hsba201107286k.htm
FORM 6-K
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
 
 
Report of Foreign Private Issuer
 
Pursuant to Rule 13a - 16 or 15d - 16 of
 
the Securities Exchange Act of 1934
 
 
 
For the month of July
 
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   X              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.......          No    X
 
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ..............).
 
 
 
 
 
 
 

 
 
 


 

 
The following is the text of an announcement issued locally in Malta on 29 July 2011 by HSBC Bank Malta p.l.c., a 70.03% indirectly held subsidiary of HSBC Holdings plc.
 
 
29 July 2011
 
HSBC BANK MALTA p.l.c.
FIRST HALF 2011 RESULTS
 
 
Review of Performance
 
 
·    Profit before tax of €50m for the six months ended 30 June 2011 - an increase of €8m, or 19%, compared with €42m for the same period in 2010.
 
 
·    Profit attributable to shareholders of €33m for the six months ended 30 June 2011 - up €5m, or 19%, compared with €27m for the same period in 2010 resulting in earnings per share of 11.2 cent, up 19%.
 
 
·    Total assets of €5,692m at 30 June 2011, up €27m, or 0.5%, compared with 31 December 2010.
 
 
·    Loans and advances to customers were €3,296m at 30 June 2011, a decrease of €8m, or 0.2%, compared with 31 December 2010.
 
 
·    Customer accounts were €4,281m at 30 June 2011, a decrease of €182m, or 4%, compared with 31 December 2010.
 
 
·    Return on equity for the six months ended 30 June 2011 was 18.5%, compared with 16.9% for the first half in 2010. 
 
 
·    Cost efficiency ratio improved to 43.9% from 48.4% for the same period last year.
 
 
·    Capital adequacy ratio of 10.6% at 30 June 2011, compared with 10.4% at 30 June 2010 and 10.2% at 31 December 2010.
 
 
Commentary
 
HSBC Bank Malta p.l.c. delivered a strong performance in the six months ended 30 June 2011. The reported profit before tax of €50m increased by 19%, or €8m, over the comparable period in 2010. The bank's cost efficiency ratio improved to 43.9% compared to 48.4% in the first half of 2010. Return on equity improved to 18.5% from 16.9% in the comparable period in 2010.
 
Net interest income improved by 6% to €64m compared to €61m in the first half of 2010 attributable to effective balance sheet management and the unwinding of higher interest term deposits. Net fees and commission income of €17m for the six months ended 30 June 2011 was in line with the first half of 2010. Growth in lending and account services fees were offset by a decline in stockbroking fees largely due to the slow-down in local capital markets bond issuance activity. 
 
The life insurance subsidiary performed well during the period under review generating a profit before tax of €13m for the first half of 2011, up €9m, compared to €4m for the same period in 2010. A refinement of the methodology to the projection assumptions used in calculating the present value of in-force long-term insurance business contributed €7m to the growth from insurance activities. 
 
In view of significantly heightened stress in the eurozone debt markets, the bank reduced its risk exposure through the sale of holdings in higher risk eurozone countries from the available-for-sale bond portfolio at a net loss of €4m.
 
The bank continued to invest in expanding its business and transforming its operations. As a result, costs increased by €2m, or 4%, to €43m for the six months ended 30 June 2011. The cost efficiency ratio improved to 43.9% compared to 48.4% in the first half of 2010 as growth in operating income outpaced the increased expenditure.
 
Net impairments of €4m for the six months ended 30 June 2011 included an impairment of €2m relating to higher risk debt securities within the available-for-sale investment portfolio. The bank continues to focus on building a high quality base and it is encouraging that the level of loan impairments of €2m although slightly higher than the same period last year were lower than expected. Loan impairments remain at the modest level of 11 basis points of the overall loan book.
 
In the current economic environment, as borrowers looked to reduce debt levels, net loans and advances to customers reduced marginally by €8m to €3,296m. Mortgage market share remained stable. Gross new lending to customers amounted to €355m which reflects the bank's continued support to the local economy and was a modest increase on the same period last year. The quality of the lending portfolio showed a marginal deterioration with non-performing loans representing 4% of gross loans as at 30 June 2011 compared to 3% at 31 December 2010.
 
