - 7 of 28

RNS Number : 8944L

HSBC Holdings PLC

16 August 2013

 



Geographical regions

	Page		Tables	Page
Summary .................................................................	61		Profit/(loss) before tax .................................................	61
			Total assets ..................................................................	62
			Risk-weighted assets .....................................................	62
Selected items included in profit before tax by geographical region .................................................	62		Fair value movements arising from changes in own credit spreads ...........................................................	62
			Acquisitions, disposals and dilutions ............................	62
Europe ......................................................................	63
Economic background ................................................	63
Review of performance ..............................................	63		Profit/(loss) before tax by country within global businesses ................................................................	64
			Operating expenses in Europe .....................................	65
			Profit/(loss) before tax and balance sheet data ............	66
Hong Kong ...............................................................	69
Economic background ................................................	69
Review of performance ..............................................	69		Profit/(loss) before tax by global business ....................	70
			Profit/(loss) before tax and balance sheet data ............	71
Rest of Asia-Pacific .................................................	74
Economic background ................................................	74
Review of performance ..............................................	75		Profit/(loss) before tax by country within global businesses ................................................................	75
			Profit before tax and balance sheet data ......................	77
Middle East and North Africa .................................	80
Economic background ................................................	80
Review of performance ..............................................	80		Profit/(loss) before tax by country within global businesses ................................................................	81
			Profit/(loss) before tax and balance sheet data ............	83
North America .........................................................	86
Economic background ................................................	86
Review of performance ..............................................	86		Profit/(loss) before tax by country within global businesses ................................................................	87
			Profit/(loss) before tax and balance sheet data ............	90
Latin America ..........................................................	93
Economic background ................................................	93
Review of performance ..............................................	93		Profit/(loss) before tax by country within global businesses ................................................................	94
			Profit/(loss) before tax and balance sheet data ............	96

Summary

In the analysis of profit and loss by geographical region that follows, operating income and operating expenses include intra‑HSBC items of US$1,591m (first half of 2012: US$1,630m; second half of 2012: US$1,728m).

 

Profit/(loss) before tax

	Half-year to
	30 June 2013				30 June 2012				31 December 2012
	US$m		%		US$m		%		US$m		%
Europe ......................................................	2,768		19.7		(667)		(5.2)		(2,747)		(34.7)
Hong Kong ...............................................	4,205		29.9		3,761		29.5		3,821		48.3
Rest of Asia-Pacific ..................................	5,057		35.9		4,372		34.3		6,076		76.8
Middle East and North Africa ...................	909		6.5		772		6.1		578		7.3
North America .........................................	666		4.7		3,354		26.3		(1,055)		(13.3)
Latin America ..........................................	466		3.3		1,145		9.0		1,239		15.6
	14,071		100.0		12,737		100.0		7,912		100.0

Total assets⁵³

	At 30 June 2013				At 30 June 2012				At 31 December 2012
	US$m		%		US$m		%		US$m		%
Europe ......................................................	1,365,534		51.6		1,375,553		51.9		1,389,240		51.6
Hong Kong ...............................................	528,712		20.0		486,608		18.3		518,334		19.3
Rest of Asia-Pacific ..................................	325,271		12.3		334,978		12.6		342,269		12.7
Middle East and North Africa ...................	63,292		2.4		62,881		2.4		62,605		2.3
North America .........................................	473,218		17.9		500,590		18.9		490,247		18.2
Latin America ..........................................	123,032		4.7		138,968		5.2		131,277		4.9
Intra-HSBC items .....................................	(233,743)		(8.9)		(247,244)		(9.3)		(241,434)		(9.0)
	2,645,316		100.0		2,652,334		100.0		2,692,538		100.0

For footnote, see page 100.

Risk-weighted assets⁶⁵

	At 30 June 2013				At 30 June 2012				At 31 December 2012
	US$bn		%		US$bn		%		US$bn		%
Total ........................................................	1,104.8				1,159.9				1,123.9
Europe ......................................................	305.4		27.4		329.5		27.9		314.7		27.6
Hong Kong ...............................................	128.1		11.5		108.0		9.1		111.9		9.8
Rest of Asia-Pacific ..................................	285.0		25.5		303.2		25.7		302.2		26.4
Middle East and North Africa ...................	64.2		5.8		63.0		5.3		62.2		5.4
North America .........................................	236.4		21.1		279.2		23.6		253.0		22.2
Latin America ..........................................	96.7		8.7		99.8		8.4		97.9		8.6

For footnote, see page 100.

