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汇丰控股(00005) - 2023 Q1 - 季度业绩
00005HSBC HOLDINGS(00005)2023-05-02 04:00

Financial Performance - In Q1 2023, HSBC reported a significant impairment reversal of 2.1billionrelatedtotheplannedsaleofitsFrenchretailbankingbusiness,whichwaspreviouslyclassifiedasheldforsale[9].−TheacquisitionofSiliconValleyBankUKinMarch2023resultedinapreliminaryacquisitiongainof2.1 billion related to the planned sale of its French retail banking business, which was previously classified as held for sale[9]. - The acquisition of Silicon Valley Bank UK in March 2023 resulted in a preliminary acquisition gain of 1.511 billion, with HSBC UK providing 2.8billioninfundingfortheacquisition[9].−TheearningspershareforQ12023includedanimpactof2.8 billion in funding for the acquisition[9]. - The earnings per share for Q1 2023 included an impact of 0.08 from the acquisition of Silicon Valley Bank UK and a 0.08reversalrelatedtotheFrenchretailbankingimpairment[10].−Thebank′snetinterestincomeforQ12023wasreportedat0.08 reversal related to the French retail banking impairment[10]. - The bank's net interest income for Q1 2023 was reported at 21.16 billion, reflecting a stable performance despite market fluctuations[10]. - Operating profit for Q1 2023 reached 12,153million,significantlyhigherthan12,153 million, significantly higher than 4,356 million in Q1 2022[14]. - The basic earnings per share for Q1 2023 was 0.52,comparedto0.52, compared to 0.22 in Q1 2022[14]. - The return on average ordinary shareholders' equity for Q1 2023 was 25.5%, up from 11.3% in Q1 2022[14]. - The net interest margin for Q1 2023 was 1.69%, an increase of 50 basis points compared to Q1 2022[27]. - The total operating expenses (excluding goodwill and other intangible asset impairments) were 7,588million,downfrom7,588 million, down from 8,717 million in Q1 2022[14]. - The company reported a gain from acquisitions of 1,511millioninQ12023[14].−Pre−taxprofitwas1,511 million in Q1 2023[14]. - Pre-tax profit was 2 billion, an increase of 900millionor86900 million or 86% compared to Q1 2022, driven by a 700 million increase in revenue, a 20% rise[36]. - Revenue for the capital markets and securities services business increased by 300million,a12300 million, a 12% rise[36]. - The expected credit losses and other credit impairment charges were (432) million, an improvement from (1,430)millioninQ12022[14].−TheaveragetangibleequityreturnrateforQ12023was27.4(1,430) million in Q1 2022[14]. - The average tangible equity return rate for Q1 2023 was 27.4%, compared to 12.3% in Q1 2022[14]. - The profit attributable to common shareholders for Q1 2023 was 10,327 million, a significant increase from 4,378millioninQ42022and4,378 million in Q4 2022 and 2,755 million in Q1 2022[89]. - The adjusted profit before tax for Q1 2023 was 12.886billion,asignificantincreasefrom12.886 billion, a significant increase from 5.049 billion in Q1 2022, representing a growth of 155%[169]. - The adjusted profit after tax for Q1 2023 reached 11.026billion,upfrom11.026 billion, up from 4.661 billion in the same quarter last year, marking an increase of 136%[169]. Customer Loans and Accounts - HSBC's total customer loans classified as held for sale averaged 16billion,excludingtheimpactoftheimpairmentreversalrelatedtotheFrenchretailbankingbusiness[10].−Customerloansamountedto16 billion, excluding the impact of the impairment reversal related to the French retail banking business[10]. - Customer loans amounted to 1 trillion, with an increase of 40billion,impactedbyanegativecurrencytranslationeffectof40 billion, impacted by a negative currency translation effect of 8 billion and an increase of 7billionduetotheacquisitionofUKSiliconValleyBank[30].−Customeraccountsreached7 billion due to the acquisition of UK Silicon Valley Bank[30]. - Customer accounts reached 1.6 trillion, increasing by 34billion,affectedbyanegativecurrencytranslationeffectof34 billion, affected by a negative currency translation effect of 12 billion and an increase of 8billionfromtheacquisitionofUKSiliconValleyBank[30].−Thetotalamountofcustomerloansinpersonalloansreached8 billion from the acquisition of UK Silicon Valley Bank[30]. - The total amount of customer loans in personal loans reached 445 billion, an increase of 30.2billionfromDecember31,2022,drivenbyfavorableforeignexchangemovementsof30.2 billion from December 31, 2022, driven by favorable foreign exchange movements of 4.6 billion and a reclassification of 22.6billionintheFrenchretailbankingbusiness[50].−Customerloans(net)amountedto22.6 billion in the French retail banking business[50]. - Customer loans (net) amounted to 963,394 million, up from 923,561millioninthepreviousyear,reflectingagrowthof4923,561 million in the previous year, reflecting a growth of 4%[111]. - Net customer loans reached 963,394 million, with Wealth Management and Personal Banking contributing 455,266million,CommercialBanking455,266 million, Commercial Banking 323,268 million, and Global Banking and Markets 184,492million[112].ExpectedCreditLosses−TheexpectedcreditlossesforQ12023were184,492 million[112]. Expected Credit Losses - The expected credit losses for Q1 2023 were 32 million, compared to 300millioninQ12022,reflectingimprovedeconomicconditions[37].