(US$ million)

Three months
1 April to 30 June

Six months
1 January to 30 June

2002

2001

2002

2001

OPERATING INCOME

Interest income

301 

399 

592 

821 

Interest expense

(185)

(281)

(357)

(588)

Net interest income

116 

118 

 235 

233 

Other operating income

61 

83 

124 

154 

TOTAL OPERATING INCOME

177 

201 

359 

387 

Provision for losses on loans and advances, net of recoveries

(31)

(19)

(46)

(34)

NET OPERATING INCOME AFTER PROVISIONS

146 

182 

313 

353 

OPERATING EXPENSES

Staff

68 

77 

136 

145 

Premises and equipment

15 

15 

29 

29 

Other

30 

27 

59 

54 

Total operating expenses

113 

119 

224 

228 

PROFIT BEFORE TAXATION AND MINORITY INTERESTS

33 

63 

89 

125 

Taxation on foreign operations

(11)

(15)

(24)

(31)

Minority interests in subsidiaries

(5)

(10)

(14)

(20)

NET PROFIT FOR THE PERIOD

17 

38 

51 

74 

EARNINGS PER SHARE (expressed in US dollars)

0.18 

0.40 

0.54 

0.78