SCPLC - Re-presentation of financial information

RNS Number : 2671D
Standard Chartered PLC
05 July 2016
 

 

 

5 July 2016

 

Standard Chartered PLC - Re-presentation of financial information

 

 

Standard Chartered (the Group) in 2015 announced its intention to reorganise to better align the Group's structure to client segments with clear local or global needs and to streamline the geographic regions.  These changes became effective on 1 January this year. 

 

This announcement re-presents the Group's financial results to reflect these changes for the year ended 31 December 2015 and the six months ended 30 June 2015.  This approach aligns with how the client segments and geographies are managed internally. The Group will also separately disclose profit and loss and balance sheet items that are not directly related to any client segment or geographic business and internal income earned on the Group's capital deployed in local markets, which was previously allocated across each product line.

 

To aid comparisons with prior periods, this document will present client segment and product income from the Group's past five quarters. 

 

This representation has not resulted in any changes to the reported income or balances in total at a Group level.

 

Client segments

 

The Group's client segments are Corporate and Institutional Banking (CIB), Private Banking, Commercial Banking and Retail Banking.  CIB and Private Banking are run as global businesses while Commercial Banking and Retail Banking are run on a country basis with regional oversight.  We will therefore continue to present CIB and Private Banking's financial performance on a global basis, by product, while providing a regional geographic breakdown of the financial performance of the locally run client segments.

 

As previously disclosed, clients from the Local Corporate sub-segment have been transferred from CIB to Commercial Banking as these clients are also managed on a local geographic basis.

 

Geographic regions

 

As part of the Group's reorganisation in 2015, the geographic regions were rationalised from eight to four.  Each of the four new regions is represented on the Group's Management Team by a regional Chief Executive Officer.  This document re-presents the relevant historical geographic disclosures to align to the new structure.   

 

Product income

 

We have made the following adjustments to product income classifications to align with the way they are managed:

 

-     Treasury internal income earned on capital deployed in local markets which was previously allocated across product income is now disclosed within "Other"

-     Loan syndications moved from Capital Markets to Corporate Finance

-     Combined Credit and Capital Markets

-     Certain Wealth Management product income is classified as Foreign Exchange income

-     The creation of an "Other Financial Markets" classification which contains Equities, Money Markets and other items

 

Creation of "Central and other items"

 

The Group will now disclose centrally those profit and loss and balance sheet items that are not directly related to a client segment or geographic region.  The disclosure of Central and other items will create greater transparency and more closely align the disclosed financial information of the business units with the way that they are managed under the new operational structure.

 

Central and other items for both client segments and geographies include Corporate Centre Costs, treasury activities, certain strategic investments and the UK Bank Levy. Corporate Centre Costs represent stewardship and central management services roles and activities that are not directly tied to the ongoing business and country operations, such as Group Directorate and Group support functions.

 

Asset and Liability Management, joint ventures and associate investments are managed in the geographies and hence are included within the applicable region. They are not managed directly by a client segment and therefore are included in Central and other items in the client segment tables.

 

Central and other items for geographies also include globally run businesses or activities that are managed by the client segments but not directly by geographic management. These include Principal Finance and Portfolio Management.

 

The tables that follow are based on profit before tax on an underlying basis and exclude restructuring charges, the impact of the credit and funding valuation adjustment methodology change, goodwill impairment, own credit adjustment and gains on  disposals of businesses, unless otherwise stated.

 

Half year results 2016

 

Standard Chartered's results for the six months ending 30 June 2016 will be announced on Wednesday, 3 August 2016 at 10:00am in the UK.  This will be followed by a presentation to investors and analysts at 11:30am in the UK that will be broadcast via a live webcast on our website.  The Group's results will be reported on the basis described above. 

 

For further information, please contact:

 

James Hopkinson, Head of Investor Relations                                          +44 (0)20 7885 7151

Edwin Hui, Head of Investor Relations, Asia                                             +852 2820 3050

Sarah Lindgreen, Head of Media Relations                                              +44 (0)20 7885 8764

Forward-looking statements:

This document contains or incorporates by reference 'forward-looking statements' regarding the belief or expectations of the Company, the Directors and other members of its senior management about the Group's strategy, businesses, performance and the matters described in this document. Generally, words such as ''may'', ''could'', ''will'', ''expect'', ''intend'', ''estimate'', ''anticipate'', ''believe'', ''plan'', ''seek'', ''continue'' or similar expressions are intended to identify forward-looking statements.

 

Forward-looking statements involve inherent risks and uncertainties. They are not guarantees of future performance and actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are based on current views, estimates and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Group and are difficult to predict. Such risks, factors and uncertainties may cause actual results to differ materially from any future results or developments expressed or implied from the forward-looking statements. Such risks, factors and uncertainties include but are not limited to: changes in the credit quality and the recoverability of loans and amounts due from counterparties; changes in the Group's financial models incorporating assumptions, judgments and estimates which may change over time; risks relating to capital, capital management and liquidity; risks arising out of legal and regulatory matters, investigations and proceedings; operational risks inherent in the Group's business; risks arising out of the Group's holding company structure; risks associated with the recruitment, retention and development of senior management and other skilled personnel; risks associated with business expansion and engaging in acquisitions; global macroeconomic risks; risks arising out of the dispersion of the Group's operations, the locations of its businesses and the legal, political and economic environment in such jurisdictions; competition; risks associated with banking and financial services legislation, regulations, policies and guidelines; changes in the credit ratings or outlook for the Group; market, interest rate, commodity prices, equity price and other market risk; foreign exchange risk; financial market volatility; systemic risk in the banking industry and other financial institutions or corporate borrowers; cross-border country risk; risks arising from operating in markets with less developed judicial and dispute resolution systems; risks arising out of regional hostilities, terrorist attacks, social unrest or natural disasters and failure to generate sufficient level of profits and cash flows to pay future dividends.

