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Interim Report 2020 ■■■1111 HSBC Holdings plc Interim Report 2020 ■■■1111 Contents Overview Our global businesses 1 At a glance We serve customers through three global businesses. 2 Highlights On pages 14 to 20 we provide an overview of our 4 Group Chief Executive’s review performance in the first half of 2020 for each of the 8 How we do business global businesses, as well as our Corporate Centre. 10 Financial overview 14 Global businesses In the second quarter, we simplified our organisational 21 Risk overview structure by combining Global Private Banking and Retail Banking and Wealth Management to form Wealth and Personal Banking. This followed realignments within our Interim management report internal reporting and includes the reallocation of Balance 25 Financial summary Sheet Management, hyperinflation accounting in Argentina 32 Global businesses and HSBC Holdings net interest expense from Corporate 40 Geographical regions Centre to the global businesses. 50 Risk Wealth and Personal Banking (’WPB’) 50 Key developments in the first half of 2020 We help millions of our customers look after 50 Areas of special interest their day-to-day finances and manage, protect 54 Credit risk and grow their wealth. 77 Capital and liquidity risk 84 Market risk Commercial Banking (‘CMB’) 87 Insurance manufacturing operations risk Our global reach and expertise help domestic and international businesses around the world unlock their potential. Interim condensed financial statements 90 Directors’ responsibility statement Global Banking and Markets (’GBM’) 91 Report of the independent auditors We provide a comprehensive range of financial services and products to corporates, 92 Interim condensed financial statements governments and institutions. 98 Notes on the interim condensed financial statements Additional information 121 Shareholder information 126 Forward-looking statements 127 Certain defined terms 128 Abbreviations A reminder The currency we report in is US dollars. Adjusted measures We supplement our IFRS figures with alternative performance measures used by management internally. These measures are highlighted with the following symbol: Further explanation may be found on page 12. In this document we use the following abbreviations to refer to reporting periods: 1H20 First half of 2020 2Q20 Second quarter of 2020 2H19 Second half of 2019 1Q20 First quarter of 2020 1H19 First half of 2019 2Q19 Second quarter of 2019 1Q19 First quarter of 2019 For a full list of abbreviations see page 128. Cover image: Connecting our customers through blockchain HSBC Holdings plc Annual Report and Accounts 2019 For centuries, international trade has been reliant on paper documents – from letters of credit to bills of lading. Today, HSBC is leading the way towards paperless trade finance. We are working with our clients, financial institutions and fintech partners to pioneer digitisation of trade, which has made doing business simpler and faster, improving the working capital efficiency for our customers. Paperless trade is becoming a reality. We have used a blockchain-based letter of credit platform, built on R3 Corda blockchain technology, to complete digital trade transactions for shipments of iron ore from Australia to mainland China, and soybeans from Argentina to Malaysia. By investing in digital solutions such as blockchain technology, we can help to increase the velocity of trade globally. HSBC Holdings plc Interim Report 2020 ■■■1111 Overview At a glance Covid-19 Geopolitical risk Market factors The nature, scale and pervasiveness of Levels of geopolitical risk increased in Interest rates fell in the majority of our the coronavirus pandemic dramatically particular markets and are expected to key markets and are expected to remain impacted the global macroeconomic have economic impacts for the Group. at lower levels for the foreseeable future, environment. The economic disruption US-China relations continue to be under which will adversely impact our net interest caused by Covid-19, together with the pressure, heightened by the passing of income. In addition, heightened levels worsened economic outlook, resulted the Hong Kong national security law of uncertainty have led to a significant in a material increase in expected credit and the US Hong Kong Autonomy Act. increase in market volatility globally. losses and other credit impairment The future relationship between the UK While this benefited some Global Markets charges (‘ECL’), as well as a reduction and the EU remains uncertain, while businesses, it also led to large adverse in revenue due to lower transaction there are also emerging challenges in mark-to-market movements in the first volumes and reduced client activity. UK-China relations. quarter of 2020, which reversed to some extent in the second quarter, notably in life insurance manufacturing. Read more on page 22. Read more on pages 22 and 23. Read more on pages 84 to 89. Financial performance in 1H20: Reported profit after tax Return on average tangible equity Basic earnings per share $3.1bn (annualised) $0.10 (1H19: $9.9bn) 3.8% (1H19: $0.42) (1H19: 11.2%) Read more on page 10. Supporting customers Business highlights Business update We have remained operationally resilient We helped our clients raise over $1.15tn We have restarted most areas of throughout the Covid-19 outbreak and in capital markets financing in 1H20, and the transformation programme we continued to keep our customers at the we remained number one globally in announced in February 2020, having forefront of our operations. During 1H20, sustainable finance bonds, according to temporarily paused elements, and we we introduced several measures and Dealogic’s 1H20 rankings. In Hong Kong, have already made progress in other areas. initiatives to support our customers we launched a fully remote, digital account In the US, we completed the consolidation and are also working with governments opening solution for business customers, of our branch network, impacting 80 supporting national schemes, granting while in the UK, we launched HSBC Kinetic, branches, and we closed a further 31 more than $27bn in payment holidays on our new app-only digital banking offering branches in other locations as we seek loans, credit cards and mortgages for our for small and medium-sized business to optimise our global footprint. In GBM, personal lending customers around the customers. In WPB, we launched Pinnacle we have formed a risk-weighted assets world. For our wholesale lending customers, in mainland China, our new digital platform (‘RWAs’) optimisation unit and delivered we have provided more than $52bn in for wealth planning and insurance services. a gross reduction in RWAs of $21bn lending to more than 172,000 customers. in 1H20. Read more on page 9. Read more on pages 14 to 20. Read more on page 4. HSBC Holdings plc Interim Report 2020 1 ■■■1111 Overview Highlights Performance in the first half of 2020 was heavily impacted by the Covid-19 outbreak, geopolitical risk and market factors. The outlook is highly uncertain and dependent on the path and speed of economic recovery. Financial performance (vs 1H19) – Reported profit after tax down 69% to – Net interest margin (‘NIM’) of 1.43% in – In 1H20, lending decreased by $18bn $3.1bn and reported profit before tax 1H20, down 18 basis points (‘bps’) from on a reported basis. On a constant down 65% to $4.3bn from higher ECL and 1H19. NIM in 2Q20 was 1.33%, down 21bps currency basis, lending increased by lower revenue. Reported profit in 1H20 also from 1Q20, primarily reflecting the initial $12bn, reflecting corporate customers included a $1.2bn impairment of software impact of the reduction in interest rates drawing on existing and new credit lines and intangibles, mainly in Europe. due to the Covid-19 outbreak. re-depositing these to increase cash balances – In Asia, we reported profit before – Reported ECL increased by $5.7bn to in 1Q20, which was partly offset by paydowns tax of $7.4bn in 1H20, despite higher $6.9bn due to the impact of the Covid-19 in 2Q20. Deposits grew by $93bn on a ECL, demonstrating the strength and outbreak and the forward economic outlook, reported basis and $133bn on a constant continued resilience of our operations and due to an increase in charges related currency basis, with growth in all global in the region and underlining the to specific wholesale customers. ECL businesses, including through the depositing importance of Asia to the Group. Higher (annualised) as a percentage of average gross of loans from government-backed schemes. ECL charges materially impacted profitability loans and advances to customers was 1.33% – Common equity tier 1 capital (‘CET1’) in our markets across the rest of the world, in 1H20, while allowance for ECL against loans ratio of 15.0%, up 30bps from 4Q19, notably in our operations throughout Europe. and advances to customers increased from as higher CET1 capital, which included an – Reported revenue down 9% to $8.7bn at 31 December 2019 to $13.2bn at increase from the cancellation of the 4Q19 $26.7bn, reflecting the impact of interest 30 June 2020. dividend and the current suspension of rate reductions, as well as adverse market – Reported operating expenses down dividends on ordinary shares, more than impacts in life insurance manufacturing 4%, despite a $1.2bn impairment of software offset the impact of RWA growth. and adverse valuation adjustments in GBM, intangibles. Adjusted operating expenses notably in 1Q20. These factors more than fell 5%, despite continued investment, offset higher revenue in Global Markets. due to lower performance-related pay and reduced discretionary costs. Financial performance (vs 2Q19) Reported profit after tax down 88% to and lower revenue, which included the in operating expenses, despite a $1.2bn $0.6bn and reported profit before tax non-recurrence of a 2Q19 dilution gain of impairment of software intangibles. down 82% to $1.1bn due to higher ECL $0.8bn. This was partly offset by a reduction Financial performance (vs 1Q20) Reported profit after tax down 75% to the impact of interest rate reductions, with net in GBM recorded in 1Q20.
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