−Theexpectedcreditlosssensitivityanalysisindicatesthattheretailportfoliohasnotundergonesignificantchanges,whilethewholesaleportfolio′sdownsideriskhasincreasedcomparedtoDecember31,2022[49].−Theexpectedcreditlossprovisionsforcustomerloansmeasuredatamortizedcostwere300 million in Q1 2022, reflecting improved economic conditions[37]. - The expected credit loss sensitivity analysis indicates that the retail portfolio has not undergone significant changes, while the wholesale portfolio's downside risk has increased compared to December 31, 2022[49]. - The expected credit loss provisions for customer loans measured at amortized cost were 11,658 million, compared to 11,447millionattheendof2022,indicatinganincreaseof1.811,447 million at the end of 2022, indicating an increase of 1.8%[73]. - The expected credit loss provisions for financial assets measured at amortized cost were 12,135 million as of March 31, 2023, compared to 12,009millionattheendof2022,reflectingariseof1.012,009 million at the end of 2022, reflecting a rise of 1.0%[73]. - The expected credit losses decreased by 200 million to 400million,reflectingimprovedeconomicconditions[140].OperatingExpenses−Operatingexpenseswere400 million, reflecting improved economic conditions[140]. Operating Expenses - Operating expenses were 2.4 billion, an increase of 100millionor2100 million or 2%, influenced by inflation but partially offset by cost management[37]. - The total operating expenses (excluding goodwill and other intangible asset impairments) were 7,588 million, down from 8,717millioninQ12022[14].−OperatingexpensesforQ12023were8,717 million in Q1 2022[14]. - Operating expenses for Q1 2023 were 1.7 billion, remaining stable compared to the previous year[67]. - Operating expenses decreased to 7.6billion,a77.6 billion, a 7% decline, primarily due to cost-saving measures and restructuring efforts[140]. - The company recorded a decrease in operating expenses of 1.4 billion, a reduction of 15%, due to the end of cost-saving initiatives and a decline in performance-linked compensation[187]. Capital and Equity - The Common Equity Tier 1 (CET1) capital ratio improved to 14.7% as of March 31, 2023, up from 14.2% on December 31, 2022[84]. - The total equity attributable to ordinary shareholders increased to 170,703millionfrom170,703 million from 158,087 million year-over-year, marking a growth of 8%[108]. - The tangible common equity increased to 159,458million,comparedto159,458 million, compared to 146,927 million in the same period last year, showing an increase of 8.5%[108]. - The total shareholder equity increased to 190.1billionfrom190.1 billion from 177.8 billion year-over-year[149]. - The common equity tier 1 capital ratio stood at 14.7%, up from 14.2% in the previous year[149]. Strategic Initiatives - HSBC plans to complete the sale of its Canadian banking business in Q1 2024, maintaining the business as held for sale until the transaction is finalized[9]. - HSBC is considering a special dividend of $0.21 per share as a priority use of proceeds from the Canadian banking sale, with remaining funds allocated to common equity tier 1 capital[5]. - The bank's strategy includes focusing on international clients while divesting non-core assets, such as the Canadian banking business[5]. - The company aims to enhance its sustainable financing capabilities and meet evolving regulatory expectations regarding climate-related products[109]. - The company is actively managing and monitoring risks associated with the transition from LIBOR, including regulatory compliance risks and market risks, which are gradually diminishing as existing contracts are transitioned[40]. Economic Outlook - The projected GDP growth rate for Hong Kong is expected to be 3.0% in 2023, with a forecast of 3.2% in 2024[76]. - The unemployment rate in Hong Kong is projected to be 3.4% in 2023, with a slight increase to 3.5% in 2024[76]. - The inflation rate in Hong Kong is anticipated to be 2.1% for the next five years, with a peak of 4.3% expected in the first quarter of 2024[76]. - The economic outlook for Q1 2023 has improved compared to December 31, 2022, although inflation and interest rate risks remain significant concerns for most markets[200]. Risks and Challenges - The company is facing challenges due to geopolitical tensions, including the ongoing Russia-Ukraine conflict, which may adversely affect its financial condition and operational performance[123]. - The geopolitical and economic impacts of the Russia-Ukraine conflict continue to be profound, with sanctions imposed by the US, UK, EU, and others against Russia, leading to potential regulatory and market risks for the group and its clients[200]. - The group is prepared to adjust expected credit losses to reflect ongoing uncertainties posed by inflation and interest rate risks across various sectors[200].