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The Hongkong and Shanghai Banking Corporation Limited The Hongkong and Shanghai Banking Corporation Limited Annual Report and Accounts 2020 Contents Certain defined terms Page This document comprises the Annual Report and Accounts 2020 Certain defined terms 1 for The Hongkong and Shanghai Banking Corporation Limited (‘the Cautionary statement regarding forward-looking statements 1 Bank’) and its subsidiaries (together ‘the group’). References to Chinese translation 1 ‘HSBC’, ‘the Group’ or ‘the HSBC Group’ within this document Financial Highlights 2 mean HSBC Holdings plc together with its subsidiaries. Within this Report of the Directors 3 document the Hong Kong Special Administrative Region of the Financial Review 10 People’s Republic of China is referred to as ‘Hong Kong’. The Risk 14 abbreviations ‘HK$m’ and ‘HK$bn’ represent millions and billions Statement of Directors’ Responsibilities 64 (thousands of millions) of Hong Kong dollars respectively. Independent Auditor’s Report 65 Cautionary statement regarding forward- Consolidated Financial Statements looking statements Consolidated income statement 71 This Annual Report and Accounts contains certain forward-looking Consolidated statement of comprehensive income 72 statements with respect to the financial condition, results of Consolidated balance sheet 73 operations and business of the group. Consolidated statement of cash flows 74 Consolidated statement of changes in equity 75 Statements that are not historical facts, including statements Notes on the Consolidated Financial about the Bank’s beliefs and expectations, are forward-looking statements. Words such as ‘expects’, ‘anticipates’, ‘intends’, Statements ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘potential’ and ‘reasonably 1 Basis of preparation and significant accounting policies 77 possible’, variations of these words and similar expressions are 2 Operating profit 88 intended to identify forward-looking statements. These statements 3 Insurance business 90 are based on current plans, estimates and projections, and 4 Employee compensation and benefits 91 therefore undue reliance should not be placed on them. Forward- 5 Tax 94 looking statements speak only as of the date they are made, and it 6 Dividends 95 should not be assumed that they have been revised or updated in 7 Trading assets 95 the light of new information or future events. 8 Derivatives 96 Forward-looking statements involve inherent risks and 9 Financial assets designated and otherwise mandatorily uncertainties. Readers are cautioned that a number of factors measured at fair value through profit or loss 97 could cause actual results to differ, in some instances materially, 10 Loans and advances to customers 97 from those anticipated or implied in any forward-looking 11 Financial investments 98 statement. 12 Assets pledged, assets transferred and collateral received 98 13 Investments in subsidiaries 99 Chinese translation 14 Interests in associates and joint ventures 100 15 Goodwill and intangible assets 103 A Chinese translation of the Annual Report and Accounts 2020 is 16 Property, plant and equipment 104 available upon request from: Communications (Asia), Level 32, 17 Prepayments, accrued income and other assets 105 HSBC Main Building, 1 Queen’s Road Central, Hong Kong. The 18 Customer accounts 105 report is also available, in English and Chinese, on the Bank’s 19 Trading liabilities 105 website at www.hsbc.com.hk. 20 Financial liabilities designated at fair value 106 21 Debt securities in issue 106 22 Accruals and deferred income, other liabilities and provisions 106 23 Subordinated liabilities 107 24 Share capital 107 25 Other equity instruments 107 26 Maturity analysis of assets and liabilities 108 27 Analysis of cash flows payable under financial liabilities by remaining contractual maturities 110 28 Contingent liabilities, contractual commitments and guarantees 111 29 Other commitments 111 30 Offsetting of financial assets and financial liabilities 111 31 Segmental analysis 112 32 Related party transactions 114 33 Fair values of financial instruments carried at fair value 116 34 Fair values of financial instruments not carried at fair value 119 35 Structured entities 120 36 Bank balance sheet and statement of changes in equity 122 37 Legal proceedings and regulatory matters 124 38 Ultimate holding company 125 39 Events after the balance sheet date 125 40 Approval of financial statements 125 The Hongkong and Shanghai Banking Corporation Limited Annual Report and Accounts 2020 1 Financial Highlights | Report of the Directors Financial Highlights 2020 2019 HK$m HK$m For the year Net operating income before change in expected credit losses and other credit impairment charges 189,338 219,381 Profit before tax 90,196 136,433 Profit attributable to shareholders 69,447 105,722 At the year-end Total shareholders’ equity 845,353 814,678 Total equity 911,531 879,281 Total capital1 614,545 598,934 Customer accounts 5,911,396 5,432,424 Total assets 9,416,403 8,661,714 Ratios % % Return on average ordinary shareholders’ equity 8.6 13.9 Post-tax return on average total