Selected items included in profit before tax by geographical region

Fair value movements arising from changes in own credit spreads²⁰

	Half-year to
	30 June		30 June		31 December
	2013		2012		2012
	US$m		US$m		US$m
Europe .........................................................................................................	3		(1,605)		(2,505)
Rest of Asia-Pacific ......................................................................................	1		(2)		(1)
Middle East and North Africa .......................................................................	(1)		(4)		(8)
North America .............................................................................................	(22)		(559)		(531)
	(19)		(2,170)		(3,045)

Acquisitions, disposals and dilutions⁵⁴

	Half-year to
	30 June		30 June		31 December
	2013		2012		2012
	US$m		US$m		US$m
Europe .........................................................................................................	(11)		-		(3)
Hong Kong ...................................................................................................	-		28		392
Rest of Asia-Pacific ......................................................................................	1,116		1,025		3,639
Middle East and North Africa .......................................................................	-		27		(45)
North America .............................................................................................	(120)		4,678		183
Latin America ..............................................................................................	27		147		13
	1,012		5,905		4,179

For footnotes, see page 100.

Europe

Our principal banking operations in Europe are HSBC Bank plc in the UK, HSBC France, HSBC Bank A.S. in Turkey, HSBC Bank Malta p.l.c., HSBC Private Bank (Suisse) SA and HSBC Trinkaus & Burkhardt AG. Through these operations we provide a wide range of banking, treasury and financial services to personal, commercial and corporate customers across Europe.
	Half-year to
	30 Jun		30 Jun		31 Dec
	2013		2012		2012
	US$m		US$m		US$m
Net interest income .....	5,250		5,073		5,321
Net fee income ............	2,969		3,023		3,146
Net trading income ......	4,339		1,851		856
Other expense .............	(1,084)		(280)		(1,382)
Net operating income22 ..................................	11,474		9,667		7,941
LICs55 ..........................	(846)		(1,037)		(884)
Net operating income ..................................	10,628		8,630		7,057
Total operating expenses ..................................	(7,862)		(9,289)		(9,806)
Operating profit/(loss) ..................................	2,766		(659)		(2,749)
Income/(expense) from associates56 ...............	2		(8)		2
Profit/(loss) before tax ..................................	2,768		(667)		(2,747)
Cost efficiency ratio ....	68.5%		96.1%		123.5%
RoRWA49 ....................	1.8%		(0.4%)		(1.7%)
Period-end staff numbers ..................................	69,599		73,143		70,061
Launched two international SME funds: £5bn in the UK €1bn in France
Winner of 'Best Bank Mortgage Provider' Award (5th year running) (Moneyfacts Awards, 2013)
Over US$340m of sustainable cost savings in the first half of 2013
For footnotes, see page 100.

Economic background 

The UK economy recovered tentatively, with real Gross Domestic Product ('GDP') growing by 0.3% in the first quarter of 2013 and 0.6% in the second quarter. The labour market was resilient and employment reached new highs, while unemployment was 7.8% in the three months to May, down from 7.9% in the previous quarter. Consumer Price Index ('CPI') inflation increased slightly from 2.7% in December 2012 to 2.9% in June 2013, driven by higher transport and food costs. The Bank of England left its key interest rate of 0.5% and its stock of asset purchases at £375bn (US$560bn) unchanged.

Eurozone GDP shrank by 0.2% in the first quarter of 2013, the sixth consecutive quarter of contraction, despite a bounce in German consumer spending of 0.8%. Unemployment rose from 11.9% in December 2012 to 12.1% in June 2013. Exports continued to fall, though there were signs of stabilisation in the second quarter even in the periphery. With inflation falling from 2.5% in 2012 to 1.6% in the first half of 2013, the squeeze on real wages started to abate. In view of the weakness in economic activity and slowing inflation, the ECB cut the refi rate by 0.25% to a record low of 0.5% in May. Helped by the ECB's commitment to buy unlimited amounts of government bonds, government bond spreads in the periphery continued to narrow until late April, with only a very short-lived effect from the Italian election result and the Cyprus refinancing deal. In May and June market interest rates rose following the US Federal Reserve's suggestion that it may soon start to taper off its asset purchase programme.

