Edgar Filing: HSBC HOLDINGS PLC

Net insurance claims incurred and movement in policyholders’ liabilities.

Third party only.

These assets and liabilities were significant to Corporate, Investment Banking and Markets.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a - 16 OR 15d - 16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For 11 July, 2007

HSBC Holdings plc
42nd Floor, 8 Canada Square,
London E14 5HQ,
England

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___

HSBC Holdings plc

Geographical representation of profit before tax

Half years to
30 June 2005, 31 December 2005,
30 June 2006 and 31 December 2006

H S B C H O L D I N G S P L C

Geographical representation of profit before tax


		Page

Certain defined terms		below

Statutory accounts		below

Introduction		below

Profit/(loss) before tax by country within customer groups and global businesses		1

	North America	1

	Latin America	2

Summary income statement by customer groups and global businesses		3

	North America	3

	Latin America	7

Certain Defined Terms

Unless the context requires otherwise, ‘HSBC Holdings’ means HSBC Holdings plc and ‘HSBC’ or the ‘Group’ means HSBC Holdings together with its subsidiaries. When used in the terms ‘shareholders’ equity’ and ‘profit attributable to shareholders’, ‘shareholders’ means holders of HSBC ordinary shares.

Statutory Accounts

The information in this document does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 (‘the Act’).

Introduction

During the second half of 2006, HSBC changed the way in which certain of its geographical operating segments are managed and their performance assessed. As a result, a new segment, Latin America and the Caribbean (‘Latin America’) was formed from the Group’s businesses previously reported under South America, and those in Mexico and Panama which had previously been reported as part of the North America geographical segment.

All prior period comparative data in the Annual Report and Accounts 2006 was restated to conform to the new presentation.

Since this change occurred subsequently to the publication of the Interim Report 2006, and the Annual Report and Accounts 2006 did not provide a half-yearly disclosure, the restatement of the segmental analysis for the half years ended 30 June 2005, 31 December 2005, 30 June 2006 and 31 December 2006 has not previously been published. This document provides a restatement of those half-year results for North America and Latin America by customer group in the format previously published in the Interim Report 2006. The results for the half-years ended 30 June 2006 and 31 December 2006 will also be published on 30 July 2007 as comparatives in HSBC’s Interim Report 2007.

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Profit/(loss) before tax by country within customer groups and global businesses

North America

	Half-year to

	31 December		30 June		31 December		30 June
	2006		2006		2005		2005
	US$m		US$m		US$m		US$m

Personal Financial Services	374		3,017		1,761		2,420
United States	242		2,886		1,561		2,292
Canada	131		122		195		115
Bermuda	1		9		5		13
Commercial Banking	493		464		488		404
United States	236		206		255		192
Canada	217		220		212		191
Bermuda	40		38		21		21
Corporate, Investment Banking and Markets	74		349		282		291
United States	(74	)	273		173		200
Canada	140		49		84		70
Bermuda	6		25		24		19
Other	2		2		1		2
Private Banking	76		38		45		59
United States	70		37		45		59
Bermuda	6		1		–		–
Other	(90	)	(127	)	72		93
United States	(119	)	(145	)	42		116
Canada	15		2		(12	)	–
Bermuda	13		16		42		(23	)
Other	1		–		–		–

Total	927		3,741		2,648		3,267
United States	355		3,257		2,076		2,859
Canada	503		393		479		376
Bermuda	66		89		92		30
Other	3		2		1		2

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Latin America

	Half-year to

	31 December		30 June		31 December		30 June
	2006		2006		2005		2005
	US$m		US$m		US$m		US$m

Personal Financial Services	446		354		459		327
Mexico	344		284		326		244
Brazil	79		42		100		67
Argentina	12		23		10		27
Other	11		5		23		(11	)
Commercial Banking	214		237		164		193
Mexico	70		127		62		99
Brazil	103		82		74		73
Argentina	30		21		17		18
Other	11		7		11		3
Corporate, Investment Banking and Markets	198		277		177		170
Mexico	72		105		108		84
Brazil	94		124		37		58
Argentina	31		37		30		26
Other	1		11		2		2
Private Banking	11		3		(1	)	2
Mexico	8		(1	)	(1	)	1
Brazil	3		3		–		1
Argentina	–		1		–		–
Other	–		–		–		–
Other	1		(6	)	17		96
Mexico	–		–		–		–
Brazil	(4	)	–		10		(14	)
Argentina	1		2		22		94
Other	4		(8	)	(15	)	16