Customer deposits of €4,281m as at 30 June 2011 reduced by €182m compared to 31 December 2010 reflecting the levels of volatility of deposits from the institutional sector. Retail deposits were broadly stable despite continuing competitive pressure for deposits including from local government bond issuances.
 
The bank's available-for-sale investments portfolio remains well diversified and conservative with limited exposure to sovereign debt in the peripheral eurozone countries following the sale of holdings in the higher risk eurozone countries during the period under review.
 
The bank's liquidity position remains strong with advances to deposits ratio of 77%, compared with 74% at 31 December 2010. This is well within our maximum benchmark ratio of 90% and highlights further room for lending growth. The capital adequacy ratio at 10.6% is well above regulatory requirements.
 
Alan Richards, Director and Chief Executive Officer of HSBC Malta, said: "A strong performance from the bank in the first half of 2011 which saw pre-tax profit increase by 19% and our cost efficiency ratio drop further to 43.9%. Return on equity improved to 18.5%. The local economy continues to perform relatively well although a prolonged crisis in Libya in particular and the eurozone sovereign debt crisis may yet affect projected GDP growth rates.
 
"Nonetheless, HSBC has made excellent progress during these six months as we continue to transform the bank, and we continue to emphasise our competitive advantages as an international bank. The fundamentals of HSBC remain in excellent shape. We remain strongly capitalised, liquid and well placed to service the needs of our customers and to support the local economy.
 
"The successful financial results for the first half of 2011 are testimony to the professionalism, commitment and hard work of our staff who again performed admirably in demanding circumstances."
 
The Board is declaring an interim gross dividend of 8.2 cent per share (5.3 cent net of tax). This will be paid on 24 August 2011 to shareholders who are on the bank's register of shareholders at 10 August 2011.
 
 
Media enquiries to Franco Aloisio on +356 2380 3250.
 
 
Income statements for the period 1 January 2011 to 30 June 2011
         
 
Group
Bank
 
6 mths to
30/06/11
6 mths to 30/06/10 
 6 mths to
30/06/11
6 mths to 30/06/10
 
€000
€000 
€000
€000 
Interest receivable and similar income
        
- on loans and advances, balances with Central Bank of
   Malta, Treasury Bills and other instruments
 
76,665
 
75,360 
 
76,657
 
75,362 
- on debt and other fixed income instruments
10,823
8,292 
8,955
6,437 
Interest expense
(23,264)
(22,883)
(23,420)
(23,226)
Net interest income
64,224
60,769 
62,192
58,573 
         
Fees and commissions income
18,402
18,122 
16,428
15,931 
Fees and commissions expense
(1,460)
(1,209)
(1,328)
(1,075)
Net fee and commission income
16,942
16,913 
15,100
14,856 
         
Dividend income
-
- 
15,385
538 
Trading profits
4,105
2,877 
4,105
2,877 
Net (expense)/income from insurance financial instruments
  designated at fair value
 
(1,750)
 
10,866 
 
-
 
-
Net losses on sale of available-for-sale financial
  investments
(3,677)
- 
(3,683)
- 
Net earned insurance premiums
32,313
28,693 
-
-
Net other operating income/(expense)
11,794 
5,841
(51)
550 
Total operating income
123,951 
125,959 
93,048
77,394 
         
Net insurance claims incurred and movement
  in policyholders' liabilities
 
(27,117)
 
(41,548)
 
-
 
-
Net operating income
96,834
84,411 
93,048
77,394 
         
Employee compensation and benefits
(23,168)
(24,042)
(21,838)
(22,893)
General and administrative expenses
(16,301)
(13,257)
(15,157)
(12,415)
Depreciation
(2,647)
(3,009)
(2,644)
(2,998)
Amortisation
(386)
(527)
(351)
(483)
Net operating income before impairment charges and   provisions
 
54,332
 
43,576 
 
53,058
 
38,605 
 
Net impairment
 
(4,271)
 
(1,408)
 
(1,849)
 
(1,408)
Net provisions for liabilities and other charges
299 
29
300
8
Profit before tax
50,360 
42,197 
51,509
37,205 
Tax expense
(17,715)
(14,818)
(18,121)
(13,073)
Profit for the period
32,645 
27,379 
33,388
24,132 
         
Profit attributable to shareholders
32,645 
27,379 
33,388
24,132 
         
Earnings per share
11.2c
9.4c 
11.4c
8.3c 
         
 
 