Review of performance

Our European operations reported a profit before tax of US$2.8bn in the first half of 2013, compared with a loss of US$667m in the first half of 2012 (US$648m on a constant currency basis). On an underlying basis, profit before tax increased by US$1.8bn due to significantly lower operating expenses driven by a decrease in charges relating to customer redress programmes; higher GB&M revenue, which included a favourable DVA on derivative contracts; and a decline in LICs.

In RBWM, we supported the UK housing market during the first half of 2013, approving £7.1bn (US$11.0bn) of new mortgage lending to over 68,000 customers. This included £2.0bn (US$3.1bn) to over 16,000 first time buyers. The loan-to-value ratio on new lending was 59%

Profit/(loss) before tax by country within global businesses

	Retail     Banking and Wealth Management          US$m		Commercial     Banking         US$m	Global    Banking             and     Markets         US$m			Global       Private     Banking         US$m		Other         US$m		Total         US$m
Half-year to 30 June 2013
UK .............................................................	804		894		1,047		132		(657)		2,220
France46 .....................................................	130		135		302		−		(78)		489
Germany ....................................................	15		31		45		21		(6)		106
Malta .........................................................	22		29		19		−		−		70
Switzerland .................................................	−		1		1		(42)		−		(40)
Turkey .......................................................	(18)		31		72		−		(1)		84
Other .........................................................	3		(35)		82		(225)		14		(161)
	956		1,086		1,568		(114)		(728)		2,768
Half-year to 30 June 2012
UK .............................................................	(166)		521		357		108		(2,437)		(1,617)
France46 .....................................................	29		114		330		(5)		(175)		293
Germany ....................................................	16		28		153		15		(28)		184
Malta .........................................................	21		32		16		−		−		69
Switzerland .................................................	−		−		−		66		−		66
Turkey .......................................................	5		43		50		−		−		98
Other .........................................................	3		36		137		52		12		240
	(92)		774		1,043		236		(2,628)		(667)
Half-year to 31 December 2012
UK .............................................................	509		311		(468)		127		(3,918)		(3,439)
France46 .....................................................	106		89		184		(6)		(88)		285
Germany ....................................................	13		36		130		25		(44)		160
Malta .........................................................	18		20		15		−		−		53
Switzerland .................................................	−		2		1		67		−		70
Turkey .......................................................	(37)		28		54		−		1		46
Other .........................................................	(8)		(52)		27		50		61		78
	601		434		(57)		263		(3,988)		(2,747)

For footnote, see page 100.

compared with an average of 51% for the total mortgage portfolio.

In CMB, we launched two International SME funds in the UK and France of £5.0bn (US$7.6bn) and €1.0bn (US$1.3bn), respectively, supporting businesses that trade, or aspire to trade, internationally. We approved lending of £2.4bn (US$3.7bn) in the UK including the renewal of overdraft and other lending facilities, and €0.7bn (US$0.9bn) in France in the first half of 2013.

In GB&M, our Payments and Cash Management and Foreign Exchange businesses launched 'Global Disbursements' and 'FlexRate Payway' in the first half of 2013, providing our clients with the ability to make multi-currency payments more efficiently with foreign exchange rates guaranteed for an agreed period. In Credit, primary issuances increased, reflecting demand for financing from debt capital markets, resulting in leading positions and increased market share in both the euro and sterling markets.

The following commentary is on a constant currency basis.

Net interest income increased by 5%, driven by higher residential mortgage balances due to competitive offers in RBWM in the UK and, to a lesser extent, in France, together with improved lending spreads in the UK reflecting higher spreads on new business. Customer account balances also increased, although the benefit was largely offset by deposit spread compression in the low interest rate environment. In Balance Sheet Management, net interest income was higher, reflecting portfolio growth as deposit balances rose and reduced funding costs. CMB net interest income grew, mainly in the UK, driven by growth in average lending and deposit balances, coupled with higher new business spreads.These factors were partly offset by a decline in GPB as higher yielding positions matured and opportunities for reinvestment were limited by lower prevailing yields. Narrower lending and deposit spreads also contributed to the fall in GPB net interest income.

Net fee income decreased by US$30m, mainly in RBWM due to higher fees paid under partnership agreements, coupled with lower brokerage fees in GPB due to a reduction in client transaction volumes, in part reflecting lower market volatility and fewer large deals. These were partly offset by a rise in lending fees in CMB in the UK and higher primary market issuance fees in GB&M.

