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HSBC Holdings Plc Holdings HSBC HSBC Holdings plc Holdings HSBC HSBC Holdings plc Interim Report 2019 Interim Report 2019 Report Interim HSBC Holdings plc 8 Canada Square London E14 5HQ United Kingdom Telephone: 44 020 7991 8888 www.hsbc.com Connecting customers to opportunities HSBC aims to be where the growth is, enabling businesses to thrive and economies to prosper, and ultimately helping people to fulfil their hopes and realise their ambitions. Cover image Our global marketing campaign explores how HSBC helps people prosper. The Group’s iconic hexagon becomes a lens through which to look at the world, showing how we help individuals, businesses and communities to grow and flourish. This includes our commitment to the development of renewable energy sources that can support the global transition to a low-carbon economy. We have pledged to provide $100 billion in sustainable financing and investments by 2025. Inside front cover image We are investing in digital technology to improve the service we provide to our customers. Our award-winning mobile apps are one of the ways we help them manage their money more quickly, conveniently and safely. This picture was taken by Terry Tam, who works for HSBC as an IT developer. Employee photos All the photos on the inside pages of this report were taken by people working for HSBC in locations including the UK, China, India and Bangladesh. Many more employees across the Group’s international network have contributed to HSBC Now Photo, an ongoing project that Printed by Asia One Printing Limited, The Forest Stewardship Council® (FSC™) allows them to demonstrate their Hong Kong, on Print Speed paper, is a global, not-for-profit organisation talent as photographers and show the using vegetable oil-based inks. Made dedicated to the promotion of responsible diversity of the world around them. in Austria and Portugal. Pulps used forest management worldwide. The FSC™ are totally chlorine-free. label means that materials used for the product have been responsibly sourced. Contents Our values Overview 2 Highlights 4 Our strategy Our values define who we 6 Financial overview are as an organisation and 10 Global businesses make us distinctive. 15 How we do business 16 Risk overview Dependable We are dependable, standing firm for what is right and delivering Overview on commitments. Open We are open to dierent ideas and cultures, and value diverse perspectives. Connected Interim Management Report 18 Financial summary 29 Global businesses We are connected to our 38 Geographical regions customers, communities, 49 Risk regulators and each other, 49 Areas of special interest 49 Key developments in the first half of 2019 caring about individuals 49 Credit risk profile and their progress. 68 Liquidity and funding risk profile 70 Market risk profile 73 Operational risk profile 73 Insurance manufacturing operations risk profile 76 Capital 76 Capital overview 76 Capital management As a reminder 77 Own funds 78 Risk-weighted assets Interim Management Report Reporting currency 79 Leverage ratio 79 Regulatory disclosures We use US dollars. Adjusted measures Financial Statements 80 Directors’ responsibility statement 81 Independent review report by We supplement our IFRS PricewaterhouseCoopers LLP figures with adjusted to HSBC Holdings plc measures used by 82 Financial statements management internally. 89 Notes on the financial statements These measures are highlighted with the following symbol: Further explanation may be found on page 18. FinancialStatements In this document we use the following abbreviations to refer to reporting periods. 1H19 First half of 2019 Additional Information 110 Shareholder information 117 Cautionary statement regarding forward-looking statements 2H18 Second half of 2018 117 Certain defined terms 118 Abbreviations 1H18 First half of 2018 For a full list of abbreviations see page 118. Unless stated otherwise, risk-weighted assets (‘RWAs’) and capital are Information Additional calculated and presented on a transitional basis in accordance with the Capital Requirements Regulation. HSBC Holdings plc Interim Report 2019 1 Overview Highlights Our international network, access to high-growth markets, and balance sheet strength deliver long-term value for customers and shareholders. Strong– revenue momentum in 1H19 in Retail Banking and Wealth Management (‘RBWM’), as we won new customers and increased lending, and in Commercial Banking (‘CMB’), with growth in all major products and all regions. Global Banking and Markets (‘GB&M’) revenue lower. Co– ntinuing growth in Asia, although outlook is less certain. Reported revenue in Asia up 7% compared with 1H18. Reported lending in Asia up $23bn or 5% compared with the end of 2018. In– vestments of $2.2bn in 1H19, up 17% compared with 1H18, on near- and medium-term initiatives to grow the business and enhance digital capabilities. Im– proved customer satisfaction in scale markets in RBWM and CMB. Group Chief Executive On– 5 August 2019, John Flint stepped down as Group Chief Executive and as