Total	870		865		816		788
Mexico	494		515		495		428
Brazil	275		251		221		185
Argentina	74		83		79		165
Other	27		16		21		10

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Summary income statement by customer groups and global businesses

North America

	Half-year to 31 December 2006

					Corporate,
	Personal				Investment						Inter-
	Financial		Commercial		Banking &		Private				segment
	Services		Banking		Markets		Banking		Other		elimination		Total
	US$m		US$m		US$m		US$m		US$m		US$m		US$m

Net interest income/(expense)	6,497		723		104		110		(21	)	(141	)	7,272
Net fee income/(expense) .	1,852		179		334		121		(32	)	–		2,454
Trading income/(expense) excluding net interest income	(51	)	9		340		6		(154	)	–		150
Net interest income/(expense) on trading activities	110		–		19		–		(21	)	141		249
Net trading income/(expense)	59		9		359		6		(175	)	141		399
Net expense from financial instruments designated at fair value	–		–		(46	)	–		(41	)	–		(87	)
Gains less losses from financial investments	(6	)	10		3		6		5		–		18
Dividend income	18		1		28		–		(1	)	–		46
Net earned insurance premiums	255		–		–		–		(1	)	–		254
Other operating income	136		37		186		20		834		(656	)	557

Total operating income	8,811		959		968		263		568		(656	)	10,913
Net insurance claims¹	(141	)	–		–		–		(1	)	–		(142	)

Net operating income before loan impairment charges and other credit risk provisions	8,670		959		968		263		567		(656	)	10,771
Loan impairment charges and other credit risk provisions	(4,566	)	(43	)	(9	)	(5	)	(1	)	–		(4,624	)

Net operating income	4,104		916		959		258		566		(656	)	6,147
Total operating expenses	(3,730	)	(427	)	(880	)	(182	)	(656	)	656		(5,219	)

Operating profit/(loss)	374		489		79		76		(90	)	–		928
Share of profit/(loss) in associates and joint ventures	–		4		(5	)	–		–		–		(1	)

Profit/(loss) before tax	374		493		74		76		(90	)	–		927


	%		%		%		%		%				%
Share of HSBC’s profit before tax	3.9		5.2		0.8		0.8		(1.0	)			9.7
Cost efficiency ratio	43.0		44.5		90.9		69.2		115.7				48.5

	US$m		US$m		US$m		US$m		US$m				US$m
Selected balance sheet data²
Loans and advances to customers (net)	220,517		34,651		17,215		5,604		–				277,987
Total assets	250,985		43,012		208,958		6,558		1,677				511,190
Customer accounts	54,099		31,066		23,711		11,938		108				120,922
Loans and advances to banks (net)³					15,862
Trading assets, financial instruments designated at fair value, and financial investments³					136,141
Deposits by banks³					9,664

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H S B C H O L D I N G S P L C

Geographical representation of profit before tax (continued)

North America

	Half-year to 30 June 2006

					Corporate,
	Personal				Investment						Inter-
	Financial		Commercial		Banking &		Private				segment
	Services		Banking		Markets		Banking		Other		elimination		Total
	US$m		US$m		US$m		US$m		US$m		US$m		US$m

Net interest income/(expense)	6,467		639		162		102		(31	)	(343	)	6,996
Net fee income/(expense) .	1,823		150		322		119		(102	)	–		2,312
Trading income/(expense) excluding net interest income	117		4		406		6		(66	)	–		467
Net interest income/(expense) on trading activities	98		–		53		–		(2	)	343		492
Net trading income/(expense)	215		4		459		6		(68	)	343		959
Net income/(expense) from financial instruments designated at fair value .	–		–		35		–		(11	)	–		24
Gains less losses from financial investments	20		9		9		3		(1	)	–		40
Dividend income	5		–		33		–		1		–		39
Net earned insurance premiums	237		–		–		–		1		–		238
Other operating income	134		50		83		11		702		(615	)	365