Net trading income increased by US$2.5bn to US$4.3bn. This was driven by favourable foreign exchange movements on assets held as economic hedges of foreign currency debt designated at fair value compared with adverse movements in the first half of 2012, together with a favourable DVA on derivative contracts (see page 28), a foreign exchange gain on sterling debt issued by HSBC Holdings and favourable fair value movements on non-qualifying hedges which compared with adverse movements in the first half of 2012. In addition, Foreign Exchange income rose due to increased transaction volumes which benefited from improved electronic pricing and distribution capabilities, although the rise was offset in part by margin compression. These factors were partly offset by lower Rates revenue as the first half of 2012 benefited from tightening spreads following the ECB's announcement of the Long-Term Refinancing Operation. In the current period, a strong first quarter performance was partly offset in the second quarter by more volatile market conditions. Lower adverse fair value movements from own credit spreads on structured liabilities partly offset this decline.

Net expense from financial instruments designated at fair value was broadly in line with the first half of 2012. We reported minimal movements on the fair value of our own debt, compared with adverse movements of US$1.6bn in the first half of 2012. Excluding this, net expense of US$1.0bn in the first half of 2013 compared with net income of US$662m in the first half of 2012. This decline was largely driven by adverse foreign exchange movements on foreign currency debt compared with favourable movements in the first half of 2012, with the offset reported in 'Net trading income'. In addition, there were higher adverse fair value movements from interest and exchange rate ineffectiveness in the hedging of long-term debt issued principally by HSBC Holdings and its European subsidiaries, compared with the first half of 2012. These were partly offset by higher net investment gains recognised on the fair value of assets held to meet liabilities under insurance and investment contracts than in the first half of 2012 as market conditions improved.

Gains less losses from financial investmentsdecreased by US$68m as we reported lower gains on the disposal of available-for-sale debt securities in Balance Sheet Management, mainly in the UK. This was partly offset by higher gains on disposal of equity securities in Principal Investments in GB&M.

Net earned insurance premiums decreased by 7%, mainly in RBWM in France reflecting lower sales following the run-off of business from independent financial adviser channels in the first half of 2013.

Other operating income decreased by US$534m due to a loss recognised in GPB following the reclassification of our Monaco business to 'held for sale' (see also Note 25 on the Financial Statements), coupled with a loss on sale of an HFC Bank UK secured loan portfolio in RBWM.

Net insurance claims incurred and movement in liabilities to policyholders increased by 3%, driven by net investment gains on the fair value of the assets held to support policyholder contracts in the first half of 2013. This was partly offset by lower reserves established for new business, reflecting the decline in net premium income in France.

LICs decreased by 17% to US$846m. GB&M reported lower credit risk provisions in the UK following net releases on available-for-sale ABSs, compared with charges in the first half of 2012. This was partly offset by higher individually assessed provisions in CMB on a small number of customers in the UK, and due to the challenging economic conditions in Spain.

Operating expenses decreased by 14%, driven by lower charges relating to UK customer redress programmes. We reported charges of US$412m in the first half of 2013, which included US$367m for the possible mis-selling of PPI policies in previous years. This compared with a charge of US$1.3bn in the first half of 2012, which included US$1.0bn, and US$230m (US$237m as reported), for the possible mis-selling of PPI policies and interest rate protection products, respectively. We also benefited from sustainable costs savings of over US$340m due to organisational effectiveness programmes that commenced in 2011, lower restructuring costs, and a decline in performance costs, notably in GB&M. In addition, we reported an accounting gain of US$430m relating to changes in delivering ill-health benefits to certain employees in the UK, (see page 34 and Note 5 on the Financial Statements). These factors were partly offset by higher litigation-related charges in GB&M and an operational risk provision in GPB.

