汇丰控股(00005) - 2024 Q1 - 季度业绩

Financial Performance - Pre-tax profit decreased by $200 million to$12.7 billion, reflecting a $4.8 billion gain from the sale of Canadian banking operations and an$1.1 billion impairment related to Argentine operations[13]. - Revenue increased to $20.8 billion, up$600 million or 3%, driven by increased customer activity in wealth management and global banking[13]. - HSBC reported a profit of $12.7 billion for Q1 2024, enabling the company to continue returning value to shareholders[19]. - The company announced a total distribution of$8.8 billion, including a regular dividend of $0.10 per share and a special dividend of$0.21 per share from the sale of its Canadian business[19]. - The profit attributable to shareholders for the quarter ending March 31, 2024, is $10,584 million, a decrease from$10,745 million in the same period last year[33]. - The basic earnings per share for the quarter is $0.54, compared to$0.52 in the previous year[33]. - The adjusted profit attributable to ordinary shareholders, excluding significant items, is $6,326 million, up from$4,747 million year-over-year[33]. - The company reported a total off-balance sheet nominal amount of $651,879 million, down from$678,024 million, indicating a decrease of about 3.9%[35]. - The company reported a significant gain of $4.8 billion from the sale of its Canadian banking business, which included various foreign exchange hedging gains[168]. Credit Losses and Provisions - Expected credit losses were$700 million, an increase of $300 million compared to Q1 2023, with an annualized rate of 30 basis points of total customer loans[13]. - The expected credit loss (ECL) for retail is projected at$2.9 billion and for wholesale at $2.3 billion, totaling$5.2 billion[23]. - The expected credit loss total as of December 31, 2023, was $3.0 billion for retail and$2.5 billion for wholesale, reflecting the impact of geopolitical risks and macroeconomic conditions[24]. - The expected credit loss provision was $11,483 million, reflecting a decrease of 29 million[37]. - The expected credit loss provisions for customer and interbank loans were$47 million as of March 31, 2024, compared to $303 million as of December 31, 2023, showing a substantial reduction[35]. - The expected credit loss charge for the first three months of 2024 is$0.7 billion, compared to $0.4 billion in Q1 2023[62]. - The expected credit loss provisions rose to$700 million, an increase of $300 million compared to Q1 2023[137]. - The expected credit loss sensitivity analysis indicates a cautious outlook for the upcoming quarters, with various scenarios considered[58]. Operating Expenses - Operating expenses rose to$8.2 billion, an increase of $600 million or 7$(8,151) million, a decrease of 6% from $(8,645) million in Q4 2023[86]. - Operating expenses for Q1 2024 were$3,700 million, up 7% year-over-year[129]. - Operating expenses totaled $(7,586) million, which is an increase from$(3,084) million in the same quarter last year[176]. Capital and Shareholder Returns - Common equity tier 1 capital ratio improved to 15.2%, up 40 basis points from Q4 2023, influenced by capital generation and strategic transactions[13]. - The company plans to initiate a share buyback of up to $3 billion, expected to impact the common equity tier 1 capital ratio by 40 basis points[13]. - The board declared a regular dividend of$0.10 per ordinary share and a special dividend of $0.21 per ordinary share, to be paid in June 2024[84]. - The target dividend payout ratio for 2024 is set at 50$1.8 trillion, a 10% increase compared to the same period last year, with net new investment assets of $27 billion in the first three months of 2024[16]. - The trading banking segment generated$6.7 billion in revenue, a 1% increase from Q1 2023, driven by growth in commercial banking and global banking and markets[16]. - The wealth management and personal banking segment generated revenue of $7,164 million, compared to$4,253 million in the previous year[79]. - The commercial banking segment reported revenue of $5,532 million, up from$5,095 million year-over-year[79]. - The global banking and markets segment achieved revenue of $4,455 million, an increase from$3,666 million in the previous year[79]. Economic Outlook and Market Conditions - The company anticipates that GDP growth in North America and Europe will slow in 2024 compared to 2023 due to the delayed effects of interest rate hikes and inflation[29]. - The company expects a slowdown in GDP growth in Hong Kong and mainland China for 2024 due to declining property markets and weak global trade growth[30]. - Inflation in major markets is expected to continue to ease, allowing central banks to begin lowering policy interest rates from mid-2024[30]. - The company is focused on maintaining a robust credit risk model to estimate future credit losses, incorporating various economic scenarios[29]. - The geopolitical tensions, including the ongoing Russia-Ukraine conflict and escalating Middle East situations, continue to pose significant uncertainties for HSBC's operations and risk profile[60]. Strategic Initiatives and Sales - HSBC completed the sale of its Canadian business and reached an agreement to sell its Argentine operations, focusing on high-value international opportunities[19]. - The company plans to sell its Argentine business, with related customer accounts of $1 billion classified as "assets held for sale"[150]. - The company completed the sale of its Canadian banking operations to Royal Bank of Canada, resulting in a gain of$4.8 billion, which includes a reversal of $600 million in currency translation reserve losses and$400 million in other reserve losses[71]. - The sale of the French retail banking business to Promontoria MMB SAS generated a profit participation interest of €100 million ($100 million) for HSBC, with an estimated after-tax loss impact of €100 million ($100 million) from retained loans[70].