匯豐銀行（HSBC）2019年年度報告（英文版）（334頁）.pdf

1、 HSBC Holdings plc Annual Report and Accounts 2019 Reported revenue by global business RBWM 41% CMB 27% GB a reduced adjusted cost base of $31bn or below in 2022, underpinned by a new cost reduction plan of $4.5bn; and a reported RoTE in the range of 10% to 12% in 2022, with the full benefit of our

2、cost reductions and redeployed RWAs flowing into subsequent years. To achieve our targets, we expect to incur restructuring costs of around $6bn and asset disposal costs of around $1.2bn during the period to 2022, with the majority of restructuring costs incurred in 2020 and 2021. We intend to susta

3、in the dividend and maintain a common equity tier 1 (CET1) ratio in the range of 14% to 15%, and plan to be at the top end of this range by the end of 2022. We plan to suspend share buy-backs for 2020 and 2021, given the high level of restructuring expected to be undertaken over the next two years.

4、We intend to return to neutralising scrip dividend issuance from 2022 onwards. Delivery against our June 2018 financial targets Return on average tangible equity 8.4% Target: 11% by 2020 (2018: 8.6%) Adjusted jaws 3.1% Target: positive adjusted jaws (2018: (1.2)%) Dividends per ordinary share in res

5、pect of 2019 $0.51 Target: sustain (2018: $0.51) Further explanation of performance against Group financial targets may be found on page 26. Highlights The macroeconomic environment and interest rate outlook have changed since we set our strategic priorities and financial targets in June 2018. While

6、 much of our business has held up well, particularly in Asia and the markets served by our international network, underperformance in other areas had a negative impact on our returns. We have tempered our revenue growth expectations and adjusted our business plan accordingly. Our 2020 business updat

7、e aims to increase returns for investors, create the capacity to invest in the future and build a platform for sustainable growth. We continue to monitor the recent coronavirus outbreak, which is causing economic disruption in Hong Kong and mainland China and may impact performance in 2020. 2HSBC Ho

8、ldings plc Annual Report and Accounts 2019 Strategic report Strategic report Key financial metrics For the year ended Reported results201920182017 Reported revenue ($m)56,09853,78051,445 Reported profit before tax ($m)113,34719,89017,167 Reported profit after tax ($m)18,70815,02511,879 Profit attrib

9、utable to the ordinary shareholders of the parent company ($m)15,96912,6089,683 Basic earnings per share ($)10.300.630.48 Diluted earnings per share ($)10.300.630.48 Return on average ordinary shareholders equity (%)13.67.75.9 Return on average tangible equity (%)8.48.66.8 Net interest margin (%)1.5

10、81.661.63 Adjusted results Adjusted revenue ($m)55,40952,33150,173 Adjusted profit before tax ($m)22,21221,18220,556 Adjusted jaws (%)3.1(1.2)1.0 Cost efficiency ratio (%)59.261.060.3 Expected credit losses and other credit impairment charges (ECL) as % of average gross loans and advances to custome

11、rs (%) 0.270.170.18 At 31 December Balance sheet201920182017 Total assets ($m)2,715,1522,558,1242,521,771 Net loans and advances to customers ($m)1,036,743981,696962,964 Customer accounts ($m)1,439,1151,362,6431,364,462 Average interest-earning assets ($m)1,922,8221,839,3461,726,120 Loans and advanc

12、es to customers as % of customer accounts (%)72.072.070.6 Total shareholders equity ($m)183,955186,253190,250 Tangible ordinary shareholders equity ($m)144,144140,056144,915 Net asset value per ordinary share at period end ($)28.008.138.35 Tangible net asset value per ordinary share at period end ($

13、)7.137.017.26 Capital, leverage and liquidity Common equity tier 1 capital ratio (%)314.714.014.5 Risk-weighted assets ($m)3843,395865,318871,337 Total capital ratio (%)320.420.020.9 Leverage ratio (%)35.35.55.6 High-quality liquid assets (liquidity value) ($bn)601567513 Liquidity coverage ratio (%)

14、150154142 Share count Period end basic number of $0.50 ordinary shares outstanding (millions)20,20619,98119,960 Period end basic number of $0.50 ordinary shares outstanding and dilutive potential ordinary shares (millions) 20,28020,05920,065 Average basic number of $0.50 ordinary shares outstanding