         
Statements of comprehensive income for the period 1 January 2011 to 30 June 2011
         
 
Group
Bank
 
6 mths to
30/06/11
6 mths to 30/06/10 
 6 mths to
30/06/11
6 mths to 30/06/10
 
€000 
€000 
€000 
€000 
         
Profit attributable to shareholders
32,645 
27,379 
33,388 
24,132 
         
Other comprehensive income/(expense)
        
Available-for-sale investments:
        
- change in fair value
(6,068)
6,758
      (4,133)
5,737 
- change in fair value transferred to profit or loss
       6,120 
-
       3,683
-
- income taxes
        (18)
(2,365)
         157
(2,008)
Other comprehensive income/(expense) for the period, net of tax
34 
4,393 
       (293)
3,729 
         
Total comprehensive income for the period, net of tax
32,679 
31,772 
    33,095
27,861
         
 
 
Statements of financial position at 30 June 2011
 
Group
Bank
 
30/06/11 
31/12/10 
30/06/11 
31/12/10 
 
€000 
€000 
€000 
€000 
Assets
        
Balances with Central Bank of Malta,
  Treasury Bills and cash
 
 282,484
 
379,985
 
277,985
 
379,984
Cheques in course of collection
11,765
9,011
11,765
9,011
Derivatives
14,025
11,489
14,124
11,686
Financial assets designated at fair value
348,357
306,299
-
-
Financial investments
892,757
690,606
804,983
593,107
Loans and advances to banks
594,865
714,901
594,807
714,850
Loans and advances to customers
3,295,970
3,303,835
3,295,970
3,303,835
Shares in subsidiary companies
-
- 
35,707
35,707
Intangible assets
85,832
70,655
10,880
7,583
Property, plant and equipment
65,473
65,487
65,569
65,580
Investment property
14,586
14,591
11,663
11,668
Assets held for sale
10,660
9,674
10,660
9,674
Current tax assets
1,968
4,712
1,911
4,516
Deferred tax assets
9,562
10,181
9,291
9,902
Other assets
23,386
34,425
7,666
9,439
Prepayments and accrued income
40,249
38,710
35,402
34,256
Total assets
5,691,939
5,664,561
5,188,383
5,200,798
         
Liabilities
        
Derivatives
12,289
12,311
12,388
12,313
Deposits by banks
405,112
232,790
    404,872
232,790
Customer accounts
4,281,265
4,462,861
 4,303,299
4,517,763
Current tax liabilities
9,213
2,603
       8,212
953
Deferred tax liabilities
24,341
19,604
-
-
Liabilities to customers under investment contracts
18,003
18,962
-
-
Liabilities under insurance contracts issued
414,623
410,461
-
-
Other liabilities
46,617
46,424
42,487
42,721
Accruals and deferred income
40,234
36,304
39,786
35,327
Provisions for liabilities and other charges
222
531
184
494
Subordinated liabilities
87,893
87,880
87,893
87,880
Total liabilities
5,339,812
5,330,731
4,899,121
4,930,241
 
Equity
        
Share capital
87,552
87,552
87,552
87,552
Revaluation reserve
28,708
28,674
27,990
28,283
Retained earnings
235,867
217,604
173,720
154,722
Total equity
352,127
333,830
289,262
270,557
Total liabilities and equity
5,691,939
5,664,561
5,188,383
5,200,798
         
Memorandum items
        
Contingent liabilities
117,481
128,947
117,481
128,970 
Commitments
994,889
977,718
994,889
977,718 
 
The financial statements were approved and authorised for issue by the Board of Directors on 29 July 2011 and signed on its behalf by:
 
Albert Mizzi, Chairman                                                                                                              Alan Richards, Chief Executive Officer
 
 
Statements of changes in equity for the period 1 January 2011 to 30 June 2011
   
 
Share
capital
Revaluation
reserve
Retained
earnings
Total
equity
 
Group
€000 
€000 
€000 
€000 
 
At 1 January 2011
 
87,552 
 
28,674 
 
217,604
 
333,830
         
Profit for the period
-
-
32,645
32,645
         
Other comprehensive income
        
  Available-for-sale investments:
        
  - change in fair value, net of tax
-
(3,944)
-
(3,944)
  - change in fair value transferred
    to profit or loss, net of tax
-
        3,978
-
           3,978
Total other comprehensive income
-
34
-
                34
Total comprehensive income for the period
-
34 
32,645
32,679
         
