Gain
on acquisition
|
|
|
At
|
|
13 Mar
|
|
2023
|
|
$m
|
Assets acquired
|
11,490
|
Liabilities acquired
|
(9,747)
|
Fair value and other revaluation adjustments on
acquisition
|
(232)
|
Fair value of net assets acquired
|
1,511
|
|
Quarter ended
|
||
|
31 Mar
|
31
Dec
|
31
Mar
|
|
2023
|
2022
|
2022
|
Reported results
|
|
|
|
Profit before tax ($m)
|
12,886
|
5,049
|
4,144
|
Profit after tax ($m)
|
11,026
|
4,661
|
3,432
|
Cost efficiency ratio (%)
|
37.6
|
60.3
|
66.5
|
Net interest margin (%)
|
1.69
|
1.68
|
1.19
|
Basic
earnings per share ($)1
|
0.52
|
0.22
|
0.14
|
Diluted
earnings per share ($)1
|
0.52
|
0.22
|
0.14
|
Dividend per ordinary share (in respect of the period)
($)
|
0.10
|
0.23
|
-
|
|
|
|
|
Alternative performance measures
|
|
|
|
Constant currency profit before tax ($m)
|
12,886
|
5,146
|
3,838
|
Constant currency cost efficiency ratio (%)
|
37.6
|
60.4
|
66.6
|
Expected credit losses and other credit impairment charges
(annualised) as % of average gross loans and advances to customers
(%)
|
0.18
|
0.59
|
0.25
|
Expected
credit losses and other credit impairment charges (annualised) as %
of average gross loans and advances to customers, including held
for sale (%)2
|
0.17
|
0.56
|
0.25
|
Return on average ordinary shareholders' equity (annualised)
(%)
|
25.5
|
11.3
|
6.7
|
Return on average tangible equity (annualised) (%)
|
27.4
|
12.3
|
7.2
|
Return
on average tangible equity excluding strategic transactions
(annualised) (%)3
|
19.3
|
12.3
|
7.2
|
Constant currency operating expenses excluding notable items
($m)4
|
(7,525)
|
(7,798)
|
(7,351)
|
|
At
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
Balance sheet
|
|
|
|
Total assets ($m)
|
2,989,696
|
2,949,286
|
3,011,588
|
Net loans and advances to customers ($m)
|
963,394
|
923,561
|
1,054,073
|
Customer accounts ($m)
|
1,604,099
|
1,570,303
|
1,709,685
|
Average interest-earning assets, year to date
($m)5
|
2,152,893
|
2,143,754
|
2,200,896
|
Loans and advances to customers as % of customer accounts
(%)
|
60.1
|
58.8
|
61.7
|
Total shareholders' equity ($m)
|
190,095
|
177,833
|
187,076
|
Tangible ordinary shareholders' equity ($m)
|
159,458
|
146,927
|
153,747
|
Net asset value per ordinary share at period end ($)
|
8.65
|
8.01
|
8.25
|
Tangible net asset value per ordinary share at period end
($)
|
8.08
|
7.44
|
7.70
|
Capital, leverage and liquidity
|
|
|
|
Common
equity tier 1 capital ratio (%)6
|
14.7
|
14.2
|
14.1
|
Risk-weighted
assets ($m)6,7
|
854,434
|
839,720
|
862,318
|
Total
capital ratio (%)6,7
|
19.8
|
19.3
|
19.2
|
Leverage
ratio (%)6,7
|
5.8
|
5.8
|
5.7
|
High-quality
liquid assets (liquidity value) ($bn)7,8
|
634.9
|
647.0
|
688.3
|
Liquidity
coverage ratio (%)7,8
|
132
|
132
|
137
|
Share count
|
|
|
|
Period end basic number of $0.50 ordinary shares outstanding
(millions)
|
19,736
|
19,739
|
19,968
|
Period end basic number of $0.50 ordinary shares outstanding and
dilutive potential ordinary shares (millions)
|
19,903
|
19,878
|
20,134
|
Average basic number of $0.50 ordinary shares outstanding
(millions)
|
19,724
|
19,738
|
20,024
|
Contents
|
||||
|
|
|
|
|
1
|
Highlights
|
|
20
|
Risk
|
2
|
-
Business highlights
|
|
20
|
-
Approach to risk management
|
3
|
-
Basis of preparation
|
|
20
|
-
Geopolitical and macroeconomic risks
|
4
|
-
Strategic transactions
|
|
21
|
-
Ibor transition
|
5
|
-
Key financial metrics
|
|
21
|
-
Credit risk
|
6
|
Financial
summary
|
|
28
|
-
Capital risk
|
6
|
-
Constant currency performance
|
|
31
|
Alternative
performance measures
|
8
|
-
Distribution of results by global business and legal
entity
|
|
43
|
-
Second interim dividend for 2022
|
9
|
-
Income statement commentary
|
|
43
|
-
First interim dividend for 2023
|
13
|
-
Summary consolidated balance sheet
|
|
43
|
-
Dividend on preference shares
|
13
|
-
Balance sheet commentary
|
|
44
|
-
Investor relations/media relations contacts
|
16
|
-
Global businesses
|
|
44
|
-
Cautionary statement regarding forward-looking
statements
|
|
|
|
46
|
-
Abbreviations
|
Financial
summary
|
Foreign currency translation differences
Foreign
currency translation differences for 1Q23 are computed
by retranslating into US dollars for non-US dollar branches,
subsidiaries, joint ventures and associates:
● the
income statements for 4Q22 and 1Q22 at the average rate of exchange
for 1Q23; and
● the
closing prior period balance sheets at the prevailing rates of
exchange at 31 March 2023.