Total operating income	8,901		852		1,103		241		491		(615	)	10,973
Net insurance claims¹	(118	)	–		–		–		1		–		(117	)

Net operating income before loan impairment charges and other credit risk provisions	8,783		852		1,103		241		492		(615	)	10,856
Loan impairment (charges)/recoveries and other credit risk provisions	(2,117	)	(31	)	6		(30	)	–		–		(2,172	)

Net operating income	6,666		821		1,109		211		492		(615	)	8,684
Total operating expenses	(3,649	)	(387	)	(761	)	(173	)	(619	)	615		(4,974	)

Operating profit/(loss)	3,017		434		348		38		(127	)	–		3,710
Share of profit in associates and joint ventures	–		30		1		–		–		–		31

Profit/(loss) before tax	3,017		464		349		38		(127	)	–		3,741


	%		%		%		%		%				%
Share of HSBC’s profit before tax	24.1		3.7		2.8		0.3		(1.0	)			29.9
Cost efficiency ratio	41.5		45.4		69.0		71.8		125.8				45.8

	US$m		US$m		US$m		US$m		US$m				US$m
Selected balance sheet data²
Loans and advances to customers (net)	218,291		31,842		13,769		4,968		–				268,870
Total assets	248,176		40,218		199,739		5,836		1,926				495,895
Customer accounts	50,612		29,404		31,475		11,918		97				123,506
Loans and advances to banks (net)³					14,753
Trading assets, financial instruments designated at fair value, and financial investments³					132,744
Deposits by banks³					8,315

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North America

	Half-year to 31 December 2005

					Corporate,
	Personal				Investment						Inter-
	Financial		Commercial		Banking &		Private				segment
	Services		Banking		Markets		Banking		Other		elimination		Total
	US$m		US$m		US$m		US$m		US$m		US$m		US$m


Net interest income/(expense)	5,912		620		291		91		(64	)	(125	)	6,725
Net fee income/(expense) .	1,614		149		339		104		(103	)	–		2,103
Trading income/(expense) excluding net interest income	(33	)	4		26		5		22		–		24
Net interest income/(expense) on trading activities	120		(1	)	188		–		(21	)	125		411
Net trading income/(expense)	87		3		214		5		1		125		435
Net income/(expense) from financial instruments designated at fair value .	10		–		4		(1	)	137		–		150
Gains less losses from financial investments	(12	)	6		14		1		(1	)	–		8
Dividend income	6		–		17		–		–		–		23
Net earned insurance premiums	250		–		–		–		(1	)	–		249
Other operating income	126		59		126		12		695		(596	)	422

Total operating income	7,993		837		1,005		212		664		(596	)	10,115
Net insurance claims¹	(112	)	–		–		–		–		–		(112	)

Net operating income before loan impairment charges and other credit risk provisions	7,881		837		1,005		212		664		(596	)	10,003
Loan impairment (charges)/recoveries and other credit risk provisions	(2,900	)	(15	)	32		2		(5	)	–		(2,886	)

Net operating income	4,981		822		1,037		214		659		(596	)	7,117
Total operating expenses	(3,220	)	(334	)	(751	)	(169	)	(592	)	596		(4,470	)

Operating profit/(loss)	1,761		488		286		45		67		–		2,647
Share of profit in associates and joint ventures	–		–		(4	)	–		5		–		1

Profit/(loss) before tax	1,761		488		282		45		72		–		2,648


	%		%		%		%		%				%
Share of HSBC’s profit before tax	17.1		4.7		2.7		0.4		0.7				25.6
Cost efficiency ratio	40.9		39.9		74.7		79.7		89.2				44.7

	US$m		US$m		US$m		US$m		US$m				US$m
Selected balance sheet data²
Loans and advances to customers (net)	207,598		29,666		10,381		4,915		–				252,560
Total assets	240,474		36,570		149,623		5,823		–				432,490
Customer accounts	44,769		25,585		31,442		9,589		1				111,386
Loans and advances to banks (net)³					9,979
Trading assets, financial instruments designated at fair value, and financial investments³					102,732
Deposits by banks³					7,506

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H S B C H O L D I N G S P L C

Geographical Representation of Profit before Tax (continued)

