1 January to 30 June 1999

1 January to 30 June 1998

(US$ million)

OPERATING INCOME

Interest income

721 

854 

Interest expense

(496)

(649)

Net interest income

225 

205 

Other operating income

128 

185 

TOTAL OPERATING INCOME

353 

390 

Provision for losses on loans and advances, net of recoveries

(48)

(91)

NET OPERATING INCOME AFTER PROVISIONS

305 

299 

OPERATING EXPENSES

Staff

124 

128 

Premises and equipment

26 

27 

Other

55 

49 

Total operating expenses

205 

204 

PROFIT BEFORE TAXATION AND MINORITY INTERESTS

100 

95 

Taxation on foreign operations

(23)

(23)

Minority interests in subsidiaries

(17)

(23)

NET PROFIT FOR THE PERIOD

60 

49 

EARNINGS PER SHARE (expressed in US dollars)

0.64 

0.52