香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 2025 年 2 月 20 日 代表 滙豐控股有限公司 公司秘書長 戴愛蘭 於本公告發表之日，滙豐控股有限公司董事會成員包括：杜嘉祺爵士*、艾橋智、鮑哲鈺†、段小纓†、 范貝恩女爵士†、傅偉思†、高安賢†、古肇華†、郭珮瑛、麥浩智博士†、莫佩娜†、梅愛苓†、利伯特†及 張瑞蓮†。 * 集團非執行主席 † 獨立非執行董事 (香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 股份回購 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券交易所發布。 滙豐與 Merrill Lynch International（「Merrill Lynch」）已訂立多項不可撤回之非全權委託回購協議， 讓 Merrill Lynch（作為主事人）可於 2025 年 2 月 21 日至不遲於 2025 年 4 月 25 日期間購買（視乎監 管機構之批准是否仍然有效）總值最 ...

Investment Rating - The report maintains a Neutral rating for HSBC Holdings PLC [2][3] Core Insights - The report highlights effective cost control and structural optimization as key strategies for the company [1] - The company expects a slight decrease in net income for 2025, with a projected decline of 2.6% year-on-year, followed by a modest recovery of 2.7% in 2026 [3] - The target price for HSBC is set at HK$89.51, based on a price-to-book ratio of 1.10 for 2025 [3] Financial Performance Summary - For the fiscal year ending December 2023, net interest income was reported at US$35.796 billion, with a projected decrease to US$33.404 billion in 2025 [2][15] - The pre-tax profit for 2023 was US$30.348 billion, with expectations of US$30.479 billion in 2025 [2][15] - The net income attributable to the parent company for 2023 was US$22.432 billion, with a forecast of US$22.327 billion for 2025 [2][15] - The return on equity (ROE) is expected to decline from 14.87% in 2023 to 14.00% in 2025 [2][15] Operational Highlights - The company reported a year-on-year increase in operating revenue of US$1.2 billion (up 8.8%), driven by net interest income and wealth management business income [4][17] - The wealth management business saw significant growth across all lines, including asset management (+8%), life insurance (+58%), private banking (+23%), and investment product sales (+31%) [20] - The company plans to maintain a dividend payout ratio of 50% in 2025, with a US$2 billion share buyback expected to be completed before the Q1 2025 earnings report [18] Cost Management - HSBC aims to save approximately US$1.5 billion in expenses by 2026, with a projected reduction of US$300 million in 2025 [9][21] - The company has successfully stabilized the proportion of time deposits over the past two quarters, reducing interest rate sensitivity through increased hedging [19] Credit and Risk Management - The credit cost guidance for 2025 is maintained at 30-40 basis points, with an annualized credit cost of 57 basis points reported for Q4 2024 [8][21] - The company reported a total loan amount decrease of 1% year-on-year, while deposits increased by 2.7% [7]

Core Viewpoint - HSBC Holdings reported a significant increase in pre-tax profit for Q4 2024, reaching $2.23 billion, compared to $977 million in the same quarter last year [1] Financial Performance - Total revenues for HSBC were $11.56 billion, reflecting an 11.2% decrease year over year, primarily due to lower other operating income [3] - Operating expenses slightly declined to $8.6 billion [3] - Expected credit losses (ECL) amounted to $1.36 billion, marking a 32.1% increase year over year [3] Business Segment Performance - Wealth and Personal Banking segment reported a pre-tax profit of $2.5 billion, a substantial increase from $175 million in the previous year, driven by higher total operating income [4] - Commercial Banking segment's pre-tax profit was $2.4 billion, down 3.9% from the prior year due to higher ECL charges and increased expenses [4] - Global Banking and Markets saw a pre-tax profit of $1.4 billion, up 37.4% year over year, attributed to higher total operating income [5] - Corporate Centre reported a pre-tax loss of $4 billion, compared to a $2.7 billion loss in the same quarter last year [5] Future Outlook - For 2025, HSBC anticipates banking net interest income (NII) of $42 billion and targets a 3% year-over-year growth in operating expenses [6] - The company expects to incur $1.8 billion in expenses related to business overhaul by the end of 2026, which is projected to yield annualized cost savings of $1.5 billion by the end of next year [6] - ECL charges are expected to be between 30 and 40 basis points as a percentage of average gross loans for 2025 [6] Capital Management - HSBC aims for a return on average tangible equity in the mid-teens from 2025 to 2027, excluding notable items [7] - The company plans to maintain its common equity tier 1 (CET1) ratio within a medium-term target of 14-14.5% [7] - A dividend payout ratio of 50% is expected for 2025, along with a share buyback program of up to $2 billion, likely to be completed by the end of April [7] Competitive Landscape - Competitors like Barclays and UBS reported improved financial results in Q4 2024, driven by increased revenues and lower operating expenses, although they also faced rising credit impairment charges [9][10]

