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HSBC Bank Plc Annual Report and Accounts 2009 HSBC Bank Plc

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HSBC Bank Plc Annual Report and Accounts 2009 HSBC Bank Plc HSBC Bank plc Annual Report and Accounts 2009 HSBC Bank plc Annual Repor t and Accounts 2009 Accounts t and HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom Telephone: 44 020 7991 8888 Facsimile: 44 020 7992 4880 www.hsbc.co.uk HSBC BANK PLC Annual Report and Accounts 2009 Contents Page Page Financial Highlights .................................................... 1 Consolidated cash flow statement for the year ended 31 December 2009 ...............................33 Board of Directors ....................................................... 2 Consolidated statement of changes in equity Report of the Directors ............................................... 3 for the year ended 31 December 2009....................34 Statement of Directors’ Responsibilities in HSBC Bank plc statement of financial Relation to the Directors’ Report and the position at 31 December 2009 ...............................36 Financial Statements ................................................. 28 HSBC Bank plc cash flow statement for the Independent Auditor’s Report to the year ended 31 December 2009 ...............................37 Member of HSBC Bank plc ...................................... 29 HSBC Bank plc statement of changes in Financial Statements equity for the year ended 31 December 2009.........38 Consolidated income statement for the year Notes on the Financial Statements .........................40 ended 31 December 2009 ........................................ 30 Consolidated statement of comprehensive income for the year ended 31 December 2009.......................................................................... 31 Consolidated statement of financial position at 31 December 2009 ............................................... 32 Presentation of Information This document comprises the Annual Report and Accounts 2009 for HSBC Bank plc (‘the bank’) and its subsidiary undertakings (together ‘the group’). It contains the Directors’ Report and Financial Statements, together with the Auditor’s report, as required by the UK Companies Act 2006. References to ‘HSBC’ or ‘the Group’ within this document mean HSBC Holdings plc together with its subsidiaries. Cautionary Statement Regarding Forward-Looking Statements This Annual Report contains certain forward-looking statements with respect to the financial condition, results of operations and business of the bank. Statements that are not historical facts, including statements about the bank’s beliefs and expectations, are forward- looking statements. Words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘potential’ and ‘reasonably possible’, variations of these words and similar expressions are intended to identify forward-looking statements. These statements are based on current plans, estimates and projections, and therefore undue reliance should not be placed on them. Forward-looking statements speak only as of the date they are made, and it should not be assumed that they have been revised or updated in the light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. Readers are cautioned that a number of factors could cause actual results to differ, in some instances materially, from those anticipated or implied in any forward-looking statement. HSBC BANK PLC Financial Highlights 2009 2008 2007 2006 2005 £m £m £m £m £m For the year Profit on ordinary activities before tax ........... 4,014 4,366 4,063 3,796 3,731 Profit attributable to shareholders of the parent company ..................................................... 3,092 3,441 3,209 2,722 2,842 At year-end Shareholders’ funds of the parent company ... 27,787 19,923 24,423 20,399 19,091 Capital resources1 ............................................ 31,840 27,098 24,231 21,360 19,677 Customer accounts and deposits by banks ..... 390,625 431,311 317,055 265,863 239,673 Total assets ...................................................... 751,928 924,231 622,280 440,760 386,422 Ratios (%) Return on average shareholders’ funds (equity) of the parent company ................................ 13.2 14.5 14.5 13.6 16.4 Loans and advances to customers as a percentage of customer accounts ................ 82.5 80.6 84.9 88.2 88.9 Capital ratios ................................................... – total capital1............................................. 15.7 10.5 10.8 11.2 10.8 – tier 1 capital1............................................ 11.2 6.8 7.5 7.5 6.9 Cost efficiency ratio2 ....................................... 