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HSBC Holdings Plc Interim Report 2015

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HSBC Holdings Plc Interim Report 2015 HSBC Holdings plc HSBC: then and now a small regional trading bank into one of the world’s largest banking and financial It is 150 years since HSBC was founded in services organisations today. Hong Kong to finance trade between Asia and Europe. Much has changed since HSBC’s Hong Kong office is still at then, as our cover photos demonstrate. 1 Queen’s Road Central, as it was in The top photo shows Hong Kong 1865. The current HSBC building is the harbour, with the HSBC office (extreme fourth to occupy the site, but the values left) a few years after it was established on which the bank was founded remain in 1865. The bottom image shows the the same. HSBC still aims to be where harbour today, with the HSBC building the growth is, connecting customers to 2015 Report Interim sixth from left (partially hidden). opportunities, enabling businesses to thrive and economies to prosper, and Hong Kong has been transformed both helping people to fulfil their hopes and physically and economically, from realise their ambitions. trading outpost to international financial centre. HSBC has mirrored Hong Kong’s We are proud to have served our rise to global prominence, growing from customers with distinction for 150 years. Connecting customers to opportunities for 150 years HSBC Holdings plc 8 Canada Square London E14 5HQ HSBC Holdings plc United Kingdom Telephone: 44 020 7991 8888 Interim Report 2015 www.hsbc.com Overview Who we are / Our purpose The Interim Report 2015 of HSBC Holdings has been prepared in Overview accordance with the requirements of English law, and liability in respect thereof is also governed by English law. 1 Who we are 1 Our purpose Certain defined terms 2 Highlights Unless the context requires otherwise, ‘HSBC Holdings’ means 4 Global business snapshot HSBC Holdings plc and ‘HSBC’, the ‘Group’, ‘we’, ‘us’ and ‘our’ 5 Regional snapshot refer to HSBC Holdings together with its subsidiaries. Within this 6 Group Chairman’s Statement document, the Hong Kong Special Administrative Region of the People’s Republic of China is referred to as ‘Hong Kong’. When 9 Group Chief Executive’s Review used in the terms ‘shareholders’ equity’ and ‘total shareholders’ 11 Strategy update equity’, ‘shareholders’ means holders of HSBC Holdings ordinary shares and those preference shares and capital securities classified as equity. The abbreviations ‘$m’ and ‘$bn’ represent millions and billions (thousands of millions) of US dollars, respectively. Interim financial statements and notes HSBC’s interim consolidated Financial Statements and Notes Interim Management Report thereon, as set out on pages 101 to 139, have been prepared in accordance with the Disclosure Rules and Transparency Rules 15 Financial summary of the Financial Conduct Authority and International Accounting 33 Global businesses Standard (‘IAS’) 34 ‘Interim Financial Reporting’ as issued by the 42 Geographical regions International Accounting Standards Board (‘IASB’) and as endorsed 50 Other information by the European Union (‘EU’). EU-endorsed International Financial 57 Risk Reporting Standards (‘IFRSs’) may differ from IFRSs issued by the IASB if, at any point in time, new or amended IFRSs have not been 87 Capital endorsed by the EU. At 31 December 2014 there was no difference between IFRSs endorsed by the EU and IFRSs issued by the IASB. The consolidated financial statements of HSBC at 31 December 2014 were therefore prepared in accordance with IFRSs as issued by the IASB and as endorsed by the EU. At 30 June 2015, there were no unendorsed standards effective for the period ended 30 June 2015 affecting Financial Statements these interim consolidated financial statements, and there was no 101 Financial Statements difference between IFRSs endorsed by the EU and IFRSs issued by the IASB in terms of their application to HSBC. 107 Notes on the Financial Statements 140 Statement of Directors’ Responsibilities HSBC uses the US dollar as its presentation currency because the US dollar and currencies linked to it form the major currency 141 Independent Review Report by bloc in which HSBC transacts and funds its business. Unless PricewaterhouseCoopers LLP to HSBC Holdings plc otherwise stated, the information presented in this document has been measured in accordance with IFRSs. Reference to ‘adjusted’ in tables and commentaries indicates that reported results have been adjusted for the period-on-period effects of foreign currency translation differences and significant items which distort period-on-period comparisons as described on page 16. The adjusted return on risk-weighted assets is defined Additional Information and reconciled on page 31. 