Core Viewpoint - HSBC Holdings PLC has agreed to sell its retail banking operations in Bahrain to the Bank of Bahrain and Kuwait as part of its global restructuring plan, excluding corporate and private banking businesses in the region [1] Group 1: Restructuring and Strategic Shift - The sale aligns with HSBC's transformation plan aimed at improving operating efficiency and shifting focus towards the Asian region, which was announced in 2020 [2] - HSBC has been scaling back operations in underperforming regions to reduce costs and accelerate its strategic shift towards Asia [3] Group 2: Recent Developments and Initiatives - HSBC has recently laid off nearly 40 investment bankers in Hong Kong and plans to close its mergers and acquisitions and some equities businesses in Europe and the Americas to enhance focus on Asia [4] - The company agreed to sell its French life insurance arm to Matmut Société d'Assurance Mutuelle in December 2024, and has also sold its private banking business in Germany and its South Africa business to FirstRand Bank and Absa [5] - HSBC announced a partnership with Bajaj Allianz General Insurance in India to strengthen its insurance solutions business and acquired Citigroup's retail wealth management business in China [6] Group 3: Industry Context - Other European banks, such as Deutsche Bank and UBS, are also focusing on streamlining their global operations and enhancing performance in specific regions, indicating a broader trend in the banking industry [7][8] Group 4: Performance Metrics - Over the past year, HSBC shares have increased by 39.2%, outperforming the industry's growth of 25.3% [9]

Core Insights - HSBC announced cost-cutting plans aiming to save $300 million in 2025 and reduce its cost base by $1.5 billion by the end of 2026, with upfront costs of $1.8 billion over the next two years [1][7]. Financial Performance - HSBC reported annual pre-tax profits of $32.3 billion, an increase of $2 billion from 2023, but below LSEG analysts' estimates of $32.63 billion. Revenues were $65.85 billion, slightly below forecasts of $66.52 billion [3]. Stock Performance - HSBC's stock reached a 20-year high, increasing 40% over the past 12 months and 14% this year, although it dipped 0.8% to £8.91 on Wednesday, valuing the bank at approximately £160 billion ($201 billion) [2]. Strategic Changes - The new CEO, Georges Elhedery, is restructuring the bank by simplifying its structure into "eastern markets" (Asia-Pacific and Middle East) and "western markets" (UK, Europe, and Americas), and reducing the investment banker headcount [4]. Shareholder Returns - HSBC plans to initiate a share buyback program worth up to $2 billion as part of its strategy to enhance shareholder value [5]. Analyst Perspectives - Analysts express cautious optimism regarding HSBC's cost-cutting measures, noting that while the plans are positive, they do not present significant new initiatives. The focus on efficiency is seen as a series of small, coordinated steps [2][6].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年2月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 00005 | 說明 | 普通股(每股0.50美元) | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 ...

Investment Rating - The report does not explicitly state an investment rating for HSBC Holdings PLC (5 HK) [1]. Core Insights - HSBC Holdings PLC reported a revenue decline of 11.2% year-on-year, which was below the consensus forecast of -1.9%. The main reason for this decline was a significant drop in non-interest income, which fell by 37.1% year-on-year, contrasting with a consensus expectation of a 12.1% increase. Net interest income decreased by 1.2%, but this was better than the expected decline of 9.9% [3][4][6]. - The cost-to-income ratio increased by 1.7 percentage points to 50.2%, which was better than the consensus estimate of 53.7%. The net profit attributable to common shareholders turned positive at $197 million, although this was below the consensus estimate of $597 million [3][4][6]. - Customer loans increased by 0.2% year-on-year, which was below the expected growth of 1.9%. Total deposits rose by 2.7%, exceeding the Bloomberg consensus estimate of 2.1% [3][4][6]. - The total provision for credit losses was $1.362 billion, up 32.1% year-on-year, which was higher than the consensus estimate of $895 million, which anticipated a decrease of 13.2% [3][4][6]. - The Common Equity Tier 1 (CET1) capital ratio increased by 0.1 percentage points to 14.9%, slightly below the expected 15.0%. The return on equity (ROE) for FY24 decreased by 0.7 percentage points to 13.6%, which was above the consensus estimate of 13.4% [3][4][6]. Summary by Relevant Sections Revenue and Profit - Revenue for Q4 2024 was $11.564 billion, down 11.2% year-on-year, compared to a consensus estimate of -1.9%. Non-interest income was particularly weak, falling 37.1% year-on-year [3][4][6]. Business Segment Performance - Wealth and Personal Banking revenue grew by 59.6%, exceeding the expected 50.2%. Commercial Banking revenue increased by 1.3%, surpassing the forecast of a 1.6% decline. Global Banking and Markets revenue rose by 17.4%, better than the expected 9.0% [3][4][6]. Asset Quality and Provisions - The non-performing loan (NPL) ratio decreased to 2.18%, better than the expected 2.39%. The total provision for credit losses was significantly higher than anticipated, indicating a cautious approach to asset quality [3][4][6]. Capital Adequacy and Returns - The CET1 ratio was reported at 14.9%, slightly below expectations, while the ROE was better than consensus, indicating a relatively strong capital position despite the challenges faced [3][4][6].

