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Statement of Income
1999-12-31
CONSOLIDATED STATEMENT OF INCOME (Unaudited)

1999

1998

(US$ million)       

OPERATING INCOME

Interest income

1472 

1710 

Interest expense

(1038)

(1283)


Net interest income

434 

427 

Other operating income

256 

322 


TOTAL OPERATING INCOME

690 

749 


Provision for losses on loans and advances, net of recoveries

(97)

(229)


NET OPERATING INCOME AFTER PROVISIONS

593 

520 


OPERATING EXPENSES

Staff

265 

266 

Premises and equipment

54 

54 

Other

110 

107 


Total operating expenses

429 

427 


 

 

 

PROFIT BEFORE TAXATION AND MINORITY INTERESTS

164 

93 

 

 

 

Taxation on foreign operations

(31)

(40)

Minority interests in subsidiaries

(21)

(28)


NET PROFIT FOR THE PERIOD

112 

25 


EARNINGS PER SHARE (expressed in US dollars)

1.19 

0.27 


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