1 January
to
31 March 1999

1 January
to
31 March 1998

(US$ million)       

OPERATING INCOME

Interest income

371 

424 

Interest expense

(257)

322 

Net interest income

 114 

102 

Other operating income

 63 

113 

TOTAL OPERATING INCOME

177 

215 

Provision for losses on loans and advances, net of recoveries

(19)

(53)

NET OPERATING INCOME AFTER PROVISIONS

158 

162 

OPERATING EXPENSES

Staff

63 

65 

Premises and equipment

13 

13 

Other

28 

26 

Total operating expenses

104 

104 

PROFIT BEFORE TAXATION AND MINORITY INTERESTS

54 

58 

Taxation on foreign operations

(16)

(11)

Minority interests in subsidiaries

(9)

(12)

NET PROFIT FOR THE PERIOD

29 

35 

EARNINGS PER SHARE (expressed in US dollars)

0.31 

0.37