15、(millions)20,15819,89619,972 Dividend per ordinary share (in respect of the period) ($)0.510.510.51 1 Includes the impact of a $7.3bn goodwill impairment in 2019. 2 The definition of net asset value per ordinary share is total shareholders equity, less non-cumulative preference shares and capital se

16、curities, divided by the number of ordinary shares in issue excluding shares the company has purchased and are held in treasury. 3 Unless otherwise stated, regulatory capital ratios and requirements are calculated in accordance with the transitional arrangements of the Capital Requirements Regulatio

17、n in force in the EU at the time, including the regulatory transitional arrangements for IFRS 9 Financial Instruments in article 473a. The capital ratios and requirements at 31 December 2019 are reported in accordance with the revised Capital Requirements Regulation and Directive (CRR II), as implem

18、ented, whereas prior periods apply the Capital Requirements Regulation and Directive (CRD IV). Leverage ratios are calculated using the end point definition of capital. HSBC Holdings plc Annual Report and Accounts 20193 Highlights Employees Communities Customers Suppliers Regulators and governments

19、Investors Society About HSBC With assets of $2.7tn and operations in 64 countries and territories at 31 December 2019, HSBC is one of the largest banking and financial services organisations in the world. More than 40 million customers bank with us We employ around 235,000 people around the world (f

20、ull-time equivalent staff) We have around 197,000 shareholders in 130 countries and territories Engaging with our stakeholders Building strong relationships with our stakeholders helps enable us to deliver our strategy in line with long-term values, and operate the business in a sustainable way. Our

21、 stakeholders are the people who work for us, bank with us, own us, regulate us, and live in the societies we serve and the planet we all inhabit. These human connections are complex and overlap. Many of our employees are customers and shareholders, while our business customers are often suppliers.

22、We exist to serve, creating value for our customers and shareholders. Our size and global reach mean our actions can have a significant impact. We are committed to doing business responsibly, and thinking for the long term. This is key to delivering our strategy. Our section 172 statement, detailing

23、 our Directors responsibility to stakeholders, can be found on page 42. HSBC at a glance Our values Our values help define who we are as an organisation, and are key to our long-term success. We aspire to be: Dependable We are dependable, standing firm for what is right and delivering on commitments

24、. Open We are open to different ideas and cultures, and value diverse perspectives. Connected We are connected to our customers, communities, regulators and each other, caring about individuals and their progress. 4HSBC Holdings plc Annual Report and Accounts 2019 Strategic report Strategic report N

25、orth America 10% Latin America 2% Rest of Europe 8% UK 29% Middle East and North Africa 3% Rest of Asia Mainland China Hong Kong 10%35% 3% Our global businesses We serve customers through four global businesses. On pages 30 to 37 we provide an overview of our performance in 2019 for each of the glob

26、al businesses, as well as our Corporate Centre. Retail Banking and Wealth Management (RBWM) We help millions of our customers manage their day-to-day finances and save for the future. Commercial Banking (CMB) Our global reach and expertise help domestic and international businesses around the world

27、unlock their potential. Global Banking and Markets (GB a market-leading transaction banking franchise connecting customers to opportunities around the world; and full-scale retail banking operations in Hong Kong, the UK and Mexico, with a premier international wealth proposition. In 2018, we began a

28、 programme of investment to build on these strengths, with our customers at the centre. We have since invested more than $8.6bn of which $4.5bn was in 2019 to connect more customers to our international network, to provide a better service through improved As we pursue our plan to deliver greater va

29、lue for our customers and shareholders, we will continue to seek to grow the parts of the business where we are strongest while addressing areas of underperformance. Noel Quinn Group Chief Executive Group Chief Executives review 8HSBC Holdings plc Annual Report and Accounts 2019 Strategic report Str

30、ategic report underperformance were our businesses in the US and our European non-ring-fenced bank, both of which saw a reduction in revenue and profit before tax. Retail Banking and Wealth Management had a good year, delivering adjusted revenue growth of 9%. This reflected the impact of investment

31、in improved customer service and growth, which helped us win new customers, increase deposits, and grow lending in our major markets, particularly mortgage lending in the UK and Hong Kong. Our Wealth business also benefited from favourable market impacts in Insurance. Commercial Banking grew adjuste

