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Many of those operations arose from acquisitions.
Most of HSBC's recent growth, though, has come from acquisitions.
Any revenue growth will come from acquisitions, the company said.
"In 2004, we will get the profit growth from acquisitions".
Still, Mr. Brabeck-Letmathe has not shied away from acquisitions.
CenturyLink posted second-quarter profit that beat analysts' estimates as new customers from acquisitions increased sales.
Ms. Mayer has said Yahoo's mobile growth may come from acquisitions of mobile app companies.
Last year its sales by volume expanded by 3% (not counting growth from acquisitions).
Ignoring the contributions from acquisitions, the industrial growth rate was still a solid 11 percent.
Including revenue from acquisitions, sales were up 7% - ahead of the company's target.
And the company has shied away from acquisitions, preferring to build restaurants to its own design.
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