Operating expenses in Europe

	Half-year to
	30 Jun		30 Jun		31 Dec
	2013		2012		2012
	US$m		US$m		US$m
HSBC Holdings ...............	612		510		1,553
UK .................................	4,760		6,195		5,798
Continental Europe ........	2,625		2,656		2,581
Intra-region eliminations	(135)		(72)		(126)
Total operating expenses .....................................	7,862		9,289		9,806

Profit/(loss) before tax and balance sheet data - Europe

	Half-year to 30 June 2013
	Retail      Banking and Wealth Management          US$m		Commercial      Banking          US$m		Global   Banking           and   Markets       US$m		Global      Private   Banking        US$m		Other        US$m		Inter-     segment elimination62         US$m		Total       US$m
Profit/(loss) before tax
Net interest income/(expense).	2,751		1,638		799		357		(310)		15		5,250
Net fee income/(expense).	1,246		844		489		397		(7)		-		2,969
Trading income excluding net interest income ...	102		26		2,958		108		538		-		3,732
Net interest income on trading activities .............	3		7		594		4		14		(15)		607
Net trading income57 ............................	105		33		3,552		112		552		(15)		4,339
Changes in fair value of long-term debt issued and related derivatives ..........	-		-		-		-		(1,347)		-		(1,347)
Net income/(expense) from other financial instruments designated at fair value ...................	296		103		(965)		-		964		-		398
Net income/(expense) from financial instruments designated at fair value ...................	296		103		(965)		-		(383)		-		(949)
Gains less losses from financial investments ........	43		(7)		332		3		2		-		373
Dividend income .....	2		1		32		4		1		-		40
Net earned insurance premiums ............	1,519		222		-		6		(1)		-		1,746
Other operating income/ (expense) ............	(149)		(21)		(11)		(274)		343		62		(50)
Total operating income ..............	5,813		2,813		4,228		605		197		62		13,718
Net insurance claims63 ...............	(1,958)		(281)		-		(5)		-		-		(2,244)
Net operating income22 ............	3,855		2,532		4,228		600		197		62		11,474
Loan impairment charges and other credit risk provisions ...........	(169)		(498)		(166)		(13)		-		-		(846)
Net operating income ..............	3,686		2,034		4,062		587		197		62		10,628
Operating expenses .	(2,731)		(950)		(2,493)		(700)		(926)		(62)		(7,862)
Operating profit/(loss) .......	955		1,084		1,569		(113)		(729)		-		2,766
Share of profit/(loss) in associates and joint ventures ......	1		2		(1)		(1)		1		-		2
Profit/(loss) before tax ......................	956		1,086		1,568		(114)		(728)		-		2,768
	%		%		%		%		%				%
Share of HSBC's profit before tax ...........	6.8		7.7		11.1		(0.8)		(5.2)				19.7
Cost efficiency ratio ............................	70.8		37.5		59.0		116.7		470.1				68.5
Balance sheet data53
	US$m		US$m		US$m		US$m		US$m				US$m
Loans and advances to customers (net) ...	161,966		100,117		147,463		23,095		795				433,436
Total assets ............	220,259		115,819		1,091,624		74,917		70,010		(207,095)		1,365,534
Customer accounts ..	187,725		121,334		199,750		45,950		890				555,649

	Half-year to 30 June 2012
	Retail        Banking   and Wealth Management           US$m		Commercial        Banking           US$m		Global     Banking            and     Markets        US$m		Global      Private     Banking        US$m		Other         US$m		Inter-       segment elimination62          US$m		Total         US$m
Profit/(loss) before tax
Net interest income/(expense) ............................	2,643		1,607		750		428		(345)		(10)		5,073
Net fee income ....... ............................	1,317		809		421		431		45		−		3,023
Trading income/(expense) excluding net interest income ...	27		12		1,126		113		(197)		−		1,081
Net interest income on trading activities .............	3		5		729		5		18		10		770
Net trading income/(expense)57 ..........................	30		17		1,855		118		(179)		10		1,851
Changes in fair value of long-term debt issued and related derivatives ..........	−		−		−		−		(1,165)		−		(1,165)
Net income/(expense) from other financial instruments designated at fair value ...................	194		36		488		−		(489)		−		229
Net income/(expense) from financial instruments designated at fair value ...................	194		36		488		−		(1,654)		−		(936)
Gains less losses from financial investments .........	5		(1)		449		(4)		−		−		449
Dividend income .....	1		1		37		3		1		−		43
Net earned insurance premiums ............	1,647		208		−		9		(4)		−		1,860
Other operating income ................	29		30		13		5		346		45		468
Total operating income/ (expense) ............	5,866		2,707		4,013		990		(1,790)		45		11,831
Net insurance claims63 ...............	(1,933)		(223)		−		(8)		−		−		(2,164)
Net operating income/ (expense)22 ..........	3,933		2,484		4,013		982		(1,790)		45		9,667
Loan impairment charges and other credit risk provisions ...........	(187)		(412)		(431)		(7)		−		−		(1,037)
Net operating income/ (expense) ............	3,746		2,072		3,582		975		(1,790)		45		8,630
Operating expenses .	(3,840)		(1,297)		(2,531)		(738)		(838)		(45)		(9,289)
Operating profit/(loss) .........	(94)		775		1,051		237		(2,628)		−		(659)
Share of profit/(loss) in associates and joint ventures ......	2		(1)		(8)		(1)		−		−		(8)
Profit/(loss) before tax .......................	(92)		774		1,043		236		(2,628)		−		(667)
	%		%		%		%		%				%
Share of HSBC's profit before tax ............	(0.7)		6.1		8.2		1.9		(20.7)				(5.2)
Cost efficiency ratio ............................	97.6		52.2		63.1		75.2		(46.8)				96.1
Balance sheet data53
	US$m		US$m		US$m		US$m		US$m				US$m
Loans and advances to customers (net) ...	157,336		101,709		156,290		29,390		720				445,445
Total assets .............	224,545		129,330		1,013,553		78,814		58,641		(129,330)		1,375,553
Customer accounts ..	181,540		116,308		171,280		59,512		889				529,529

