HSBC HOLDINGS-汇丰控股(00005) - 2024 - 年度财报

Financial Performance - HSBC reported a pre-tax profit of $32.3 billion for 2024, up from$ 30.3 billion in 2023, representing a growth of approximately 6.6%[14]. - Pre-tax profit increased by $2 billion to$ 32.3 billion, including a net favorable impact of $1 billion from notable items[25]. - The group achieved a pre-tax profit of$ 32.3 billion in 2024, up from $30.3 billion in 2023[70]. - The average tangible equity return was 14.6%, while the adjusted return was 16%[57]. - The total shareholder return exceeded 30% for the year, driven by a stock price increase of over 20%[57]. - The average tangible equity return for 2024 was 14.6%, aligning with the target of around 15%[89]. - The adjusted pre-tax profit, excluding notable items, was$ 34.1 billion, compared to $32.7 billion in 2023, reflecting a growth of approximately 4.3%[89]. - The cost-to-income ratio for 2024 was 50.2%, compared to 48.5% in 2023[195]. Revenue and Income - Revenue remained stable at$ 65.9 billion, with a fixed exchange rate basis showing an increase of $2.9 billion to$ 67.4 billion[25]. - The net interest income for HSBC was $32.7 billion, a decrease from$ 35.8 billion in 2023, reflecting a decline of about 8.7%[15]. - Total revenue for the group was $65.9 billion, remaining stable compared to 2023, with a 5% increase when excluding notable items and at constant exchange rates[89]. - Wealth management business revenue increased by 18% in 2024, with fees and other income growing by 21%[58]. - The wealth management and personal banking segment added 799,000 new banking customers, a 66% increase compared to 2023[97]. Operating Expenses - The bank's operating expenses increased to$ 33 billion, compared to $32.1 billion in 2023, marking a rise of approximately 2.8%[16]. - Operating expenses increased by$ 1 billion to $33 billion, a rise of 3%, primarily due to increased technology spending and inflation[25]. - The group’s operating expenses for 2024 were$ 32.6 billion, a 3% increase from 2023, with a target increase of about 3% for 2025[192]. Capital and Dividends - The common equity tier 1 capital ratio improved to 14.9%, up from 14.8% in 2023, indicating a stronger capital position[17]. - HSBC declared a total dividend of $0.87 per share for 2024, which includes a special dividend of$ 0.21 per share, compared to $0.61 per share in 2023, reflecting a significant increase of approximately 42.6%[18]. - The board approved a fourth interim dividend of$ 0.36 per share, totaling $0.87 per share for 2024, including a special dividend of$ 0.21[25]. - The group aims to maintain a common equity tier 1 capital ratio of 14% to 14.5% and a dividend payout ratio target of 50% for 2025[30]. Strategic Initiatives - The bank plans to reduce its cost base by $1.5 billion and expects credit loss provisions to remain between 30 to 40 basis points of average loans in the medium term[24]. - HSBC aims to reallocate approximately$ 1.5 billion from non-strategic business activities to areas with significant competitive advantages and value-added returns in the medium term[24]. - The company plans to implement a new organizational structure starting January 1, 2025, to enhance growth potential[44]. - The group is actively reviewing its operations in various regions, including plans to exit certain markets and streamline its organizational structure[30]. Sustainable Financing and ESG - HSBC has provided and facilitated sustainable financing and investment totaling $393.6 billion since January 1, 2020, an increase from$ 294.4 billion in 2023[20]. - The company aims to achieve net-zero emissions by the end of 2050, with significant progress in reducing operational emissions expected by 2030, targeting a reduction of over 90% compared to 2019 levels[123]. - The company has invested billions of dollars in clean energy initiatives, supporting the transition to net-zero emissions and enhancing long-term financial returns for shareholders[120]. - The company anticipates a 40% reduction in operational, travel, and supply chain emissions by the end of 2030, while acknowledging that progress in supply chain emissions reduction has been slower than expected[123]. - The company is focusing on collaborating with clients to develop transition plans that align with its strategic business and market considerations[124]. Market Expansion and Customer Engagement - The group expanded its customer base by approximately 800,000 new clients in Hong Kong[58]. - The company is investing in technology, including artificial intelligence and data analytics, to improve customer experience and operational excellence[85]. - The group received multiple additional licenses to expand its business in mainland China and opened branches in 20 new cities in India[60]. - The company is committed to providing accessible banking services and resources to help customers manage their finances effectively[128]. Governance and Leadership - The board has established a governance framework to ensure informed decision-making and effective communication with stakeholders[164]. - The board will oversee the implementation of a new organizational structure by 2025 to enhance communication and employee experience[170]. - The new Group CEO, appointed in July 2024, aims to drive growth and simplify operations while maintaining prudent risk management[165]. - The board has initiated the recruitment process for a new Chief Financial Officer following the appointment of the new Group CEO, with interim leadership in place[166].