HSBC's results for 1999 were significantly better than those achieved in a challenging 1998. Profit attributable to shareholders increased by 25 per cent to US$5,408 million and the total dividend for the year increased by 10.3 per cent to US$0.34 per share.

These results reflect the improvement in Asia's economies and the resilience of our customer base. One of the most positive features of our performance was that, in a year in which our customer lending declined, our operating profit before provisions, at US$9.7 billion, was 7 per cent higher than in 1998. In line with our 'Managing for Value' strategy, this was achieved both by expanding the relationships we have with existing customers and by winning new customers through organic growth and acquisition.