Three months ended
31 March

2003
(US$ million)

2002
(US$ million)

OPERATING INCOME

Interest income

275 

291 

Interest expense

(159)

(172)

Net interest income

 116 

119 

Other operating income

84 

63 

TOTAL OPERATING INCOME

200 

182 

Provision for losses on loans and advances, net of recoveries

(30)

(15)

NET OPERATING INCOME AFTER PROVISIONS

170 

167 

OPERATING EXPENSES

Staff

72 

68 

Premises and equipment

16 

14 

Other

30 

29 

Total operating expenses

118 

111 

PROFIT BEFORE TAXATION AND MINORITY INTERESTS

52 

56 

Taxation on foreign operations

(14)

(13)

Minority interests in subsidiaries

(11)

(9)

NET PROFIT FOR THE PERIOD

27 

34 

EARNINGS PER SHARE (expressed in US dollars)

0.29 

0.36