代扣所得稅信息 股息所涉及的代扣所得稅 不適用 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 董事會於2025年2月19日批准就截至2024年12月31日止財政年度派發第四次股息每股普通股0.36美元（股息），預期分派金額約 為64億美元。是項股息將於2025年4月25日派付予2025年3月7日名列英國主要股東名冊、香港海外股東分冊或百慕達海外股東分 冊之股東。滙豐並無就2024年第四次股息於財務報表內記錄負債。 股息將以美元、英鎊或港元（按位於倫敦之英國滙豐銀行有限公司於2025年4月14日上午11時正或前後所報遠期匯率換算）派發。 在倫敦、香港及百慕達買賣的普通股將於2025年3月6日除息報價。在紐約買賣的美國預託股份則將於2025年3月7日除息報價。 對於英國主要股東名冊，股息之預設派發貨幣為英鎊，亦可以港元或美元，或此等貨幣之組合派發。國際股東可登記參與全球股息 服務(Global Dividend Service)，以當地貨幣收取股息。請於www.investorcentre.co.uk登記及查閱有關條款及細則。英國股東亦 可於www.investo ...

香港股份代號 : 5 非登記股東如欲更改銀行指示或股息貨幣選擇偏好，應聯絡並指示持有其股份的相關中介機構（例如銀行、經紀、託管人、代名人或香港中央結算 ( 代理人 ) 有 限公司）採取行動。 請用黑色筆， 以正楷於方格 內填寫各項。 股息貨幣選擇表格 對於香港海外股東分冊，股息之預設派發貨幣為港元，亦可以美元或英鎊，或此等貨幣之組合派發。閣下可填寫本表格，更改股息的貨幣選擇。 此乃要件 請即處理。倘閣下對本文件或應採取之行動有任何疑問，應諮詢股票經紀、律師、會計師或其他適當之獨立專業顧問。本通知適用於下文所列登記持 有人，不得轉讓。英國及英國以外地區之稅務影響一般概要載於滙豐控股有限公司現行《年報及賬目》的「股東參考資料」一節。股東應向其稅務顧問諮詢相 關稅務責任。滙豐控股有限公司派發之股息現時並無預扣任何稅項。 股份登記處可安排將港元現金股息直接存入閣下的銀行戶口，亦可安排寄發美元及 / 或英鎊支票以入賬至閣下的銀行戶口。閣下可在股份登記處之投 資者中心網頁（www.investorcentre.com/hk）登記或更改銀行指示。閣下需預先在該投資者中心網頁登記，方可使用這項設施。請即採取行動，以 便閣下有 ...

