Three months ended
31 March

2002
(US$ million)

2001
(US$ million)

OPERATING INCOME

Interest income

291 

422 

Interest expense

(172)

(307)

Net interest income

 119 

115 

Other operating income

63 

71 

TOTAL OPERATING INCOME

182 

186 

Provision for losses on loans and advances, net of recoveries

(15)

(15)

NET OPERATING INCOME AFTER PROVISIONS

167 

171 

OPERATING EXPENSES

Staff

68 

68 

Premises and equipment

14 

14 

Other

29 

27 

Total operating expenses

111 

109 

PROFIT BEFORE TAXATION AND MINORITY INTERESTS

56 

62 

Taxation on foreign operations

(13)

(16)

Minority interests in subsidiaries

(9)

(10)

NET PROFIT FOR THE PERIOD

34 

36 

EARNINGS PER SHARE (expressed in US dollars)

0.36 

0.38