 

Any forward-looking statement contained in this document is based on past or current trends and/or activities of the Company and should not be taken as a representation that such trends or activities will continue in the future. No statement in this document is intended to be a profit forecast or to imply that the earnings of the Company and/or the Group for the current year or future years will necessarily match or exceed the historical or published earnings of the Company and/or the Group. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by any applicable law or regulations, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

CONTENTS



Page




Section 1

Operating and Financial Review - Client Segments

5







Section 2

Operating and Financial Review - Geographic Regions

12







Section 3

Operating and Financial Review - Operating Income by Product

17







Section 4

Statutory operating segmental information

19







Section 5

Other information

21

 



 

SECTION 1:  OPERATING AND FINANCIAL REVIEW - CLIENT SEGMENTS

 

A summary of the Group's client segments on a restated basis for the year ended 31 December 2015 and the six months ended 30 June 2015 is as follows:

 

Table 1

FY 2015 Operating and financial review

Total

  

Year ended 31 December 2015

  

Corporate & Institutional Banking

Commercial Banking

Private Banking

Retail Banking

Central & other items (Segment)

Total

  

$million

$million

$million

$million

$million

$million

Operating income

 7,181

 1,605

 534

 5,107

 1,012

 15,439

Operating expenses

 (4,456)

 (1,071)

 (341)

 (3,510)

 (1,100)

 (10,478)

Operating profit/(loss) before impairment losses

 and taxation

 2,725

 534

 193

 1,597

 (88)

 4,961

Loan impairment

 (2,076)

 (1,160)

 (94)

 (678)

 -  

 (4,008)

Other impairment

 (244)

 (17)

 -  

 -  

 (50)

 (311)

Profit from associates and joint ventures

 -  

 -  

 -  

 -  

 192

 192

Underlying profit/(loss) before taxation

 405

 (643)

 99

 919

 54

 834








Customer loans and advances

 121,523

 24,340

 15,296

 94,367

 5,877

 261,403

Customer deposits

 187,462

 30,685

 24,540

 114,254

2,186

 359,127

Risk-weighted assets

 167,735

 34,628

 7,173

 47,659

 45,730

 302,925

Return on risk-weighted assets

0.2%

 (1.6%)

1.4%

1.8%

0.1%

0.3%

 

 

 

 

 

 

 

 

The reconciliation between Underlying profit/(loss) and Statutory view is detailed in table 27

 

Table 2

HY 2015 Operating and financial review

Total

  

Six months ended 30 June 2015

  

Corporate & Institutional Banking

Commercial Banking

Private Banking

Retail Banking

Central & other items (Segment)

Total

  

$million

$million

$million

$million

$million

$million

Operating income

 3,943

 919

 290

 2,742

 601

 8,495

Operating expenses

 (2,272)

 (519)

 (195)

 (1,762)

 (294)

 (5,042)

Operating profit before impairment losses

 and taxation

 1,671

 400

 95

 980

 307

 3,453

Loan impairment

 (824)

 (373)

 (94)

 (365)

 4

 (1,652)

Other impairment

 (63)

 (7)

 -  

 -  

 (16)

 (86)

Profit from associates and joint ventures

 -  

 -  

 -  

 -  

 109

 109

Underlying profit before taxation

 784

 20

 1

 615

 404

 1,824








Customer loans and advances

 133,175

 29,925

 17,318

 96,817

 5,104

 282,339

Customer deposits

 208,953

 32,921

 26,570

 117,155

3,196

 388,795

Risk-weighted assets

 184,083

 37,260

 7,519

 50,343

 46,966

 326,171

Return on risk-weighted assets

0.8%

 0.1%

 -  

2.4%

1.7%

1.1%

 

 

 

 

 

 

 

 

The reconciliation between Underlying profit and Statutory view is detailed in table 28

 

 



 

Table 3

FY 2015 Operating and financial review

 

Corporate & Institutional Banking

  


Year ended 31 December 2015

  

 


Corporate & Institutional (Published)

Transfers to Commercial Banking

 Transfers to Central & other items (Segment)*  

Corporate & Institutional Banking (Restated)

  

 


$million

$million

$million

$million

Operating income



 8,696

 (814)

 (701)

 7,181

Operating expenses



 (5,198)

 459  

283

 (4,456)

Operating profit before impairment losses

 and taxation



 3,498

 (355)

 (418)

 2,725

Loan impairment



 (2,638)

 561

 1

 (2,076)

Other impairment



 (294)

 11

 39

 (244)

Profit from associates and joint ventures



 171

 -  

 (171)

 -  

Underlying profit before taxation



 737

 217

 (549)

 405








Customer loans and advances



 140,379

 (12,811)

 (6,045)

 121,523

Customer deposits



 200,975

 (11,612)

 (1,901)

 187,462

Risk-weighted assets



 214,478

 (15,103)

 (31,640)

 167,735

Return on risk-weighted assets



0.3%



0.2%

 

 

 

 

 

 

 

 

 

Table 4

HY 2015 Operating and financial review

 

Corporate & Institutional Banking

  



Six months ended 30 June 2015

  

 


Corporate & Institutional (Published)

Transfers to Commercial Banking

 Transfers to Central & other items (Segment)*  

Corporate & Institutional Banking (Restated)

  

 


$million

$million

$million

$million

Operating income



 4,806

 (462)

 (401)

 3,943

Operating expenses



 (2,653)

 225

 156

 (2,272)

Operating profit before impairment losses

 and taxation



 2,153

 (237)

 (245)

 1,671

Loan impairment



 (1,040)

 217

 (1)

 (824)

Other impairment



 (81)

 1

 17

 (63)

Profit from associates and joint ventures



 86

 -  

 (86)

 -  

Underlying profit before taxation



 1,118

 (19)

 (315)

 784








Customer loans and advances



 154,562

 (15,907)

 (5,480)

 133,175

Customer deposits



 223,814

 (11,996)

 (2,865)

 208,953

Risk-weighted assets



 235,315

 (17,873)

 (33,359)

 184,083

Return on risk-weighted assets



0.9%



0.8%

 

 

 

 

 

 

 

 

The principal movements in the above tables represent the transfer of local corporate activity to the Commercial Banking segment and the transfer of Corporate Centre costs, Group Treasury, ALM and profit from associates and joint ventures to Central & other items (Segment).