Financial Performance - Pre-tax profit increased by $2 billion to $32.3 billion, including a notable impact of $1 billion from significant items[7] - Revenue remained stable at $65.9 billion, with a fixed exchange rate basis showing an increase of $2.9 billion to $67.4 billion[7] - Net interest income decreased by $3.1 billion to $43.7 billion, reflecting the impact of business disposals and increased funding costs[7] - Operating expenses rose by $1 billion to $33 billion, an increase of 3%, primarily due to technology spending and inflation[7] - The reported pre-tax profit increased by $1.3 billion to $3.2 billion, reflecting the absence of a $3 billion impairment related to the investment in the joint venture, Bank of Communications, in Q4 2023[10] - Reported revenue was $11.6 billion, down 11%, impacted by a foreign exchange reserve loss related to the sale of the Argentine business, but offset by the absence of impairments from the sale of the French retail banking business[10] - The company reported a net profit of $24,999 million for 2024, compared to $24,559 million in 2023, reflecting an increase of 1.8%[56] - The profit attributable to ordinary shareholders was $22,917 million, compared to $22,432 million in the previous year, marking a growth of about 2.2%[43] - The company reported a total comprehensive income of $26,939 million for 2024, compared to $29,542 million in 2023, a decline of 8.8%[56] Capital and Dividends - The Common Equity Tier 1 capital ratio improved to 14.9%, up 0.1 percentage points, driven by capital generation[7] - The board approved a fourth interim dividend of $0.36 per share, totaling $0.87 per share for 2024, including a special dividend of $0.21[7] - The target common equity tier 1 capital ratio is maintained at 14% to 14.5%, with a dividend payout ratio target of 50% for 2025, excluding significant notable items[10] - The total dividend declared for 2024 reached $0.87 per share, including a special dividend of $0.21 per share[21] - Total dividends paid to shareholders in 2024 amounted to $16,410 million, an increase from $11,593 million in 2023, representing a 41.5% growth[93] - The fourth dividend for the fiscal year ending December 31, 2024, is set at $0.36 per share, with an expected total payout of approximately $6,400 million[94] Share Buybacks - The company plans to initiate a share buyback of up to $2 billion, expected to be completed before the Q1 2025 earnings announcement[7] - The company announced a total of $9 billion in share buybacks, with an additional $2 billion announced recently[21] - HSBC announced share buybacks totaling up to $20 billion in February 2024, $30 billion in April 2024, $30 billion in July 2024, and another $30 billion in October 2024, with completion dates extending into 2025[69] Customer Loans and Assets - Customer loans decreased by $8 billion on a reported basis, but increased by $14 billion on a fixed exchange rate basis[7] - The net customer loans decreased to $930,658 million in 2024 from $938,535 million in 2023, reflecting a decline of approximately 0.9%[12] - Total assets as of December 31, 2024, were $3,017,048 million, a slight decrease from $3,038,677 million in 2023[12] - The total external assets increased to $3,017,048 million in 2024, compared to $2,972,547 million in 2023[49] Credit Losses - Expected credit losses remained stable at $3.4 billion, with specific provisions related to commercial real estate in mainland China[7] - The expected credit loss increased by $300 million to $1.4 billion, with $800 million of this related to commercial banking, including $200 million associated with risks in the Chinese commercial real estate sector[10] - The expected credit loss as a percentage of average total customer loans was 0.36% in 2024, consistent with 0.36% in 2022, indicating stable credit quality[12] Operational Efficiency - The cost discipline remains a priority, with a target for 2025 operating expenses to increase by about 3% compared to 2024[10] - The cost-to-income ratio improved to 50.2% in 2024 from 48.5% in 2023, indicating better operational efficiency[12] - The total operating expenses for 2024 were $33,043 million, an increase from $32,070 million in 2023, which is a rise of 3.0%[52] Strategic Focus and Growth - The company aims to create a more streamlined and focused banking operation, emphasizing strategic growth and cost management[6] - The company continues to focus on strategic investments to enhance growth in competitive advantage areas[22] - The company plans to accelerate the expansion of global wealth management offerings, particularly in Hong Kong and the UK markets[36] - The company is committed to optimizing its operational model to adapt to rapidly changing market conditions[36] Legal and Regulatory Matters - HSBC is involved in ongoing legal proceedings related to its operations, but management believes appropriate provisions have been made as of December 31, 2024[111] - HSBC is under investigation for alleged misconduct in the foreign exchange market, with ongoing litigation in various jurisdictions[119] - The UK Competition and Markets Authority has been investigating HSBC and four other banks for anti-competitive behavior since 2018, with expected minimal impact on HSBC[124] Taxation - The effective tax rate for 2024 was 22.6%, up from 19.1% in 2023, influenced by non-deductible losses from the sale of HSBC Argentina and adjustments related to deferred tax[84] - HSBC's tax strategy includes compliance with the OECD's Base Erosion and Profit Shifting (BEPS) framework, with a global minimum tax expense of $221 million recorded for the year[84] - The deferred tax assets net value is $5.5 billion as of December 31, 2024, down from $6.5 billion in 2023, with significant contributions from the UK ($2.6 billion), the US ($3.0 billion), and France ($0.5 billion)[88][89] Management and Governance - HSBC Holdings has complied with the corporate governance codes of both the UK and Hong Kong in 2024[145] - The Group Audit Committee has reviewed the 2024 Annual Report and Accounts, providing assurance to the Board of HSBC Holdings[145] - The management uses non-IFRS measures to present financial performance, adjusting for currency translation differences[150]