32、d revenue by 6%, with increases in all major products and regions. Investment in new platforms, digital capabilities and increased lending improved our ability to attract new customers and capitalise on wider margins, particularly in Global Liquidity and Cash Management and Credit and Lending. Globa

33、l Banking and Markets had a challenging year in which economic uncertainty led to reduced client activity, particularly in Europe and the US. Despite this, adjusted revenue was just 1% lower than 2018 due to strong performances from our transaction banking businesses. Global Private Banking continue

34、d to benefit from close collaboration with our other global businesses, attracting $23bn of net new money and increasing adjusted revenue by 5%. 2020 outlook Since the start of January, the coronavirus outbreak has created significant disruption for our staff, suppliers and customers, particularly i

35、n mainland China and Hong Kong. We understand the difficulties this poses and have put measures in place to support them through this challenging time. Depending on how the situation develops, there is the potential for any associated economic slowdown to impact our expected credit losses in Hong Ko

36、ng and mainland China. Longer term, it is also possible that we may see revenue reductions from lower lending and transaction volumes, and further credit losses stemming from disruption to customer supply chains. We continue to monitor the situation closely. Reshaping for sustainable growth Our imme

37、diate aims are to increase returns, create the capacity to invest in the future, and build a platform for sustainable growth. We intend to do this in three ways. First, we plan to materially reshape the underperforming areas of the Group. Around 30% of our capital is currently allocated to businesse

38、s that are delivering returns below their cost of equity, largely in Global Banking and Markets in Europe and the US. We intend to focus these businesses on our strengths as a leading international bank and to simplify our footprint, exiting businesses where necessary and reducing both risk-weighted

39、 assets and costs. Second, we aim to reduce Group costs by increasing efficiencies, sharing capabilities and investing in automation and digitisation. Third, we intend to simplify HSBC to increase the pace of execution and agility. This includes changing our matrix structure and reducing fragmentati

40、on, simplifying the geographical organisation of the Group, and combining Retail Banking and Wealth Management and Global Private Banking to create one of the worlds largest wealth management businesses. In total, we are targeting more than $100bn of gross risk-weighted asset reductions, a reduced c

41、ost base of $31bn or lower, and a Group return on average tangible equity of 10% to 12% in 2022. We aim to reinvest the risk-weighted assets saved into higher-growth, higher-returning opportunities in other parts of the business. We intend to do these things while sustaining the dividend and maintai

42、ning a CET1 ratio of 14% to 15%. This is described in detail on pages 12 and 13. Since my appointment in August, we have reduced Group risk-weighted assets and FTE headcount, and slowed our cost growth considerably. We also began the run-down of risk-weighted assets in our European business in the f

43、ourth quarter of 2019. We will provide an update on our progress as we report future results. Connecting customers to opportunities The investment we are making in growth, technology and innovation is improving our service to customers and connecting them to opportunities around the world. For our r

44、etail customers, we introduced more than 160 new digital features in 2019 to make everyday banking easier, including improved digital account opening, loan and mortgage applications, and instant money transfers. In Hong Kong, we have made it simpler and faster for our Hong Kong customers to make pay

45、ments through our redesigned PayMe app, and launched PayMe for Business, expanding the PayMe ecosystem for the 1.9 million individual account holders who use it as part of their daily lives. Global Banking and Markets launched MyDeal in 2019 to make the deal execution process in our primary capital

46、markets business more efficient for our clients. Our Global Private Banking business also launched a new online investment services portal to give our customers more control over the service they receive. Commercial Banking launched Serai in 2019 to simplify international trade for SMEs with global

47、trade ambitions. It provides both a digital lending product and a networking platform to match buyers and sellers and build trusted business relationships. We also remained at the forefront of international efforts to commercialise blockchain technology to make trade finance easier, faster and safer

48、 for businesses. As part of this, we completed 11 letters of credit transactions using blockchain technology in 2019, including the first cross-border transaction in China. Our people It was a great honour to be asked to lead HSBC on an interim basis and I am grateful to John Flint for making the tr

49、ansition as smooth as possible. John was an excellent servant of HSBC for more than 30 years and leaves with our good wishes. I am proud to work with all of my colleagues across 64 countries and territories who serve HSBC and its customers with exceptional dedication. I am particularly grateful to colleagues in Hong Kong, mainland China and the UK for their professionalism and application during recent periods of high uncertainty. I thank them sincerely for their service and support. Noel Quinn Gr