 

*Includes transfers (to)/from other segments for Customer loans and advances, Customer deposits, and Risk-weighted assets



 

Table 5

FY 2015 Operating and financial review

 

Commercial Banking

  


Year ended 31 December 2015

  

 


 Commercial (Published)

Transfers from Corporate & Institutional

 Transfers to Central & other items (Segment)*  

 Commercial Banking (Restated)

  

 


$million

$million

$million

$million

Operating income



 826

 814

 (35)

 1,605

Operating expenses



 (711)

 (459)

99

 (1,071)

Operating profit before impairment losses

 and taxation



 115

355

 64

 534

Loan impairment



 (599)

 (561)

 -  

 (1,160)

Other impairment



 (7)

 (11)

 1

 (17)

Profit from associates and joint ventures



 14

 -  

 (14)

 -  

Underlying loss before taxation



 (477)

 (217)

51

 (643)








Customer loans and advances



 11,107

 12,811

 422

 24,340

Customer deposits



 19,071

 11,612

 2

 30,685

Risk-weighted assets



 20,312

 15,103

(787)  

 34,628

Return on risk-weighted assets



(2.1%)



(1.6%)

 

 

 

 

 

 

 

 

The principal movements in the above table represent the transfer of local corporate activity from CIB segment and the transfer of Corporate Centre costs, Group Treasury and profit from associates and joint ventures to Central & other items (Segment).

 

*Includes transfers (to)/from other segments for Customer loans and advances, Customer deposits, and Risk-weighted assets

 

Table 6

FY 2015 Operating and financial review

Commercial Banking

  

Year ended 31 December 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Total

  

$million

$million

$million

$million

$million

Operating income

 709

 533

 363

 -  

 1,605

Operating expenses

 (510)

 (313)

 (248)

 -  

 (1,071)

Operating profit before impairment losses

 and taxation

 199

 220

 115

 -  

 534

Loan impairment

 (423)

 (429)

 (308)

 -  

 (1,160)

Other impairment

 (9)

 (8)

 -  

 -  

 (17)

Underlying (loss)/profit before taxation

 (233)

 (217)

 (193)

 -  

 (643)







Customer loans and advances

 12,097

 8,307

 3,936

 -  

 24,340

Customer deposits

 17,717

 9,523

 3,445

 -  

 30,685

Risk-weighted assets

14,431

12,521

7,676

 -  

 34,628

Return on risk-weighted assets

(1.3%)

(1.2%)

(1.5%)

 -  

 (1.6%)

 

 

 

 

 

 

 



 

Table 7

HY 2015 Operating and financial review

 

Commercial Banking

  


Six months ended 30 June 2015

  

 


 Commercial (Published)

 Transfers from Corporate & Institutional

 Transfers to Central & other items (Segment)*  

 Commercial Banking (Restated)

  

 


$million

$million

$million

$million

Operating income



 497

 462

 (40)

 919

Operating expenses



 (324)

 (225)

 30

 (519)

Operating profit before impairment losses

 and taxation



 173

 237

 (10)

 400

Loan impairment



 (154)

 (217)

 (2)

 (373)

Other impairment



 (6)

 (1)

 -  

 (7)

Profit from associates and joint ventures



 10

 -  

 (10)

 -  

Underlying profit before taxation



 23

 19

 (22)

 20








Customer loans and advances



 13,441

 15,907

 577

 29,925

Customer deposits



 20,940

 11,996

 (15)

 32,921

Risk-weighted assets



 20,320

 17,873

(933)  

 37,260

Return on risk-weighted assets



0.2%



0.1%

 

 

 

 

 

 

 

 

The principal movements in the above table represent the transfer of local corporate activity from CIB segment and the transfer of Corporate Centre costs, Group Treasury and profit from associates and joint ventures to Central & other items (Segment).

 

*Includes transfers (to)/from other segments for Customer loans and advances, Customer deposits, and Risk-weighted assets

 

Table 8

HY 2015 Operating and financial review

Commercial Banking

  

Six months ended 30 June 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Total

  

$million

$million

$million

$million

$million

Operating income

 434

 277

 208

 -  

 919

Operating expenses

 (243)

 (157)

 (119)

 -  

 (519)

Operating profit before impairment losses

 and taxation

 191

 120

 89

 -  

 400

Loan impairment

 (95)

 (190)

 (88)

 -  

 (373)

Other impairment

 (7)

 -  

 -  

 -  

 (7)

Underlying profit/(loss) before taxation

89

 (70)

 1

 -  

 20







Customer loans and advances

 15,596

 9,615

 4,714

 -  

 29,925

Customer deposits

 18,117

 11,031

 3,773

 -  

 32,921

Risk-weighted assets

13,928

14,557

8,775

 -  

 37,260

Return on risk-weighted assets

1.0%

(0.7%)

-

 -  

0.1%

 

 

 

 

 

 

 



 

Table 9

FY 2015 Operating and financial review

 


Private Banking

  


Year ended 31 December 2015

  

 



 Private Banking
(Published)

 Transfers to Central & other items (Segment)*  

 Private Banking (Restated)

  

 



$million

$million

$million

Operating income




 557

 (23)

 534

Operating expenses




 (361)

20

 (341)

Operating profit before impairment losses

 and taxation




 196

 (3)

 193

Loan impairment




 (94)

 -  

 (94)

Other impairment




 (5)

 5

 -  

Underlying profit before taxation




 97

2

 99








Customer loans and advances




 15,068

 228

 15,296

Customer deposits




 24,532

 8

 24,540

Risk-weighted assets




 8,116

 (943)

 7,173

Return on risk-weighted assets




1.2%


1.4%

 

 

 

 

 

 

 

 

 

Table 10

HY 2015 Operating and financial review

 


Private Banking

  


Six months ended 30 June 2015

  

 



 Private Banking
(Published)

 Transfers to Central & other items (Segment)*  

 Private Banking (Restated)

  

 



$million

$million

$million

Operating income




 304

 (14)

 290

Operating expenses




 (208)

 13

 (195)

Operating profit before impairment losses

 and taxation




 96

 (1)

 95

Loan impairment




 (94)

 -  

 (94)

Other impairment




 1

 (1)

 -  

Underlying profit before taxation




 3

 (2)

 1








Customer loans and advances




 17,211

 107

 17,318

Customer deposits




 26,571

 (1)

 26,570

Risk-weighted assets




 8,508

 (989)

 7,519

Return on risk-weighted assets




0.1%


 -  

 

 

 

 

 

 

 

 

*Includes transfers (to)/from other segments for Customer loans and advances, Customer deposits, and Risk-weighted assets



 

Table 11

FY 2015 Operating and financial review

 


Retail Banking

  


Year ended 31 December 2015

  

 



 Retail
(Published)

 Transfers to Central & other items (Segment)*  

 Retail Banking (Restated)

  

 



$million

$million

$million

Operating income




 5,360

 (253)

 5,107

Operating expenses




 (3,768)

 258

 (3,510)

Operating profit before impairment losses

 and taxation




 1,592

 5

 1,597

Loan impairment




 (677)

 (1)

 (678)

Other impairment




 (5)

 5

 -  

Profit from associates and joint ventures




 7

 (7)

 -  

Underlying profit before taxation




 917

 2

 919








Customer loans and advances




 94,849

 (482)

 94,367

Customer deposits




 114,549

(295)

 114,254

Risk-weighted assets




 60,019

 (12,360)

 47,659

Return on risk-weighted assets




1.5%


1.8%

 

 

 

 

 

 

 

 

The principal movements in the above table represent the transfer of Corporate Centre costs and Group Treasury to Central & other items (Segment).