142 Shareholder information We have enhanced the Interim Report 2015 to concentrate on 151 Cautionary statement regarding forward-looking events and transactions that are significant to an understanding of the changes in our financial position and performance since statements the Annual Report and Accounts 2014 and to provide information 152 Abbreviations we consider most relevant to decision-making by users of the 154 Index document. As a result, our business performance commentary has been streamlined to remove duplication and selected Risk sections and Notes on the Financial Statements have been refined or removed to focus on information that is material in the context of interim reporting. Who we are Our purpose Our purpose is to be where the growth is, HSBC is one of the largest connecting customers to opportunities, banking and financial enabling businesses to thrive and economies services organisations to prosper, and ultimately helping people to in the world. fulfil their hopes and realise their ambitions. Overview Customers: 48m Our strategy We aim to be the world’s leading and most respected Served by: international bank. We will achieve this by focusing on the needs of our customers and the societies we serve, 268,543 thereby delivering long-term sustainable value to all our employees (259,788 FTE) stakeholders. Our two-part strategy reflects our purpose and Through four global businesses: competitive advantages: – Retail Banking and Wealth Management • A network of businesses connecting the world: HSBC is – Commercial Banking well positioned to capture the growing international – Global Banking and Markets trade and capital flows. Our global reach and range of – Global Private Banking services place us in a strong position to serve clients Located in: as they grow from small enterprises into large multinationals. 72 • Wealth management and retail with local scale: we aim to capture opportunities arising from social mobility and countries and territories Report Interim Management wealth creation in our priority growth markets, through our Premier proposition and Global Private Banking Across five geographical regions: business. We will invest in full-scale retail businesses – Europe only in markets where we can achieve profitable scale. – Asia – Middle East and North Africa – North America – Latin America Offices: How we measure performance We track our progress in implementing our strategy with Around 6,100 a range of financial and non-financial measures or key performance indicators. From 2015, we have revised our targets to better reflect the changing regulatory Global headquarters: and operating environment. Financial Statements – London Highlights of the first half of 2015 are shown on page 2. For further information on our new targets see page 13. Market capitalisation: $175bn Listed on stock exchanges in: Rewarding performance – London The remuneration of all staff within the Group, including – Hong Kong executive Directors, is based on the achievement of – New York financial and non-financial objectives. These objectives, – Paris which are aligned with the Group’s strategy, are detailed – Bermuda in individuals’ annual scorecards. To be considered for Shareholders: a variable pay award, an individual must have fully complied with HSBC Values. Our Values are described 213,000 in 131 on page 10 of the Annual Report and Accounts 2014. Additional Information countries and territories HSBC HOLDINGS PLC 1 Overview (continued) Highlights Highlights Profit before tax • Reported profit before tax of $13,628m, up $1,288m or 10% compared with 1H14 • Increase in adjusted profit before tax of $280m or 2% on 1H14, driven by a strong performance in Asia Revenue • Increase in adjusted revenue of $1,316m or 4% on 1H14 Financial • Growth in adjusted revenue driven by client-facing GB&M, Principal RBWM and (in respect CMB of 1H15) Operating expenses • Adjusted operating expenses increased by $1,206m or 7% from higher staff costs Capital • Strong capital base with a common equity tier 1 ratio of 11.6% and two interim dividends declared amounting to $0.20 per ordinary share in respect of the first half of 2015 Clearly defined actions to capture value from our global network in a changed world • Growth of 6% in global business revenue synergies, demonstrating the strength of our universal banking model Strategy • Revenue from transaction banking products grew 8% highlighting the value and potential of our international network execution • Progress on reducing Group RWAs with a $50bn reduction relating mainly to GB&M • Entered into an agreement to sell entire business in Brazil* • Commenced initiatives to reduce costs *We plan to maintain a corporate presence in Brazil to serve our international clients HSBC HOLDINGS PLC 2 For the half-year to 30 June 2015 Profit before taxation (reported basis) Adjusted profit (before taxation) ($bn) ($bn)
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