North America

	Half-year to 30 June 2005

					Corporate,
	Personal				Investment						Inter-
	Financial		Commercial		Banking &		Private				segment
	Services		Banking		Markets		Banking		Other		elimination		Total
	US$m		US$m		US$m		US$m		US$m		US$m		US$m

Net interest income/(expense)	5,724		537		370		94		(50	)	(105	)	6,570
Net fee income/(expense)	1,436		134		238		96		(55	)	–		1,849
Trading income/(expense) excluding net interest income	152		3		69		2		–		–		226
Net interest income/(expense) on trading activities	90		(3	)	33		(1	)	–		105		224
Net trading income/(expense)	242		–		102		1		–		105		450
Net income/(expense) from financial instruments designated at fair value	–		–		19		–		265		–		284
Gains less losses from financial investments	–		(5	)	43		(1	)	2		–		39
Dividend income	2		–		16		–		–		–		18
Net earned insurance premiums	228		–		–		–		–		–		228
Other operating income	106		28		53		22		585		(574	)	220

Total operating income	7,738		694		841		212		747		(574	)	9,658
Net insurance claims¹	(120	)	–		–		–		–		–		(120	)

Net operating income before loan impairment charges and other credit risk provisions	7,618		694		841		212		747		(574	)	9,538
Loan impairment (charges)/recoveries and other credit risk provisions	(2,101	)	36		32		2		1		–		(2,030	)

Net operating income	5,517		730		873		214		748		(574	)	7,508
Total operating expenses	(3,097	)	(326	)	(625	)	(155	)	(659	)	574		(4,288	)

Operating profit/(loss)	2,420		404		248		59		89		–		3,220
Share of profit in associates and joint ventures	–		–		43		–		4		–		47

Profit/(loss) before tax	2,420		404		291		59		93		–		3,267


	%		%		%		%		%				%
Share of HSBC’s profit before tax	22.7		3.8		2.7		0.6		0.9				30.7
Cost efficiency ratio	40.7		47.0		74.3		73.1		88.2				45.0

	US$m		US$m		US$m		US$m		US$m				US$m
Selected balance sheet data²
Loans and advances to customers (net)	190,981		27,828		6,952		3,996		–				229,757
Total assets	222,776		34,654		137,191		4,698		338				399,657
Customer accounts	42,470		21,916		28,414		8,302		–				101,102
Loans and advances to banks (net)³					7,301
Trading assets, financial instruments designated at fair value, and financial investments³					96,229
Deposits by banks³					6,096

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Latin America
	Half-year to 31 December 2006

						Corporate,
		Personal				Investment						Inter-
		Financial		Commercial		Banking &		Private				segment
		Services		Banking		Markets		Banking		Other		elimination		Total
		US$m		US$m		US$m		US$m		US$m		US$m		US$m

Net interest income		1,602		550		140		7		–		(106	)	2,193
Net fee income		557		208		79		16		–		–		860
Trading income excluding net interest income		36		9		93		–		–		–		138
Net interest income/ (expense) on trading activities		12		2		21		–		–		106		141
Trading income/(expense)		48		11		114		–		–		106		279
Net income from financial instruments designated at fair value		126		–		6		–		(1	)	–		131
Gains less losses from financial investments		8		1		37		–		–		–		46
Dividend income		2		1		–		–		–		–		3
Net earned insurance premiums		515		15		26		–		(2	)	–		554
Other operating income/(expense)		41		2		6		1		9		(9	)	50

Total operating income		2,899		788		408		24		6		(9	)	4,116
Net insurance claims¹		(502	)	(8	)	(26	)	–		2		–		(534	)

Net operating income before loan impairment charges and other credit risk provisions		2,397		780		382		24		8		(9	)	3,582
Loan impairment (charges)/recoveries and other credit risk provisions		(363	)	(132	)	1		–		(2	)	–		(496	)

Net operating income		2,034		648		383		24		6		(9	)	3,086
Total operating expenses		(1,592	)	(434	)	(185	)	(13	)	(5	)	9		(2,220	)

Operating profit		442		214		198		11		1		–		866
Share of profit in associates and joint ventures		4		–		–		–		–		–		4

