HSBC HOLDINGS-汇丰控股(00005) - 2024 - 年度业绩

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]