汇丰控股(00005) - 2024 Q3 - 季度业绩

Financial Performance - The pre-tax profit for Q3 2024 increased by $800 million to$8.5 billion compared to Q3 2023, driven by growth in wealth management and personal banking, as well as foreign exchange, equities, and global debt market revenues [2]. - Revenue for Q3 2024 rose to $17 billion, an increase of$800 million or 5% from Q3 2023, reflecting increased customer activity in wealth management and personal banking [2]. - For the first nine months of 2024, pre-tax profit increased by $700 million to$30 billion compared to the same period in 2023 [3]. - The after-tax profit for the first nine months of 2024 was $24.4 billion, an increase of$100 million from the same period in 2023 [3]. - The reported pre-tax profit for the nine months ending September 30, 2024, was $30.032 billion, compared to$29.371 billion for the same period in 2023, reflecting a growth of 2.3% [35]. - The pre-tax profit for the nine months ended September 30, 2024, was $30,032 million, up from$29,371 million in the same period of 2023, reflecting a growth of 2.2% [94]. Revenue and Income - Revenue increased to $54.3 billion, a rise of$1.3 billion or 2% compared to the first nine months of 2023, driven by increased customer activity in wealth management and global banking [4]. - Total revenue for the same period was $54.290 billion, up from$53.037 billion year-over-year, indicating an increase of 2.4% [35]. - The total revenue for the nine months ended September 30, 2024, was $54,290 million, a slight increase from$53,037 million in the same period of 2023, representing a growth of 2.4% [94]. - The company reported a diluted earnings per share of $1.22 for the third quarter of 2024, compared to$1.14 in the same quarter of 2023, reflecting a year-over-year increase of 7.0% [37]. Operating Expenses - Operating expenses for Q3 2024 increased by $200 million to$8.1 billion, a rise of 2% compared to Q3 2023, mainly due to increased technology spending and inflation effects [2]. - Operating expenses rose to $24.4 billion, an increase of$1 billion or 4% year-over-year, primarily due to increased technology spending and inflation effects [4]. - The operating expenses for the nine months ended September 30, 2024, were $24,439 million, compared to$23,425 million in the same period of 2023, an increase of 4.3% [94]. Credit Losses - The expected credit losses for Q3 2024 were $1 billion, a decrease of$100 million from Q3 2023, reflecting reduced provisions in commercial banking and global banking and markets [2]. - Expected credit losses improved to $(986) million from$(1,071) million, indicating a reduction of 7.9% year-over-year [40]. - Expected credit losses for the first nine months of 2024 were $900 million, an increase of$200 million compared to the same period in 2023, reflecting higher provisions in the Mexican legal entity [71]. - The expected credit losses and other credit impairment charges were $(2,052) million for the nine months ended September 30, 2024, compared to$(2,416) million in the same period of 2023, showing a reduction of 15.1% [94]. Capital and Dividends - The common equity tier 1 capital ratio was 15.2%, an increase of 0.2 percentage points from Q2 2024, primarily due to capital generation [2]. - The board approved a third interim dividend of $0.1 per share and announced a share buyback of up to$3 billion, expected to be completed within four months [2]. - The target common equity tier 1 capital ratio is maintained in the range of 14% to 14.5%, with a dividend payout ratio target of 50% for 2024 [5]. - A special dividend of $0.21 per share was approved by the board and will be paid in June 2024 alongside the first dividend payment [30]. Business Segments Performance - Wealth management revenue reached$6.696 billion in Q3 2024, up 16% from $5.772 billion in Q3 2023 [69]. - Wealth management and personal banking revenue decreased to$21,723 million from $22,678 million, a decline of 4.2$13,154 million, up 8.2% from $12,154 million in the prior year [38]. - The trading banking business generated$19.8 billion in revenue during the first nine months of 2024, remaining stable compared to the same period in 2023 [12]. Strategic Initiatives and Market Outlook - The company continues to integrate net-zero carbon elements into its operations and aims to achieve net-zero carbon emissions in its business and supply chain by 2030 [11]. - HSBC plans to sell its businesses in Argentina and Armenia, expecting to complete these transactions in Q4 2024, while also having completed the sale of its retail banking operations in France, Canada, and Russia [13]. - The company is actively managing the potential impacts of the real estate downturn on its customer and commercial real estate portfolio [134]. - HSBC is closely monitoring the impact of geopolitical tensions, including the ongoing conflicts in Ukraine and the Middle East, on its operations and risk profile [134]. Customer Loans and Accounts - Customer loans increased by $30 billion compared to Q2 2024, with a fixed exchange rate basis showing an increase of$2 billion [2]. - Total customer loans reached $968.653 billion, an increase of$30 billion, with a favorable currency translation impact of $28 billion primarily from HSBC UK [64]. - Customer accounts amounted to$1.7 trillion, up by $67 billion, including a favorable currency translation impact of$47 billion, mainly from HSBC UK [65]. Market Conditions and Economic Outlook - Global economic activity continued to grow, led by the US and China, while the EU's growth remains relatively slow [134]. - The US Federal Reserve and the Bank of England both reduced interest rates in Q3 2024, following the European Central Bank's decision earlier in the year [134]. - The real estate sector faces challenges in major markets, with high inventory levels and declining prices in Hong Kong and mainland China [134].