 

*Includes transfers (to)/from other segments for Customer loans and advances, Customer deposits, and Risk-weighted assets

 

Table 12

FY 2015 Operating and financial review

Retail Banking

  

Year ended 31 December 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Total

  

$million

$million

$million

$million

$million

Operating income

 2,683

 1,531

 864

 29

 5,107

Operating expenses

 (1,866)

 (1,012)

 (615)

 (17)

 (3,510)

Operating profit before impairment losses

 and taxation

 817

 519

 249

12

 1,597

Loan impairment

 (296)

 (312)

 (70)

 -  

 (678)

Underlying profit before taxation

 521

207

 179

12

 919







Customer loans and advances

 60,388

 27,337

 6,360

 282

 94,367

Customer deposits

 75,523

 28,644

 8,744

 1,343

 114,254

Risk-weighted assets

24,262

16,284

6,927

186

 47,659

Return on risk-weighted assets

2.1%

1.2%

2.1%

3.9%

1.8%

 

 

 

 

 

 

 

 



 

Table 13

HY 2015 Operating and financial review

 


Retail Banking

  


Six months ended 30 June 2015

  

 



 Retail
(Published)

 Transfers to Central & other items (Segment)*  

 Retail Banking (Restated)

  

 



$million

$million

$million

Operating income




 2,888

 (146)

 2,742

Operating expenses




 (1,857)

 95

 (1,762)

Operating profit before impairment losses

 and taxation




 1,031

 (51)

 980

Loan impairment




 (364)

 (1)

 (365)

Profit from associates and joint ventures




 13

 (13)

 -  

Underlying profit before taxation




 680

 (65)

 615








Customer loans and advances




 97,125

(308)

 96,817

Customer deposits




 117,470

(315)

 117,155

Risk-weighted assets




 62,028

 (11,685)

 50,343

Return on risk-weighted assets




2.2%


2.4%

 

 

 

 

 

 

 

 

The principal movements in the above table represent the transfer of Corporate Centre costs and Group Treasury to Central & other items (Segment).

 

*Includes transfers (to)/from other segments for Customer loans and advances, Customer deposits, and Risk-weighted assets

 

Table 14

HY 2015 Operating and financial review

Retail Banking

  

Six months ended 30 June 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Total

  

$million

$million

$million

$million

$million

Operating income

 1,475

 795

 457

 15

 2,742

Operating expenses

 (932)

 (511)

 (309)

 (10)

 (1,762)

Operating profit before impairment losses

 and taxation

 543

 284

 148

 5

 980

Loan impairment

 (177)

 (157)

 (31)

 -  

 (365)

Underlying profit before taxation

 366

 127

 117

 5

 615







Customer loans and advances

 60,566

 29,383

 6,619

 249

 96,817

Customer deposits

 75,819

 31,053

 8,833

 1,450

 117,155

Risk-weighted assets

25,742

16,954

7,487

160

 50,343

Return on risk-weighted assets

2.9

1.5

2.7

3.4

2.4%

 

 

 

 

 

 

 

 



 

SECTION 2:  OPERATING AND FINANCIAL REVIEW - GEOGRAPHIC REGIONS

 

A summary of the Group's geographic regions on a restated basis for the year ended 31 December 2015 and the six months ended 30 June 2015 is as follows:

 

Table 15

FY 2015 Operating and financial review

Total

  

Year ended 31 December 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Central & other items (Geographic)

 Total

  

$million

$million

$million

$million

$million

$million

Operating income

 6,077

 4,253

 2,858

 1,877

 374

 15,439

Operating expenses

 (3,763)

 (2,621)

 (1,790)

 (1,387)

 (917)

 (10,478)

Operating profit/(loss) before impairment losses

 and taxation

 2,314

 1,632

 1,068

 490

 (543)

 4,961

Loan impairment

 (935)

 (1,942)

 (844)

 (192)

 (95)

 (4,008)

Other impairment

 (28)

 (63)

 (36)

 18

 (202)

 (311)

Profit from associates and joint ventures

 172

 15

 -  

 -  

 5

 192

Underlying profit/(loss) before taxation

 1,523

 (358)

 188

 316

 (835)

 834








Customer loans and advances

 106,161

 85,977

 31,070

 37,829

 366

 261,403

Customer deposits

 163,519

 90,539

 33,013

 71,864

 192

 359,127

Risk-weighted assets

 82,070

 109,730

 57,566

 56,815

 (3,256)

 302,925

 

 

 

 

 

 

 

 

The reconciliation between Underlying profit/(loss) and Statutory view is detailed in table 29

 

Table 16

HY 2015 Operating and financial review

Total

  

Six months ended 30 June 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Central & other items (Geographic)

 Total

  

$million

$million

$million

$million

$million

$million

Operating income

 3,388

 2,200

 1,553

 986

 368

 8,495

Operating expenses

 (1,906)

 (1,287)

 (907)

 (688)

 (254)

 (5,042)

Operating profit before impairment losses

 and taxation

 1,482

 913

 646

 298

 114

 3,453

Loan impairment

 (426)

 (815)

 (284)

 (131)

 4

 (1,652)

Other impairment

 (7)

 (15)

 (3)

 2

 (63)

 (86)

Profit from associates and joint ventures

 77

 29

 -  

 -  

 3

 109

Underlying profit before taxation

 1,126

 112

 359

 169

58

 1,824








Customer loans and advances

 116,401

 97,142

 34,428

 33,893

 475

 282,339

Customer deposits

 173,001

 106,798

 33,873

 74,827

 296

 388,795

Risk-weighted assets

 88,660

 119,620

 60,163

 58,753

 (1,025)

 326,171

 

 

 

 

 

 

 

 

The reconciliation between Underlying profit and Statutory view is detailed in table 30



 