52.7 56.6 60.5 58.9 58.8 Profit on ordinary activities before tax Cost efficiency ratio Capital resources 4,366 62.0 4,500 4,014 4,063 3,796 60.5 3,731 35,000 31,840 4,000 60.0 58.9 58.8 27,098 30,000 3,500 24,231 58.0 56.6 3,000 25,000 21,360 19,677 56.0 2,500 20,000 2,000 54.0 52.7 15,000 1,500 52.0 10,000 1,000 50.0 500 5,000 0 48.0 0 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 1 2007 capital balances and ratios are stated on a Basel I basis; pro-forma figures as at 31 December 2007 calculated under Basel II are: capital resources: £22,514; total capital ratio: 10.6 per cent; Tier 1 capital ratio: 7.6 per cent. 2 The cost efficiency ratio is defined as total operating expenses divided by net operating income before loan impairment charges and other credit risk provisions. The financial highlights are influenced by changes in the group structure over the five years. 1 HSBC BANK PLC Board of Directors Directors S K Green, Chairman A R D Monro-Davies** Age 61. Chairman since 2005 and a Director since Age 69. Formerly Chief Executive Officer, Fitch 1995. Deputy Chairman from 2003 to December 2004. Ratings. A Director since 2004. Chairman of the Audit Group Chairman of HSBC Holdings plc. Joined HSBC Committee. in 1982. S P O’Sullivan M F Geoghegan, CBE, Deputy Chairman Age 54. Chief Technology and Services Officer, UK Age 56. Deputy Chairman since 2006 and a Director Banking. A Director since 2007. Chairman of HSBC since 2004. Chief Executive from 2004 to 2006. Group Trust Company (UK) Limited. A Director of HFC Chief Executive of HSBC Holdings plc. Joined HSBC Bank Limited and Marks and Spencer Financial in 1973. Services plc. Joined HSBC in 1980. S T Gulliver, Chairman of the Executive P M Shawyer** Committee Age 59. Formerly a Managing Partner of Deloitte. A Age 50. A Director since 2006. A Director of HSBC Director since 2004. A member of the Audit Holdings plc and Chairman, Europe, the Middle East Committee. and Global Businesses. Joined HSBC in 1980. J F Trueman** P A Thurston, Chief Executive Age 67. Formerly Deputy Chairman of S G Warburg & Age 56. Chief Executive since April 2009 and a Co. A Director since 2004. A member of the Audit Director since June 2008. A Group Managing Director Committee. since April 2008. Managing Director, UK Banking * Non-Executive Director from June 2008 to April 2009. Joined HSBC in 1975. ** Independent Non-Executive Director D C Budd* Secretary Age 56. Chairman of HFC Bank Limited since June 2008. A Director since 2005. A Group General J H McKenzie Manager since 2005. Joined HSBC in 1972. Age 56. Joined HSBC in 1987. Dame Mary Marsh** Registered Office: 8 Canada Square, London E14 5HQ Age 63. Director of the Clore Social Leadership Programme. Governor and Chair of the International Alumni Council, London Business School. A member of the National Council of the Learning and Skills Council. A Trustee of Young Enterprise. A Director since 1 January 2009 and a member of the Corporate Sustainability Committee of HSBC Holdings plc since 31 July 2009. Formerly Chief Executive of the National Society for the Prevention of Cruelty to Children (NSPCC). R E S Martin** Age 49. General Counsel & Company Secretary elect, Vodafone Group plc. Member of the Legal Services Board. A Director since 2005. 2 HSBC BANK PLC Report of the Directors Introduction Poland, Russia, South Africa, Slovakia, Switzerland and Turkey. While 2009 was a difficult year for most European economies, HSBC’s financial strength, premium Significant events customer base and ability to leverage its brand and global networks ensured that all lines of business On 12 June 2009, the bank sold its residual 49 per cent remained strong and profitable, supported by a well- holding in HSBC Merchant Services LLP (HMS), the funded balance sheet with increased capital strength. card processing joint venture (‘JV’) that serves its UK Retail customer deposit levels increased despite intense business clients, to its partner in the venture, Global competition and margin compression, and allowed the Payments Inc., for a consideration of £192 million. The group to grow in mortgages and continue to lend to gain of £180 million is included in ‘Other operating commercial customers. The group continued to position income’ in the consolidated income statement. its balance sheet conservatively with a focus on On 13 November 2009, the group agreed the sale delivering long-term sustainable returns. and leaseback of 8 Canada Square, Canary Wharf, London to the National Pension Service of Korea Results for 2009 ('NPS') for £773 million in cash. As a result of the The consolidated profit for the year attributable to the transaction, a gain of £353 million was recognised in shareholders of the group was £3,092 million. ‘Other operating income’ in 2009. Further details on this transaction are provided in Note 22 ‘Property, plant An increase in underlying revenues was driven by and equipment’. a strong performance in the European
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