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HSBC Bank Bermuda Limited Financial Statements 2020 1 Independent Auditor's Report

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HSBC Bank Bermuda Limited Financial Statements 2020 1 Independent Auditor's Report ;+;+ 2020 HSBC BANK BERMUDA LIMITED Consolidated Financial Statements Contents Page Independent auditor’s report 2 Consolidated financial statements 4 Consolidated income statement 4 Consolidated statement of comprehensive income 4 Consolidated balance sheet 5 Consolidated statement of cash flows 6 Consolidated statement of changes in equity 7 Notes on the consolidated financial statements 8 1 Basis of preparation 8 2 Significant accounting policies 9 3 Net interest income and net fee income 17 4 Employee compensation and benefits 17 5 Share-based payments 19 6 Tax expense 20 7 Derivatives 20 8 Loans and advances to banks 21 9 Credit risk 23 10 Loans and advances to customers 26 11 Financial investments 28 12 Fair values of financial investments carried at fair value 30 13 Property and equipment 31 14 Group entities 31 15 Provisions 32 16 Contingent liabilities, contractual commitments and guarantees 32 17 Maturity analysis of financial assets and financial liabilities 33 18 Interest rate analysis of financial instruments 35 19 Foreign currency exposures 36 20 Risk management 36 21 Litigation 46 22 Related party transactions 47 23 Equity 48 HSBC Bank Bermuda Limited Financial Statements 2020 1 Independent auditor's report To the Board of Directors and Shareholder of HSBC Bank Bermuda Limited Our opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of HSBC Bank Bermuda Limited (the Company) and its subsidiaries (together ‘the Group’) as at 31 December 2020, and their consolidated financial performance and their consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards. What we have audited The Group’s consolidated financial statements comprise: • the consolidated income statement for the year ended 31 December 2020; • the consolidated statement of comprehensive income for the year ended 31 December 2020; • the consolidated balance sheet as at 31 December 2020; • the consolidated statement of cash flows for the year ended 31 December 2020; • the consolidated statement of changes in equity for the year ended 31 December 2020; and • the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information. ________________________________________________________________________________________________________________________________ Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) and the ethical requirements of the Chartered Professional Accountants of Bermuda Rules of Professional Conduct (CPA Bermuda Rules) that are relevant to our audit of the consolidated financial statements in Bermuda. We have fulfilled our other ethical responsibilities in accordance with the IESBA Code and the ethical requirements of the CPA Bermuda Rules. ________________________________________________________________________________________________________________________ Responsibilities of management and those charged with governance for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process. ________________________________________________________________________________________________________________________ Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 2 HSBC Bank Bermuda Limited Financial Statements 2020 • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ________________________________________________________________________________________________________________________________ Chartered Professional Accountants Hamilton, Bermuda 25 February 2021 HSBC Bank Bermuda Limited Financial Statements 2020 3 Consolidated financial statements Consolidated financial statements Page Consolidated income statement 4 Consolidated statement of comprehensive income 4 Consolidated balance sheet 5 Consolidated statement of cash flows 6 Consolidated statement of changes in equity 7 Consolidated income statement for the year ended 31 December 2020 2020 2019 Notes US$000 US$000 Net interest income 3 156,949 187,492 – interest income 186,276 220,663 – interest expense (29,327) (33,171) Net fee income 3 46,357 55,167 – fee income 69,290 78,357 – fee expense (22,933) (23,190) Net income from financial instruments held for trading or managed on a fair value basis 28,101 36,229 Changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss (234) 149 Gains less (losses) from financial investments 11 3,934 1,560 Other operating income 3,635 — Total operating income before change in expected credit losses 238,742 280,597 Change in expected credit losses and other credit impairment charges 9 (39,154) (8,600) Net operating income 199,588 271,997 Employee compensation and benefits 4,5 (77,502) (82,002) General and administrative expenses (32,740)
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