Table 17

FY 2015 Operating and financial review


Greater China & North Asia

  

 

Year ended 31 December 2015

  


 Greater China (Published)

 North East Asia (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 5,044

 1,223

 6,267

 (190)

 6,077

Operating expenses


 (2,943)

 (1,035)

 (3,978)

 215

 (3,763)

Operating profit before impairment losses

 and taxation


 2,101

 188

 2,289

 25

 2,314

Loan impairment


 (701)

 (247)

 (948)

 13

 (935)

Other impairment


 (46)

 (12)

 (58)

 30

 (28)

Profit from associates and joint ventures


 173

 -  

 173

 (1)

 172

Underlying profit/(loss) before taxation


 1,527

 (71)

 1,456

 67

 1,523








Customer loans and advances


 77,675

 28,608

 106,283

 (122)

 106,161

Customer deposits


 132,062

 31,400

 163,462

 57

 163,519

Risk-weighted assets


 57,536

 19,752

 77,288

 4,782

 82,070

 

 

 

 

 

 

 

 

Table 18

HY 2015 Operating and financial review


Greater China & North Asia

  

 

Six months ended 30 June 2015

  


 Greater China (Published)

 North East Asia (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 2,854

 730

 3,584

 (196)

 3,388

Operating expenses


 (1,474)

 (525)

 (1,999)

93

 (1,906)

Operating profit before impairment losses

 and taxation


 1,380

 205

 1,585

 (103)

 1,482

Loan impairment


 (290)

 (136)

 (426)

 -  

 (426)

Other impairment


 (1)

 (7)

 (8)

 1

 (7)

Profit from associates and joint ventures


 77

 -  

 77

 -  

 77

Underlying profit before taxation


 1,166

 62

 1,228

 (102)

 1,126








Customer loans and advances


 86,429

 30,135

 116,564

 (163)

 116,401

Customer deposits


 141,700

 31,295

 172,995

 6

 173,001

Risk-weighted assets


 63,350

 21,672

 85,022

 3,638

 88,660

 

 

 

 

 

 

 

 

The movements in the above tables represent the transfer of Corporate Centre costs and Group Treasury.

 

*Includes transfers (to)/ from other regions for Customer loans and advances, Customer deposits, and Risk-weighted assets

 

 

 



 

Table 19

FY 2015 Operating and financial review


ASEAN & South Asia

  

 

Year ended 31 December 2015

  


 South Asia (Published)

 ASEAN (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 1,435

 2,997

 4,432

 (179)

 4,253

Operating expenses


 (827)

 (1,880)

 (2,707)

 86

 (2,621)

Operating profit before impairment losses

 and taxation


 608

 1,117

 1,725

 (93)

 1,632

Loan impairment


 (961)

 (967)

 (1,928)

 (14)

 (1,942)

Other impairment


 (31)

 (20)

 (51)

 (12)

 (63)

Profit from associates and joint ventures


 -  

 16

 16

 (1)

 15

Underlying (loss)/profit before taxation


 (384)

 146

 (238)

 (120)

 (358)








Customer loans and advances


 19,287

 66,942

 86,229

 (252)

 85,977

Customer deposits


 15,036

 75,788

 90,824

 (285)

 90,539

Risk-weighted assets


 23,384

 70,406

 93,790

 15,940

 109,730

 

 

 

 

 

 

 

 

Table 20

HY 2015 Operating and financial review


ASEAN & South Asia

  

 

Six months ended 30 June 2015

  


 South Asia (Published)

 ASEAN (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 718

 1,617

 2,335

 (135)

 2,200

Operating expenses


 (385)

 (973)

 (1,358)

 71

 (1,287)

Operating profit before impairment losses

 and taxation


 333

 644

 977

 (64)

 913

Loan impairment


 (485)

 (328)

 (813)

 (2)

 (815)

Other impairment


 (18)

 (1)

 (19)

 4

 (15)

Profit from associates and joint ventures


 -  

 32

 32

 (3)

 29

Underlying (loss)/profit before taxation


 (170)

 347

 177

 (65)

 112








Customer loans and advances


 23,414

 74,006

 97,420

 (278)

 97,142

Customer deposits


 16,557

 90,548

 107,105

 (307)

 106,798

Risk-weighted assets


 25,788

 77,099

 102,887

 16,733

 119,620

 

 

 

 

 

 

 

 

The principal movements in the above tables represent the transfer of Corporate Centre costs, Group Treasury to the Central & other items (Geographic) segment.

 

*Includes transfers (to)/ from other regions for Customer loans and advances, Customer deposits, and Risk-weighted assets



 

Table 21

FY 2015 Operating and financial review


Africa & Middle East

  

 

Year ended 31 December 2015

  


 MENAP (Published)

 Africa (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 1,503

 1,432

 2,935

 (77)

 2,858

Operating expenses


 (947)

 (918)

 (1,865)

75

 (1,790)

Operating profit before impairment losses

 and taxation


 556

 514

 1,070

 (2)

 1,068

Loan impairment


 (436)

 (502)

 (938)

 94

 (844)

Other impairment


 (3)

 (48)

 (51)

 15

 (36)

Profit from associates and joint ventures


 -  

 4

 4

 (4)

 -  

Underlying profit/(loss) before taxation


 117

 (32)

 85

 103

 188








Customer loans and advances


 19,485

 11,562

 31,047

 23

 31,070

Customer deposits


 22,019

 10,983

 33,002

 11

 33,013

Risk-weighted assets


 27,022

 19,156

 46,178

 11,388

 57,566

 

 

 

 

 

 

 

 

Table 22

HY 2015 Operating and financial review


Africa & Middle East

  

 

Six months ended 30 June 2015

  


 MENAP (Published)

 Africa (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 835

 759

 1,594

 (41)

 1,553

Operating expenses


 (475)

 (467)

 (942)

 35

 (907)

Operating profit before impairment losses

 and taxation


 360

 292

 652

 (6)

 646

Loan impairment


 (134)

 (148)

 (282)

 (2)

 (284)

Other impairment


 -  

 (3)

 (3)

 -  

 (3)

Underlying profit before taxation


 226

 141

 367

 (8)

 359








Customer loans and advances


 21,658

 12,758

 34,416

 12

 34,428

Customer deposits


 22,943

 10,928

 33,871

 2

 33,873

Risk-weighted assets


 28,842

 18,851

 47,693

 12,470

 60,163

 

 

 

 

 

 

 

 

The principal movements in the above tables represent the transfer of Corporate Centre costs, Group Treasury to the Central & other items (Geographic) segment.