assets 0.8 1.3 Cost efficiency ratio 50.6 42.6 Net interest margin 1.6 2.0 Advances-to-deposits ratio 62.1 68.5 Capital ratios Common equity tier 1 capital 17.2 17.2 Tier 1 capital 18.8 18.8 Total capital 20.8 21.0 1 Capital is calculated in accordance with the Banking (Capital) Rules issued by the Hong Kong Monetary Authority (‘HKMA’) under section 97C(1) of the Banking Ordinance. Established in Hong Kong and Shanghai in 1865, The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group – one of the world’s largest banking and financial services organisations. It is the largest bank incorporated in Hong Kong and one of Hong Kong’s three note-issuing banks. It is a wholly-owned subsidiary of HSBC Holdings plc, the holding company of the HSBC Group, which has an international network organised into four geographical regions: Europe, Asia, the Middle East and North Africa, North America and Latin America. The Hongkong and Shanghai Banking Corporation Limited Incorporated in the Hong Kong SAR with limited liability Registered Office and Head Office: HSBC Main Building, 1 Queen’s Road Central, Hong Kong Telephone: (852) 2822 1111 Web: www.hsbc.com.hk. 2 The Hongkong and Shanghai Banking Corporation Limited Annual Report and Accounts 2020 Report of the Directors Graham John Bradley* He is Chairman and a non-executive Director of United Malt Group Limited Principal Activities and Shine Justice Ltd.; and Chairman and a Director of EnergyAustralia The group provides a comprehensive range of domestic and Holdings Limited, Infrastructure New South Wales and Virgin Australia International Holdings Limited. He holds a Bachelor of Arts and a Bachelor international banking and related financial services, principally in of Laws (Hons I) from Sydney University and a Master of Laws from the Asia–Pacific region. Harvard University. He was non-executive Chairman and a Director of Asia Strategy HSBC Bank Australia Limited from 2004 to 2020. Asia’s growth story remains at the heart of HSBC’s future. Based Dr Christopher Wai Chee Cheng*, GBS, OBE on the region’s strong and sustained underlying fundamentals of He is Chairman of Wing Tai Properties Limited; and an independent non- economic growth, trade, and wealth creation, HSBC’s strategy in executive Director of NWS Holdings Ltd. and Eagle Asset Management the region remains aligned to the biggest opportunities to create (CP) Limited. He holds a Bachelor of Business Administration from further shareholder value. Building on the momentum of the past University of Notre Dame; a Master of Business Administration from 10 years, we are well positioned to further extend the strengths of Columbia University; a Doctorate in Social Sciences honoris causa from our leading Hong Kong franchise across the Greater Bay Area, and The University of Hong Kong; and an Honorary Degree of Doctor of Business Administration from The Hong Kong Polytechnic University. in other key growth markets, including India and Southeast Asia. By increasing investment in our people and technology, we will Sonia Chi Man Cheng* further grow our leading Asian Wealth Management business, while maintaining our distinct position as the leading international She is the Chief Executive Officer of Rosewood Hotel Group. She is also an executive Director of New World Development Company Limited; a bank for our corporate and commercial clients. We remain Director of New World China Land Limited; and a non-executive Director focused on connecting Asia to the world through HSBC’s global of Chow Tai Fook Jewellery Group Limited. She holds a Bachelor of Arts network, supporting the ongoing transition to a low-carbon degree with a field of concentration in Applied Mathematics from Harvard economy as a Sustainable Finance leader, continually streamlining University. our organisation to realise greater operating efficiencies, and improving service for our domestic, regional, and global clients Yiu Kwan Choi* through our technology, talent, and 156 years of experience in the He is an independent non-executive Director of HSBC Bank (China) region. Company Limited. He holds a higher certificate in Accountancy from The Hong Kong Polytechnic University and is a fellow member of The Hong Consolidated Financial Statements Kong Institute of Bankers. The consolidated financial statements of the group are set out on He was Deputy Chief Executive of the Hong Kong Monetary Authority pages 71 to 125. (‘HKMA’) in charge of Banking Supervision when he retired in January 2010. Before this, he was Deputy Chief Executive of the HKMA in charge Subordinated Liabilities, Share Capital and Other of Monetary Policy and Reserves Management from June 2005 to August 2007 and held various senior positions in the HKMA including Executive Equity Instruments Director (Banking Supervision), Head of Administration, and Head of Details on subordinated liabilities issued by the group are set out Banking Policy from 1993 to 2005. in Notes 23 and 32. Details on share capital and other equity Beau Khoon Chen Kuok* instruments of the Bank are set out in Notes 24 and 25 on the Consolidated Financial Statements.
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