Profit before tax		446		214		198		11		1		–		870


		%		%		%		%		%				%

Share of HSBC’s profit before tax		4.7		2.2		2.1		0.1		–				9.1
Cost efficiency ratio		66.4		55.6		48.4		54.2		62.5				62.0

		US$m		US$m		US$m		US$m		US$m				US$m

Selected balance sheet data²
Loans and advances to customers (net)		16,165		11,463		8,147		16		–				35,791
Total assets		28,053		16,244		36,333		90		51				80,771
Customer accounts		25,200		13,754		11,685		222		–				50,861
Loans and advances to banks (net)³						9,704
Trading assets, financial instruments designated at fair value, and financial investments³						15,882
Deposits by banks³						3,115

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H S B C H O L D I N G S P L C

Geographical representation of profit before tax (continued)

	Half-year to 30 June 2006

					Corporate,
	Personal				Investment						Inter-
	Financial		Commercial		Banking &		Private				segment
	Services		Banking		Markets		Banking		Other		elimination		Total
Latin America	US$m		US$m		US$m		US$m		US$m		US$m		US$m

Net interest income/ (expense)	1,455		487		185		6		(2	)	(127	)	2,004
Net fee income	496		179		88		7		–		–		770
Trading income excluding net interest income	25		12		125		1		–		–		163
Net interest income/ (expense) on trading activities	2		3		(37	)	–		–		127		95
Net trading income	27		15		88		1		–		127		258
Net income from financial instruments designated at fair value	101		–		5		–		–		–		106
Gains less losses from financial investments	3		–		35		–		–		–		38
Dividend income	3		–		–		–		–		–		3
Net earned insurance premiums	477		12		33		–		–		–		522
Other operating income	33		5		4		3		5		(9	)	41

Total operating income	2,595		698		438		17		3		(9	)	3,742
Net insurance claims¹	(455	)	(8	)	(25	)	–		(1	)	–		(489	)

Net operating income before loan impairment charges and other credit risk provisions	2,140		690		413		17		2		(9	)	3,253
Loan impairment (charges)/ recoveries and other credit risk provisions	(401	)	(65	)	25		–		(1	)	–		(442	)

Net operating income	1,739		625		438		17		1		(9	)	2,811
Total operating expenses	(1,385	)	(388	)	(161	)	(14	)	(7	)	9		(1,946	)

Operating profit/(loss)	354		237		277		3		(6	)	–		865
Share of profit in associates and joint ventures	–		–		–		–		–		–		–

Profit/(loss) before tax	354		237		277		3		(6	)	–		865

	%		%		%		%		%				%
Share of HSBC’s profit before tax	2.8		1.9		2.2		–		–				6.9
Cost efficiency ratio	64.7		56.2		39.0		82.4		350.0				59.8
	US$m		US$m		US$m		US$m		US$m				US$m
Selected balance sheet data²
Loans and advances to customers (net)	10,618		7,403		6,912		14		–				24,947
Total assets	17,812		9,169		31,923		75		18				58,997
Customer accounts	19,337		10,310		10,259		171		–				40,077
Loans and advances to banks (net)³					7,997
Trading assets, financial instruments designated at fair value, and financial investments³					14,075
Deposits by banks³					1,652

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Latin America
	Half-year to 31 December 2005

					Corporate,
	Personal				Investment						Inter-
	Financial		Commercial		Banking &		Private				segment
	Services		Banking		Markets		Banking		Other		elimination		Total
	US$m		US$m		US$m		US$m		US$m		US$m		US$m

Net interest income/ (expense)	1,385		458		129		7		–		(151	)	1,828
Net fee income	406		138		78		8		(1	)	–		629

Trading income excluding net interest income	48		5		84		4		–		–		141
Net interest income/ (expense) on trading activities	(8	)	(27	)	(8	)	–		(1	)	151		107

Net trading income	40		(22	)	76		4		(1	)	151		248
Net income from financial instruments designated at fair value	127		–		10		–		3		–		140
Gains less losses from financial investments	36		1		(1	)	–		5		–		41
Dividend income	3		–		–		–		–		–		3
Net earned insurance premiums	434		12		24		–		(2	)	–		468
Other operating income	165		18		25		(1	)	17		4		228