 

*Includes transfers (to)/ from other regions for Customer loans and advances, Customer deposits, and Risk-weighted assets



 

Table 23

FY 2015 Operating and financial review


Europe & Americas

  

 

Year ended 31 December 2015

  


 Americas (Published)

 Europe (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 863

 942

 1,805

 72

 1,877

Operating expenses


 (799)

 (1,129)

 (1,928)

 541

 (1,387)

Operating profit/(loss) before impairment losses

 and taxation


 64

 (187)

 (123)

 613

 490

Loan impairment


 (62)

 (132)

 (194)

 2

 (192)

Other impairment


 (7)

 (144)

 (151)

 169

 18

Profit from associates and joint ventures


 -  

 (1)

 (1)

 1

 -  

Underlying (loss)/profit before taxation


 (5)

 (464)

 (469)

 785

 316








Customer loans and advances


 11,498

 26,346

 37,844

 (15)

 37,829

Customer deposits


 18,315

 53,524

 71,839

 25

 71,864

Risk-weighted assets


 12,784

 82,921

 95,705

 (38,890)

 56,815

 

 

 

 

 

 

 

 

Table 24

HY 2015 Operating and financial review


Europe & Americas

  

 

Six months ended 30 June 2015

  


 Americas (Published)

 Europe (Published)

 Total (Published)

 Transfers to Central & other items (Geographic)*  

 Total (Restated)

  

 

$million

$million

$million

$million

$million

Operating income


 440

 542

 982

 4

 986

Operating expenses


 (392)

 (351)

 (743)

 55

 (688)

Operating profit before impairment losses

 and taxation


 48

 191

 239

 59

 298

Loan impairment


 (19)

 (112)

 (131)

 -  

 (131)

Other impairment


 -  

 (56)

 (56)

 58

 2

Underlying profit before taxation


 29

 23

 52

 117

 169








Customer loans and advances


 12,498

 21,441

 33,939

 (46)

 33,893

Customer deposits


 25,538

 49,286

 74,824

 3

 74,827

Risk-weighted assets


 13,675

 87,062

 100,737

 (41,984)

 58,753

 

 

 

 

 

 

 

 

The principal movements in the above tables represent the transfer of Corporate Centre costs, Group Treasury to the Central & other items (Geographic) segment.

 

*Includes transfers (to)/ from other regions for Customer loans and advances, Customer deposits, and Risk-weighted assets

 

 

 


SECTION 3:  OPERATING AND FINANCIAL REVIEW - OPERATING INCOME BY PRODUCT

 

A summary of the Group's operating income by product and client segment on a restated basis for the year ended 31 December 2015 and six months ended 30 June 2015 is as follows:

 

Table 25

FY 2015 Operating and financial review

Total


Represented by

  

Year ended 31 December 2015

 

Year ended 31 December 2015

  

As published

Central & other items

Reclasses

As   restated


 Corporate & Institutional Banking

 Commercial Banking

 Private Banking

 Retail Banking

 Central & other items (Segment)

Total

  

$million

$million

$million

$million


$million

$million

$million

$million

$million

$million

 Transaction Banking

3,363

(113)

-

3,250


 2,448

 790

 1

 11

 -  

 3,250

     Trade

1,593

(112)

-

1,481


 983

 486

 1

 11

 -  

 1,481

     Cash Management and Custody

1,770

(1)

-

1,769


 1,465

 304

 -  

 -  

 -  

 1,769

 Financial Markets

2,739

(95)

277

2,921


 2,533

 388

 -  

 -  

 -  

 2,921

     Foreign Exchange

1,345

(23)

79

1,401


 1,077

 324

 -  

 -  

 -  

 1,401

     Rates

793

(35)

-

758


 729

 29

 -  

 -  

 -  

 758

     Commodities

270

(11)

-

259


 226

 33

 -  

 -  

 -  

 259

     Credit and Capital Markets

189

(22)

198

365


 362

 3

 -  

 -  

 -  

 365

     Other Financial Markets

142

(4)

-

138


 139

 (1)

 -  

 -  

 -  

 138

 Corporate Finance

2,145

(119)

(189)

1,837


 1,733

 102

 2

 -  

 -  

 1,837

 Wealth Management

1,729

(17)

(79)

1,633


 -  

 5

 365

 1,263

 -  

 1,633

 Retail Products

4,122

(101)

(51)

3,970


 -  

 15

 165

 3,790

 -  

 3,970

     CCPL and other unsecured lending

1,962

(53)

-

1,909


 -  

 1

 -  

 1,908

 -  

 1,909

     Deposits

1,184

1

-

1,185


 -  

 14

 121

 1,050

 -  

 1,185

     Mortgage and Auto

835

(37)

-

798


 -  

 -  

 44

 754

 -  

 798

     Other Retail Products

141

(12)

(51)

78


 -  

 -  

 -  

 78

 -  

 78

Asset and Liability Management

425

(54)

-

371


 -  

 -  

 -  

 -  

 371

 371

Lending and Portfolio Management

844

(124)

-

720


 414

 306

 -  

 -  

 -  

 720

 Principal Finance

72

(18)

-

54


 53

 -  

 1

 -  

 -  

 54

Other

-

641

42

683


 -  

 (1)

 -  

 43

 641

 683

 Total operating income

15,439

-

-

15,439

 

 7,181

 1,605

 534

 5,107

 1,012

 15,439

 

Reclassification: Treasury internal income earned on capital deployed in local markets which was previously allocated across product income is now disclosed within Other. Additionally, to better reflect the new organisational structure, we have made adjustments to some of the product income classes to align with the way they are managed. The primary changes are 1) moving Loan syndications from Capital Markets to Corporate Finance, 2) combining Credit and Capital Markets, 3) moving certain Wealth Management product income into Foreign Exchange income and 4) creating an Other Financial Markets classification which contains Equities, Money Markets and other items.

