"The Group has continued to perform well in the third quarter of 2011 with income momentum across a broad spread of products and geographies. Despite recent macroeconomic events, our markets continue to exhibit strong growth and their growth credentials remain intact. (...) Income in the first nine months of 2011 has grown by a high single digit percentage over the first nine months of 2010. Over the same period, operating profit before tax grew at a double digit rate. Income in the quarter has remained resilient and diverse and well above the level of the comparable period of 2010. Looking across the main income streams, Consumer Banking and Transaction Banking have shown double digit income momentum on a year to date basis. Financial Markets client income has performed well and Corporate Finance income is ahead of the level seen in the third quarter of 2010, whereas Principal Finance has been affected by the uncertain market environment. (...) Credit quality remains good in both businesses and loan impairment for the Group overall was slightly below the first half run rate. (...) We have no direct sovereign exposure to Portugal, Italy, Ireland, Greece or Spain. Our direct sovereign exposure in Europe is immaterial."
