Financial Performance - Return on Tangible Equity (RoTE) increased to 11.7%, up 160 basis points year-over-year[4] - Total shareholder return reached 47.5%, compared to 9.4% in 2023[6] - Operating income totaled $19.696 billion, reflecting a 14% year-over-year growth[6] - Pre-tax profit was $6.811 billion, representing a 21% increase compared to the previous year[6] - Earnings per share (EPS) increased to 168.1 cents, up from 141.3 cents year-over-year[6] - Revenue growth for the company was reported at 14% on a constant currency basis[46] - The company reported a 21% year-on-year increase in pre-tax profit to $6.8 billion, supported by strong cost control and a resilient investment portfolio[57] - Revenue for 2024 was reported at $19.7 billion, reflecting a 14% growth on a constant currency basis, with wealth solutions revenue reaching a record high, growing by 29%[56] - The group's operating income grew by 14% to 19.7 billion, driven by strong double-digit growth in wealth management and global banking businesses[157] - The group's pre-tax basic profit increased by 21% to 6.8 billion, with a credit impairment expense of 557 million, reflecting a low annualized loan loss rate of 19 basis points[157] Capital and Shareholder Returns - Common Equity Tier 1 (CET1) capital ratio stood at 14.2%, exceeding the target range of 13-14%[5] - The company announced an increase in annual dividends to 37 cents per share, representing a 37% increase[46] - A total of 4.9 billion was allocated for share buybacks, including an additional 1.5 billion announced during the year[46] - The total shareholder return announced since the full-year results of 2023 reached $4.9 billion, with a proposed final dividend increase of 37% to $0.37 per share[58] - The company plans to return at least HKD 8 billion to shareholders from 2024 to 2026 and aims to continue increasing the annual dividend per share over time[163] Sustainable Financing and Growth - Sustainable financing amounted to $121 billion, an increase of $34 billion[6] - The company is committed to achieving net-zero emissions by 2025, marking a significant milestone in its sustainability efforts[48] - The company has facilitated 121 billion in sustainable financing since early 2021, progressing towards a 300 billion target by 2030[61] - Sustainable finance business revenue increased by 36% year-on-year, reaching 982 million in 2024, nearing the 1 billion target for 2025[61] - The company is expanding its sustainable and transitional financing capabilities, responding to increasing market demand for such advisory services[48] Strategic Focus and Market Presence - The bank's strategy focuses on connecting clients to sustainable growth opportunities across Asia, Africa, and the Middle East[3] - The company has a presence in 53 markets globally, connecting high-growth and emerging markets in Asia, Africa, and the Middle East with mature economies in Europe and the Americas[38] - The group aims to enhance its strategy by integrating the strengths of corporate and investment banking to seek cross-border opportunities[44] - The company continues to prioritize investment in high-growth markets, which have shown robust performance[44] - The company aims to enhance business strength and deliver higher returns while focusing on sustainable growth opportunities across Asia, Africa, and the Middle East[56] Diversity and Inclusion - The company emphasizes diversity and inclusion, with 33.1% of senior positions held by women, an increase of 0.6 percentage points[6] - The percentage of women in senior leadership positions has increased to 33.1%, up from 32.5% in December 2023, marking a 7.8 percentage point increase since December 2016[82] - Employee Net Promoter Score (eNPS) improved to 20.44, up 5.42 points[6] Risk Management and Economic Outlook - The company is focused on risk management strategies to navigate ongoing geopolitical tensions and economic uncertainties, ensuring business resilience[168] - The company acknowledges the complex interconnections between macroeconomic and geopolitical risks, particularly in critical supply chains[177] - The company is actively monitoring emerging risks, including potential future pandemics and cross-border conflicts, to manage their impact[176] - The company follows a diversification principle across products, regions, customer categories, and industries to manage credit risk[174] - The company is committed to managing environmental, social, and governance risks, particularly in relation to climate change and its financial implications[174] Client Engagement and Wealth Management - The wealth management and retail banking business recorded a 29% revenue growth compared to 2023, on a constant currency basis[47] - The company plans to invest 1.5 billion to enhance services for affluent clients and aims to attract 200 billion in net new inflows over the next five years[47] - The net inflow of new funds from affluent clients increased by 61% year-on-year in 2024, reaching 43.6 billion, supported by strong growth in new clients and digital engagement[141] - The number of international affluent clients grew by 18% year-on-year in 2024, reaching 325,000, achieving a three-year growth target set in 2023[141] - The wealth management business is expected to achieve a double-digit compound annual growth rate from 2024 to 2029[114] Digital Transformation and Innovation - The company continues to invest in digital transformation, with operating expenses increasing by 8% due to investments in new and existing ventures[154] - The digital transaction activation rate for clients reached 68.3%, up from 64.5% in 2023, indicating improved customer engagement in digital services[140] - Mox has approximately 650,000 customers in 2024, covering over 10% of the eligible population for account opening in Hong Kong, with a year-on-year revenue growth of 15% and a deposit growth of 57%[152] - Trust Bank reached 974,000 customers in 2024, representing 18% of Singapore's adult population, with a 160% increase in revenue compared to 2023 and a 149% increase in customer loan balances to 600 million[152] Economic Projections and Global Trends - The global economic growth rate is expected to slightly slow from 3.2% in 2024 to 3.1% in 2025, with Asian markets projected to grow by 4.8%[67] - The U.S. economy is projected to grow from 2.5% in 2023 to 2.7% in 2024, driven by personal consumption[90] - China's economic growth is expected to slow down to 4.5% in 2025, with significant contributions from net exports in 2024 but a reduction anticipated in 2025[99] - The geopolitical landscape, including U.S.-China trade tensions, poses risks to global economic stability and growth[90] - Emerging markets are facing challenges from high debt levels and aging populations, which may hinder long-term growth prospects[91]
渣打集团(02888) - 2024 - 年度财报