 

Table 26

HY 2015 Operating and financial review

Total


Represented by

  

Six months ended 30 June 2015

 

Six months ended 30 June 2015

  

As published

Central & other items

Reclasses

As   restated


 Corporate & Institutional Banking

 Commercial Banking

 Private Banking

 Retail Banking

 Central & other items (Segment)

Total

  

$million

$million

$million

$million


$million

$million

$million

$million

$million

$million

 Transaction Banking

 1,777

 (60)

 -  

 1,717


 1,293

 418

 -  

 6

 -  

 1,717

     Trade

 864

 (60)

 -  

 804


 536

 262

 -  

 6

 -  

 804

     Cash Management and Custody

 913

 -  

 -  

 913


 757

 156

 -  

 -  

 -  

 913

 Financial Markets

 1,528

 (47)

 236

 1,717


 1,443

 274

 -  

 -  

 -  

 1,717

     Foreign Exchange

 720

 (10)

 49

 759


 548

 211

 -  

 -  

 -  

 759

     Rates

 491

 (19)

 -  

 472


 451

 21

 -  

 -  

 -  

 472

     Commodities

 154

 (6)

 -  

 148


 128

 20

 -  

 -  

 -  

 148

     Credit and Capital Markets

 36

 (11)

 187

 212


 211

 1

 -  

 -  

 -  

 212

     Other Financial Markets

 127

 (1)

 -  

 126


 105

 21

 -  

 -  

 -  

 126

 Corporate Finance

 1,108

 (60)

 (187)

 861


 807

 52

 2

 -  

 -  

 861

 Wealth Management

 952

 (9)

 (49)

 894


 -  

 3

 207

 684

 -  

 894

 Retail Products

 2,206

 (66)

 (37)

 2,103


 -  

 8

 81

 2,014

 -  

 2,103

     CCPL and other unsecured lending

 1,077

 (28)

 -  

 1,049


 -  

 1

 1

 1,047

 -  

 1,049

     Deposits

 612

 (1)

 -  

 611


 -  

 7

 57

 547

 -  

 611

     Mortgage and Auto

 423

 (21)

 -  

 402


 -  

 -  

 23

 379

 -  

 402

     Other Retail Products

 94

 (16)

 (37)

 41


 -  

 -  

 -  

 41

 -  

 41

Asset and Liability Management

 278

 (30)

 -  

 248


 -  

 -  

 -  

 -  

 248

 248

Lending and Portfolio Management

 475

 (69)

 -  

 406


 242

 164

 -  

 -  

 -  

 406

 Principal Finance

 171

 (12)

 -  

 159


 158

 -  

 1

 -  

 -  

 159

Other

 -  

 353

 37

 390


 -  

 -  

 (1)

 38

 353

 390

 Total operating income

 8,495

 -  

 -  

 8,495


 3,943

 919

 290

 2,742

 601

 8,495

 

Reclassification: Treasury internal income earned on capital deployed in local markets which was previously allocated across product income is now disclosed within Other. Additionally, to better reflect the new organisational structure, we have made adjustments to some of the product income classes to align with the way they are managed. The primary changes are 1) moving Loan syndications from Capital Markets to Corporate Finance, 2) combining Credit and Capital Markets, 3) moving certain Wealth Management product income into Foreign Exchange income and 4) creating an Other Financial Markets classification which contains Equities, Money Markets and other items.

 

 


SECTION 4:  STATUTORY OPERATING SEGMENTAL INFORMATION

 

A summary of the Group's client segments for the year ended 31 December 2015 and the six months ended 30 June 2015 required by IFRS 8 Operating Segments, as will be reported going forward, are shown in the tables below:

 

Table 27

FY 2015 Note 2 Segmental information

Total

  

Year ended 31 December 2015

  

Corporate & Institutional Banking

Commercial Banking

Private Banking

Retail Banking

Central & other items (Segment)

Total

  

$million

$million

$million

$million

$million

$million

Operating income

 7,181

 1,605

 534

 5,107

 1,012

 15,439

Operating expenses

 (4,456)

 (1,071)

 (341)

 (3,510)

 (1,100)

 (10,478)

Operating profit/(loss) before impairment losses

 and taxation

 2,725

 534

 193

 1,597

 (88)

 4,961

Loan impairment

 (2,076)

 (1,160)

 (94)

 (678)

 -  

 (4,008)

Other impairment

 (244)

 (17)

 -  

 -  

 (50)

 (311)

Profit from associates and joint ventures

 -  

 -  

 -  

 -  

 192

 192

Underlying profit/(loss) before taxation

 405

 (643)

 99

 919

 54

 834

     Restructuring - operating expenses

 (215)

 (61)

 (7)

 (395)

 (17)

 (695)

     Restructuring - loan impairments

 (968)

 -  

 -  

 -  

 -  

 (968)

     Restructuring - other impairments

 (10)

 -  

 -  

 -  

 (46)

 (56)

     Restructuring - goodwill impairment

-

-

-

-

(126)

(126)

Restructuring

(1,193)

(61)

(7)

(395)

(189)

(1,845)

Valuation methodology changes

 (863)

 -  

 -  

 -  

 -  

 (863)

Gains on businesses disposed/held for sale

 -  

 -  

 -  

 -  

 218

 218

Own credit adjustment

 -  

 -  

 -  

 -  

 495

 495

Goodwill impairment 

 -  

 -  

 -  

 -  

 (362)

 (362)

Statutory (loss)/profit before taxation

 (1,651)

 (704)

 92

 524

 216

 (1,523)








Total assets employed

 288,047

 25,460

 15,393

 96,936

 214,647

 640,483

  Of which: Loans to customers

 121,523

 24,340

 15,296

 94,367

 5,877

 261,403

Total liabilities employed

 347,184

 32,361

 24,627

 116,859

 70,940

 591,971

  Of which: Customer accounts

 187,462

 30,685

 24,540

 114,254

2,186

 359,127

 

Table 28

HY 2015 Note 2 Segmental information

Total

  

Six months ended 30 June 2015

  

Corporate & Institutional Banking

Commercial Banking

Private Banking

Retail Banking

Central & other items (Segment)

Total

  

$million

$million

$million

$million

$million

$million

Operating income

 3,943

 919

 290

 2,742

 601

 8,495

Operating expenses

 (2,272)

 (519)

 (195)

 (1,762)

 (294)

 (5,042)

Operating profit before impairment losses

 and taxation

 1,671

 400

 95

 980

 307

 3,453

Loan impairment

 (824)

 (373)

 (94)

 (365)

 4

 (1,652)

Other impairment

 (63)

 (7)

 -  

 -  

 (16)

 (86)