Transactions with owners, recorded
  directly in equity
        
Contributions by and distributions to owners:
        
- share-based payments
-
-
224 
224
- dividends
-
-
(14,606)
(14,606)
Total contributions by and distributions to
  owners
- 
- 
(14,382)
(14,382)
At 30 June 2011
87,552
 
28,708
235,867
352,127
 
         
 
At 1 January 2010
 
87,552 
 
25,825 
 
193,210 
 
306,587 
         
Profit for the period
- 
- 
27,379 
27,379 
         
Other comprehensive income
        
  Available-for-sale investments:
        
  - change in fair value, net of tax
- 
4,393 
-
4,393 
 
Total other comprehensive income
- 
4,393 
   - 
4,393 
Total comprehensive income for the period
- 
4,393 
27,379 
31,772 
Transactions with owners, recorded
  directly in equity
        
Contributions by and distributions to owners:
        
- share-based payments
- 
- 
236 
236
- dividends
- 
- 
(15,176) 
(15,176) 
(32,817)
 
Total contributions by and distributions to
  owners
 
- 
 
- 
 
 
(14,940)
 
 
(14,940) 
 
At 30 June 2010
 
 
87,552 
 
30,218 
 
205,649 
 
323,419 
 
 
 
Statements of changes in equity for the period 1 January 2011 to 30 June 2011
   
 
Share capital
Revaluation
reserve
Retained earnings
Total
 equity
 
Bank
€000 
€000 
€000 
€000 
 
At 1 January 2011
 
87,552 
 
28,283
 
154,722 
 
270,557 
         
Profit for the period
-
-
33,388
33,388
         
Other comprehensive expense
        
  Available-for-sale investments:
        
  - change in fair value, net of tax
-
        (2,686)
-
         (2,686)
  - change in fair value transferred
    to profit or loss, net of tax
-
2,393
-
2,393
Total other comprehensive expense
-
(293)
                  -
(293)
Total comprehensive income/(expense) for the period
-
 
(293)
 
  33,388
33,095
         
Transactions with owners, recorded
  directly in equity
        
Contributions by and distributions to owners:
        
- share-based payments
-
-
            216
              216
- dividends
-
-
(14,606)
(14,606)
Total contributions by and distributions
  to owners
- 
- 
(14,390)
(14,390)
At 30 June 2011
87,552
27,990
173,720 
289,262
         
At 1 January 2010
87,552 
25,030 
133,814 
246,396 
         
Profit for the period
- 
-
-
24,132 
24,132 
         
Other comprehensive income
        
  Available-for-sale investments:
        
  - change in fair value, net of tax
- 
3,729
- 
3,729 
Total other comprehensive income
- 
 
-
3,729
- 
3,729
Total comprehensive income for the period
- 
3,729
24,132 
27,861 
         
Transactions with owners, recorded
  directly in equity
        
Contributions by and distributions to owners:
        
- share-based payments
- 
- 
224 
224 
- dividends
- 
- 
(15,176)
(15,176)
Total contributions by and distributions
  to owners
- 
- 
(14,952)
(14,952)
At 30 June 2010
87,552 
28,759 
142,994 
259,305 
 
 
 
Statements of cash flows for the period 1 January 2011 to 30 June 2011
  
               
 
Group
  
Bank
  
 
6 mths to 30/06/11 
  
6 mths to  30/06/10
  
 6 mths to 30/06/11 
  
6 mths to 30/06/10
  
 
€000 
  
€000 
  
€000 
  
€000 
  
                 
Cash flows used in operating activities
                
Interest, commission and premium receipts
135,398
  
124,544
  
99,411
  
92,153 
  
Interest, commission and claims payments
(39,705)
  
(31,330)
  
(21,736)
  
(22,767)
  
Payments to employees and suppliers
(35,745)
  
(40,869)
  
(35,726)
  
(35,561)
  
Operating profit before changes in operating
  assets/liabilities
 
59,948
  
52,345
  
 
41,949
  
 
33,825 
  
Decrease/(increase) in operating assets:
                
Financial assets designated at fair value
(36,253)
  
(16,297)
  
-
  
- 
  
Reserve deposit with Central Bank of Malta
(3,155)
  
(8,390)
  