a Director of HSBC Holdings. Noel Quinn was appointed as interim Group Chief Executive and as a Director of HSBC Holdings. Financial performance (vs 1H18) Reported– profit after tax up 18.1% to $9.9bn. Re– ported profit before tax up 15.8% to $12.4bn, including an $828m dilution gain recognised on the completion of the merger of our associate The Saudi British Bank (‘SABB’) with Alawwal bank in Saudi Arabia. It also included a provision of $615m in respect of the mis-selling of payment protection insurance (‘PPI’), and $248m of severance costs arising from cost eciency measures across our global businesses and functions. Adjusted profit before tax up 6.8% to $12.5bn. Re– ported revenue up 7.6%. Adjusted revenue up 8.0%, with strong performances in RBWM and CMB. Adjusted revenue down 3% in GB&M, which suered from lower market activity due to ongoing economic uncertainty, and spread compression. Rep– orted operating expenses down 2.3%. Adjusted operating expenses up 3.5%, with significant work undertaken in 1H19 to reduce 2020 run-rate. Positive adjusted jaws of 4.5%, supported by favourable market impacts in insurance manufacturing, the non-recurrence of a 1H18 adverse swap mark-to-market loss in Corporate Centre and disposal gains in Latin America. Ea– rnings per share of $0.42. Return on average tangible equity (annualised) (‘RoTE’) up 150 basis points (‘bps’) to 11.2%, including c.120bps favourable impact of the SABB dilution gain. Co– mmon equity tier 1 (‘CET1’) ratio up 30bps from 31 December 2018 to 14.3%. We– intend to initiate a share buy-back of up to $1bn, which we expect to commence shortly. Progress on 2020 financial targets The– outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets. In the near term, the nature and impact of the UK’s departure from the European Union remain highly uncertain. Given the prevailing outlook for interest rates and revenue headwinds in GB&M and RBWM, we do not expect to achieve our 6% RoTE target in the US by 2020. We– are managing operating expenses and investment spending in line with the increased risks to revenue. We– expect some recovery from first-half market conditions in GB&M in the second half of 2019 and into next year, and continue to target a RoTE above 11% in 2020, but we will not take short-term decisions that could jeopardise the long-term health of the business. About HSBC With assets of $2.8tn at 30 June 2019, HSBC is one of the world’s largest banking and financial services organisations. More than We employ around We have around 40 million 238,000 200,000 customers bank with us people around the world shareholders in 129 countries (full-time equivalent sta) and territories 2 HSBC Holdings plc Interim Report 2019 Highlights Key financial metrics Half-year to Reported results 30 June 2019 30 June 2018 31 December 2018 Reported revenue ($m) 29,372 27,287 26,493 Reported profit before tax ($m) 12,407 10,712 9,178 Reported profit after tax ($m) 9,937 8,416 6,609 Overview Profit attributable to the ordinary shareholders of the parent company ($m) 8,507 7,173 5,435 Basic earnings per share ($) 0.42 0.36 0.27 Diluted earnings per share ($) 0.42 0.36 0.27 Return on average ordinary shareholders’ equity (annualised) (%) 10.4 8.7 6.7 Return on average tangible equity (annualised) (%)1 11.2 9.7 8.6 Net interest margin (%)1 1.61 1.66 1.66 Adjusted results Adjusted revenue ($m) 28,495 26,381 26,333 Adjusted profit before tax ($m) 12,516 11,723 9,593 Adjusted jaws (%) 4.5 Cost eciency ratio (%) 56.7 59.2 62.8 Expected credit losses and other credit impairment charges (‘ECL’) 0.23 0.08 0.27 as % of average gross loans and advances to customers (%) At Balance sheet 30 June 2019 30 June 2018 31 December 2018 Interim Management Report Total assets ($m) 2,751,273 2,607,314 2,558,124 Net loans and advances to customers ($m) 1,021,632 973,443 981,696 Customer accounts ($m) 1,380,124 1,356,307 1,362,643 Average interest-earning assets ($m)1 1,912,708 1,839,603 1,839,346 Loans and advances to customers as % of customer accounts (%) 74.0 71.8 72.0 Total shareholders’ equity ($m) 192,676 183,607 186,253 Tangible ordinary shareholders’ equity ($m) 145,441 139,754 140,056 Net asset value per ordinary share at period end ($)2,3 8.35 8.10 8.13 Tangible net asset value per ordinary share at period end ($)3 7.19 7.00 7.01 Capital, leverage and liquidity Common equity tier 1 capital ratio (%) 14.3 14.2 14.0 Risk-weighted assets ($m) 885,971 865,467 865,318 FinancialStatements Total capital ratio (%)4 20.1 20.4 20.0 Leverage ratio (%) 5.4 5.4 5.5 High-quality liquid assets (liquidity value) ($bn) 533 540 567 Liquidity coverage ratio (%) 136 158 154 Share count Period end basic number of $0.50 ordinary shares outstanding (millions) 20,221 19,963 19,981 Period end basic number of $0.50 ordinary shares outstanding 20,286 20,045 20,059 and dilutive potential ordinary shares (millions) Average basic number of $0.50 ordinary shares outstanding (millions) 20,124 19,998 19,786 Dividend per ordinary share (declared in the period) ($) 0.31 0.31 0.20 1.
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