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HSBC Holdings Reports Pre-Tax Profit of US$17,608 Million
The Directors have declared a fourth interim dividend for 2004 of US$0.27 per ordinary share (in lieu of a final dividend) which, together with the first, second and third interim dividends, each of US$0.13 per ordinary share already paid, will make a total distribution for the year of US$0.66 per share (US$0.60 per share in 2003), an increase of 10 per cent. The fourth interim dividend will be payable on 4 May 2005.
Net interest income of US$31,024 million in 2004 was US$5,426 million, or 21 per cent, higher than 2003.
Other operating income of US$19,563 million was US$4,089 million, or 26 per cent, higher than 2003.
Operating expenses (excluding goodwill amortisation) of US$25,875 million rose US$4,793 million, or 23 per cent. HSBC's cost:income ratio, excluding goodwill amortisation, improved to 51.1 per cent compared with 51.3 per cent in 2003.
The charge for bad and doubtful debts was US$6,357 million in 2004, US$264 million higher than in 2003.
Gains on disposal of investments and tangible fixed assets of US$802 million were US$388 million higher than 2003.
The tier 1 capital and total capital ratios for the Group remained strong at 8.9 per cent and 12.0 per cent, respectively, at 31 December 2004.
The Group's total assets at 31 December 2004 were US$1,277 billion, an increase of US$243 billion, or 23 per cent, since 31 December 2003. At constant exchange rates, total assets grew by US$205 billion or 19 per cent.