Profit/(loss) before tax and balance sheet data - Europe (continued)

	Half-year to 31 December 2012
	Retail       Banking and Wealth Management          US$m		Commercial        Banking           US$m		Global      Banking              and      Markets          US$m		Global Private        Banking           US$m		Other           US$m		Inter-       segment elimination62           US$m		Total           US$m
Profit/(loss) before tax
Net interest income/ (expense) ......	2,794		1,621		659		392		(198)		53		5,321
Net fee income/(expense) .................	1,305		849		611		417		(36)		−		3,146
Trading income/(expense) excluding net interest income ..........	40		14		(278)		103		222		−		101
Net interest income on trading activities .......	4		9		771		9		15		(53)		755
Net trading income57 .......	44		23		493		112		237		(53)		856
Changes in fair value of long-term debt issued and related derivatives .....	−		−		−		−		(1,926)		−		(1,926)
Net income/(expense) from other financial instruments designated at fair value ...	576		103		585		−		(617)		−		647
Net income/(expense) from financial instruments designated at fair value........	576		103		585		−		(2,543)		−		(1,279)
Gains less losses from financial investments ...	(10)		−		(74)		1		(2)		−		(85)
Dividend income ......................	(1)		−		67		−		2		−		68
Net earned insurance premiums ......	1,503		230		−		33		4		−		1,770
Other operating income ..........	55		28		75		56		450		(54)		610
Total operating income/ (expense) ......	6,266		2,854		2,416		1,011		(2,086)		(54)		10,407
Net insurance claims63 .........	(2,121)		(313)		−		(32)		−		−		(2,466)
Net operating income/ (expense)22 ....	4,145		2,541		2,416		979		(2,086)		(54)		7,941
Loan impairment charges and other credit risk provisions ......................	(160)		(697)		(5)		(22)		−		−		(884)
Net operating income/ (expense) ......	3,985		1,844		2,411		957		(2,086)		(54)		7,057
Operating expenses ........	(3,385)		(1,411)		(2,468)		(693)		(1,903)		54		(9,806)
Operating profit/(loss) ...	600		433		(57)		264		(3,989)		−		(2,749)
Share of profit/(loss) in associates and joint ventures	1		1		−		(1)		1		−		2
Profit/(loss) before tax ......	601		434		(57)		263		(3,988)		−		(2,747)
	%		%		%		%		%				%
Share of HSBC's profit before tax ......	7.6		5.5		(0.7)		3.3		(50.4)				(34.7)
Cost efficiency ratio...............	81.7		55.5		102.2		70.8		(91.2)				123.5
Balance sheet data53
	US$m		US$m		US$m		US$m		US$m				US$m
Loans and advances to customers (net) ..............	170,002		105,796		156,798		29,963		881				463,440
Total assets .......	240,744		132,718		1,044,507		76,145		75,513		(180,387)		1,389,240
Customer accounts ........	191,024		121,648		184,473		57,125		739				555,009

For footnotes, see page 100.

 

END

 

 

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