Total operating income	2,596		605		341		18		21		4		3,585
Net insurance claims¹	(416	)	(7	)	(19	)	–		–		–		(442	)

Net operating income before loan impairment charges and other credit risk provisions	2,180		598		322		18		21		4		3,143
Loan impairment (charges)/recoveries and other credit risk provisions	(377	)	(70	)	4		(2	)	4		–		(441	)

Net operating income	1,803		528		326		16		25		4		2,702
Total operating expenses	(1,344	)	(364	)	(150	)	(17	)	(7	)	(4	)	(1,886	)

Operating profit/(loss)	459		164		176		(1	)	18		–		816
Share of profit in associates and joint ventures	–		–		1		–		(1	)	–		–

Profit/(loss) before tax	459		164		177		(1	)	17		–		816


	%		%		%		%		%				%
Share of HSBC’s profit before tax	4.4		1.6		1.7		–		0.2				7.9
Cost efficiency ratio	61.7		60.9		46.6		94.4		33.3				60.0

	US$m		US$m		US$m		US$m		US$m				US$m
Selected balance sheet data²
Loans and advances to customers (net)	9,233		6,424		6,012		12		–				21,681
Total assets	15,724		9,491		28,509		53		1,610				55,387
Customer accounts	17,302		4,703		8,661		102		221				30,989
Loans and advances to banks (net)³					7,410
Trading assets, financial instruments designated at fair value, and financial investments³					13,067
Deposits by banks³					1,858

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Geographical representation of profit before tax (continued)

Latin America

	Half-year to 30 June 2005

					Corporate,
	Personal				Investment						Inter-
	Financial		Commercial		Banking &		Private				segment
	Services		Banking		Markets		Banking		Other		elimination		Total
	US$m		US$m		US$m		US$m		US$m		US$m		US$m

Net interest income/ (expense)	1,195		309		163		3		22		(178	)	1,514
Net fee income	384		125		44		6		3		–		562
Trading income excluding net interest income	8		4		67		(1	)	1		–		79
Net interest income/ (expense) on trading activities	8		27		(5	)	1		1		178		210
Net trading income	16		31		62		–		2		178		289
Net income from financial instruments designated at fair value	47		–		(1	)	–		–		–		46
Gains less losses from financial investments	(1	)	(1	)	11		–		30		–		39
Dividend income	2		–		–		–		–		–		2
Net earned insurance premiums	360		11		33		–		(1	)	–		403
Other operating income	23		–		–		–		39		(4	)	58

Total operating income	2,026		475		312		9		95		(4	)	2,913
Net insurance claims¹	(318	)	(6	)	(26	)	–		–		–		(350	)

Net operating income before loan impairment charges and other credit risk provisions	1,708		469		286		9		95		(4	)	2,563

Loan impairment (charges)/recoveries and other credit risk provisions	(223	)	(19	)	7		–		–		–		(235	)

Net operating income	1,485		450		293		9		95		(4	)	2,328
Total operating expenses	(1,158	)	(257	)	(123	)	(7	)	1		4		(1,540	)

Operating profit/(loss)	327		193		170		2		96		–		788
Share of profit in associates and joint ventures	–		–		–		–		–		–		–

Profit/(loss) before tax	327		193		170		2		96		–		788

	%		%		%		%		%				%
Share of HSBC’s profit before tax	3.1		1.8		1.6		–		0.9				7.4
Cost efficiency ratio	67.8		54.8		43.0		77.8		(1.1	)			60.1

	US$m		US$m		US$m		US$m		US$m				US$m
Selected balance sheet data²
Loans and advances to customers (net)	7,862		5,687		5,808		14		385				19,756
Total assets	17,197		8,348		22,765		472		1,778				50,560
Customer accounts	16,131		4,251		6,849		441		168				27,840
Loans and advances to banks (net)³					4,139

Trading assets, financial instruments designated at fair value, and financial investments³					10,295
Deposits by banks³					4,042


1	Net insurance claims incurred and movement in policyholders’ liabilities.
2	Third party only.
3	These assets and liabilities were significant to Corporate, Investment Banking and Markets.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HSBC Holdings plc

By:	/s/ P A STAFFORD

Name:	P A Stafford
Title:	Assistant Group Secretary
Date: 11 July 2007