   (3,155)
  
(8,390) 
  
Loans and advances to customers and banks
5,200
  
(1,202)
  
        5,170
  
(1,266) 
  
Treasury Bills
       98,043
  
(362,745)
  
    109,607
  
(362,745)
  
Other receivables
         5,224
  
(19,074)
  
       (4,066)
  
(2,887)
  
(Decrease)/increase in operating liabilities:
                
Customer accounts and amounts owed to banks
   (180,922)
  
55,146
  
(213,572)
  
60,501 
  
Other payables
(7,154)
  
28,086
  
2,840
  
14,620 
  
 
Net cash used in operating activities before tax
 
(59,069)
  
(272,131)
  
 
(61,227)
  
 
(266,342) 
  
Tax paid
(3,134)
  
(5,421)
  
(2,180)
  
(5,171)
  
Net cash used in operating activities
(62,203)
  
(277,552)
  
(63,407)
  
(271,513)
  
Cash flows used in investing activities
                
Dividends received
352
  
21
  
10,000
  
349 
  
Interest received from financial investments
15,629
  
7,487
  
9,998
  
5,590 
  
Purchase of financial investments
(321,820)
  
 (243,473)
  
(320,776)
  
(243,569)
  
Proceeds from sale and maturity of financial investments
 
106,538
  
35,693
  
 
97,909
  
 
35,693
  
Purchase of property, plant and equipment, investment property and intangible assets
 
        (6,392) 
  
  (2,804)
  
 
(6,382)
  
(2,773)
  
Proceeds on sale of property, plant and equipment and intangible assets
 
49
  
390
  
 
48
  
 
349
  
Net cash used in investing activities
(205,644)
  
(202,686)
  
(209,203)
  
(204,361)
  
Cash flows used in financing activities
                
Dividends paid
(14,606)
  
(15,176)
  
(14,606)
  
(15,176)
  
Cash used in financing activities
(14,606)
  
(15,176)
  
(14,606)
  
(15,176)
  
Decrease in cash and
  cash equivalents
 
(282,453)
  
(495,414)
  
 
(287,216)
  
 
(491,050)
  
Effect of exchange rate changes
  on cash and cash equivalents
 
(33,097)
  
65,816
  
 
(33,097)
  
 
65,816 
  
Net decrease in cash and
  cash equivalents
 
 (249,356)
  
(561,230)
  
 
(254,119)
  
 
(556,866)
  
 
(282,453)
  
(495,414)
  
(287,216)
  
(491,050)
  
Cash and cash equivalents at beginning of
  period
 
423,606
  
548,815
  
 
    423,554
  
 
544,447 
  
Cash and cash equivalents at end of
  period
 
141,153
  
53,401
  
 
136,338
  
 
53,397 
  
                         
 
 
 

 
Segmental Information
      
                       
The group's segments are organised into three business lines: Retail Banking and Wealth Management, Commercial Banking and Global Banking and Markets.  The business lines reflect the way the CEO, as chief operating decision-maker, reviews financial information in order to make decisions about allocating resources and assessing performance.
  
 
Retail Banking and Wealth Management
Commercial
Banking
Global Banking and Markets
Inter-segment
Group total
  
 
6 mths to
6 mths to
6 mths to
6 mths to
6 mths to
6 mths to
6 mths to
6 mths to
6 mths to
6 mths to
  
 
30/06/11
 30/06/10
30/06/11
 30/06/10
30/06/11
 30/06/10
30/06/11
 30/06/10
30/06/11
 30/06/10
  
 
€000
€000
€000
€000
€000
€000
€000
€000
€000
€000
  
Group
                      
Net interest income
                      
 - external
22,354
25,945
33,783
28,486
8,087
6,338
-
-
64,224
60,769
  
 - inter-segment
7,360
7,307
(6,308)
(5,323)
(1,052)
(1,984)
-
-
-
-
  
 
29,714
33,252
27,475
23,163
7,035
4,354
-
-
64,224
60,769
  
Net non-interest income
                      
 - external
25,216
13,082
8,190
7,728
(796)
2,832
-
-
32,610
23,642
  
 - inter-segment
(387)
(266)
36
78
520
313
(169)
(125)
-
-
  
 
24,829
12,816
8,226
7,806
(276)
3,145
(169)
(125)
32,610
23,642
  
                       
 External employee compensation and benefits
 
(15,797)
 