Profit from associates and joint ventures

 -  

 -  

 -  

 -  

 109

 109

Underlying profit before taxation

 784

 20

 1

 615

 404

 1,824

Gains on businesses disposed/held for sale

 -  

 -  

 -  

 -  

 219

 219

Own credit adjustment

 -  

 -  

 -  

 -  

 55

 55

Statutory profit before taxation

 784

 20

 1

 615

 678

 2,098








Total assets employed

 318,950

 31,309

 17,441

 99,532

 227,724

 694,956

  Of which: Loans to customers

 133,175

 29,925

 17,318

 96,817

 5,104

 282,339

Total liabilities employed

 377,772

 34,913

 26,691

 120,041

 86,195

 645,612

  Of which: Customer accounts

 208,953

 32,921

 26,570

 117,155

 3,196

 388,795








 

Table 29

FY 2015 Note 2 Segmental information

Total

  

Year ended 31 December 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Central & other items (Geographic)

 Total

  

$million

$million

$million

$million

$million

$million

Operating income

 6,077

 4,253

 2,858

 1,877

 374

 15,439

Operating expenses

 (3,763)

 (2,621)

 (1,790)

 (1,387)

 (917)

 (10,478)

Operating profit/(loss) before impairment losses

 and taxation

 2,314

 1,632

 1,068

 490

 (543)

 4,961

Loan impairment

 (935)

 (1,942)

 (844)

 (192)

 (95)

 (4,008)

Other impairment

 (28)

 (63)

 (36)

 18

 (202)

 (311)

Profit from associates and joint ventures

 172

 15

 -  

 -  

 5

 192

Underlying profit/(loss) before taxation

 1,523

 (358)

 188

 316

 (835)

 834

     Restructuring - operating expenses

 (520)

 (66)

 (58)

 (37)

 (14)

 (695)

     Restructuring - loan impairments

 -  

 (435)

 (54)

 (479)

 -  

 (968)

     Restructuring - other impairments

 -  

 (46)

 -  

 -  

 (10)

 (56)

     Restructuring - goodwill impairment

-

-

-

-

(126)

(126)

Restructuring

(520)

(547)

(112)

(516)

(150)

(1,845)

Valuation methodology changes

 -  

 -  

 -  

 -  

 (863)

 (863)

Gains on businesses disposed/held for sale

 217

 -  

 1

 -  

 -  

 218

Own credit adjustment

 -  

 -  

 -  

 -  

 495

 495

Goodwill impairment 

 -  

 -  

 -  

 -  

 (362)

 (362)

Statutory profit/(loss) before taxation

 1,220

 (905)

77

 (200)

 (1,715)

 (1,523)

 

 

Table 30

HY 2015 Note 2 Segmental information

Total

  

Six months ended 30 June 2015

  

 Greater China & North Asia

 ASEAN & South Asia

 Africa & Middle East

 Europe & Americas

 Central & other items (Geographic)

 Total

  

$million

$million

$million

$million

$million

$million

Operating income

 3,388

 2,200

 1,553

 986

 368

 8,495

Operating expenses

 (1,906)

 (1,287)

 (907)

 (688)

 (254)

 (5,042)

Operating profit before impairment losses

 and taxation

 1,482

 913

 646

 298

 114

 3,453

Loan impairment

 (426)

 (815)

 (284)

 (131)

 4

 (1,652)

Other impairment

 (7)

 (15)

 (3)

 2

 (63)

 (86)

Profit from associates and joint ventures

 77

 29

 -  

 -  

 3

 109

Underlying profit before taxation

 1,126

 112

 359

 169

58

 1,824

Gains on businesses disposed/held for sale

 217

 -  

 2

 -  

 -  

 219

Own credit adjustment

 -  

 -  

 -  

 -  

 55

 55

Statutory profit before taxation

 1,343

 112

 361

 169

 113

 2,098



 

SECTION 5:  OTHER INFORMATION

 

A summary of the Group's Quarterly Interim Management Statements relating to client segments and products on a restated basis for the last five quarters ended 31 March 2016 are as follows:

 

Table 31

Operating income by client segment

Restated


Restated

  

Q1 2016


 FY 2015

 Q4 2015 

 Q3 2015 

 Q2 2015 

 Q1 2015 

  

$million


$million

$million

$million

$million

$million

Corporate & Institutional Banking

 1,584


 7,181

 1,513

 1,725

 1,939

 2,004

Commercial Banking

 318


 1,605

 309

 377

 386

 533

Private Banking

 115


 534

 117

 127

 148

 142

Retail Banking

 1,151


 5,107

 1,166

 1,199

 1,340

 1,402

Central & Other Items

 177


 1,012

 157

 254

 261

 340

 Total operating income

 3,345


 15,439

 3,262

 3,682

 4,074

 4,421

 

Table 32

Operating income by product

Restated


Restated

  

Q1 2016


 FY 2015

 Q4 2015 

 Q3 2015 

 Q2 2015 

 Q1 2015 

  

$million


$million

$million

$million

$million

$million

 Transaction Banking

 716


 3,250

 733

 800

 859

 858

     Trade

 305


 1,481

 314

 363

 392

 412

     Cash Management and Custody

 411


 1,769

 419

 437

 467

 446

 Financial Markets

 697


 2,921

 582

 622

 746

 971

     Foreign Exchange

 365


 1,401

 281

 361

 311

 448

     Rates

 169


 758

 106

 180

 200

 272

     Commodities

 44


 259

 50

 61

 49

 99

     Credit and Capital Markets

 75


 365

 81

 72

 121

 91

     Other Financial Markets

 44


 138

 64

 (52)

 65

 61

 Corporate Finance

 470


 1,837

 459

 517

 392

 469

 Wealth Management

 349


 1,633

 364

 375

 467

 427

 Retail Products

 915


 3,970

 915

 952

 1,022

 1,081

     CCPL and other unsecured lending

 403


 1,909

 417

 443

 497

 552

     Deposits

 301


 1,185

 283

 291

 310

 301

     Mortgage and Auto

 193


 798

 197

 199

 195

 207

     Other Retail Products

 18


 78

 18

 19

 20

 21

Asset and Liability Management

 105


 371

 45

 78

 87

 161

Lending and Portfolio Management

 150


 720

 134

 180

 199

 207

 Principal Finance

 (130)


 54

 (88)

 (17)

 129

 30

Other

 73


 683

 118

 175

 173

 217

 Total operating income

 3,345


 15,439

 3,262

 3,682

 4,074

 4,421

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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