(17,346)
 
(6,157)
 
(5,649)
 
(1,214)
 
(1,047)
 
-
 
-
 
(23,168)
 
(24,042)
  
                       
General and administrative expenses
                      
 - external
(11,483)
(9,453)
(3,875)
(2,861)
(943)
(943)
-
-
(16,301)
(13,257)
  
 - inter-segment
(169)
(125)
-
-
-
-
169
125
-
-
  
 
(11,652)
(9,578)
(3,875)
(2,861)
(943)
(943)
169
125
(16,301)
(13,257)
  
                       
External depreciation
(1,900)
(2,212)
(746)
(791)
(1)
(6)
-
-
(2,647)
(3,009)
  
                       
External amortisation
(244)
(370)
(113)
(126)
(29)
(31)
-
-
(386)
(527)
  
                       
External net impairment
(3,290)
(1,124)
(1,004)
(284)
            23
-
-
-
(4,271)
(1,408)
  
External net provisions for liabilities and other charges
-
8
300
-
(1)
21
-
-
299
29
  
Profit before tax
21,660
15,446
24,106
21,258
4,594
5,493
-
-
50,360
42,197
  
             
             
 
Retail Banking and Wealth Management
Commercial
Banking
Global Banking and Markets
Inter-segment
Group total
  
 
30/06/11
 31/12/10
30/06/11
  31/12/10
30/06/11
 31/12/10
30/06/11
 31/12/10
30/06/11
  31/12/10
  
 
€000
€000
€000
€000
€000
€000
€000
€000
€000
€000
  
Assets
                      
Segment total assets
2,376,360
2,283,563
1,655,502
1,704,402
1,660,077
1,676,596
-
-
5,691,939
5,664,561
  
Average total assets
2,335,052
2,211,695
1,679,952
1,693,565
1,663,246
1,485,920
-
-
5,678,250
5,391,180
  
Total equity
174,966
166,727
155,939
144,169
21,222
22,934
-
-
352,127
333,830
  
                       
                                               
 
 
 
Basis of preparation
 
The condensed interim financial statements have been extracted from HSBC Bank Malta p.l.c.'s (the 'bank') and its subsidiary undertakings (collectively referred to as the 'group') unaudited management accounts for the six month period ended 30 June 2011.  These condensed interim financial statements are being published in terms of Chapter 5 of the Listing Rules issued by the Listing Authority and in terms of the Prevention of Financial Markets Abuse Act, 2005.
 
The condensed interim financial statements have been prepared in accordance with accounting standards adopted for use in the EU for interim financial statements (EU adopted IAS 34, Interim Financial Reporting).  They do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements for the year ended 31 December 2010.
 
The accounting policies applied in these condensed interim financial statements are the same as those applied by the group in its financial statements as at and for the year ended 31 December 2010.
 
As required by the EU adopted IAS 34, Interim Financial Reporting, these interim financial statements include comparative statements of financial position information at the previous financial year end and comparative income statements and statements of comprehensive income information for the comparable interim periods of the immediately preceding financial year.
 
Related party transactions with other members of the HSBC Group covering the period 1 January to 30 June 2011 have not materially affected the performance for the period under review.
 
HSBC Bank Malta p.l.c. is a member of the HSBC Group, whose ultimate parent company is HSBC Holdings plc. Headquartered in London, HSBC Holdings plc is one of the largest banking and financial services organisations in the world. The HSBC Group's international network comprises around 7,500 offices in 87countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
 
 
 
Statement pursuant to Listing Rule 5.75.3 issued by the Listing Authority
 
 I confirm that to the best of my knowledge:
 
 
·      the condensed interim financial statements give a true and fair view of the financial position as at 30 June 2011, financial performance and cash flows for the period then ended, in accordance with accounting standards adopted for use in the EU for interim financial statements (EU adopted IAS 34 'Interim Financial Reporting'); and
 
 
·      the commentary includes a fair review of the information required in terms of Listing Rule 5.81 to 5.84.
 
 
 
                                                                                               Alan Richards, Chief Executive Officer
 
 
 
 
 
 
 
 

 
 
 
 
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:
 
                                                                                Name:   P A Stafford
 
                                                                                                Title: Assistant Group Secretary
                     
                      
                                                                                    Date: 28 July, 2011