No
adjustment has been made to the exchange rates used to translate
foreign currency-denominated assets and liabilities into the
functional currencies of any HSBC branches, subsidiaries, joint
ventures or associates. The constant currency data of HSBC's
Argentina subsidiaries has not been adjusted further for the
impacts of hyperinflation. Since 1 June 2022, Türkiye has
been deemed a hyperinflationary economy for accounting purposes.
HSBC has an operating entity in Türkiye and the constant
currency data has not been adjusted further for the impacts of
hyperinflation. When reference is made to foreign currency
translation differences in tables or commentaries, comparative data
reported in the functional currencies of HSBC's operations have
been translated at the appropriate exchange rates applied in the
current period on the basis described above.
|
|
|
Quarter
ended1
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Net interest income
|
8,959
|
8,986
|
6,475
|
Net fee income
|
3,004
|
2,690
|
3,210
|
Net income from financial instruments held for trading or managed
on a fair value basis
|
4,112
|
2,662
|
2,281
|
Net income/(expense) from assets and liabilities of insurance
businesses, including related derivatives, measured at fair value
through profit or loss
|
3,894
|
2,281
|
(5,886)
|
Changes
in fair value of designated debt and related
derivatives2
|
117
|
23
|
(78)
|
Changes in fair value of other financial instruments mandatorily
measured at fair value through profit or loss
|
77
|
38
|
72
|
Gains less losses from financial investments
|
11
|
(84)
|
43
|
Insurance finance income/(expense)
|
(3,912)
|
(2,151)
|
5,786
|
Insurance service result
|
284
|
239
|
219
|
Gain on
acquisitions3
|
1,511
|
-
|
-
|
Reversal
of impairment loss relating to the planned sale of our retail
banking operations in France4
|
2,130
|
-
|
-
|
Other operating income/(expense)
|
(16)
|
(117)
|
183
|
Net operating income before change in expected credit losses and
other credit impairment charges5
|
20,171
|
14,567
|
12,305
|
Change in expected credit losses and other credit impairment
charges
|
(432)
|
(1,430)
|
(639)
|
Net operating income
|
19,739
|
13,137
|
11,666
|
Total operating expenses excluding impairment of goodwill and other
intangible assets
|
(7,588)
|
(8,717)
|
(8,173)
|
Impairment of goodwill and other intangible assets
|
2
|
(64)
|
(5)
|
Operating profit
|
12,153
|
4,356
|
3,488
|
Share of profit in associates and joint ventures
|
733
|
693
|
656
|
Profit before tax
|
12,886
|
5,049
|
4,144
|
Tax expense
|
(1,860)
|
(388)
|
(712)
|
Profit after tax
|
11,026
|
4,661
|
3,432
|
Attributable to:
|
|
|
|
- ordinary shareholders of the parent company
|
10,327
|
4,378
|
2,755
|
- preference shareholders of the parent company
|
-
|
-
|
-
|
- other equity holders
|
418
|
124
|
488
|
- non-controlling interests
|
281
|
159
|
189
|
Profit after tax
|
11,026
|
4,661
|
3,432
|
|
$
|
$
|
$
|
Basic earnings per share
|
0.52
|
0.22
|
0.14
|
Diluted earnings per share
|
0.52
|
0.22
|
0.14
|
Dividend per ordinary share (paid in the period)
|
-
|
-
|
-
|
|
%
|
%
|
%
|
Return on average ordinary shareholders' equity
(annualised)
|
25.5
|
11.3
|
6.7
|
Return on average tangible equity (annualised)
|
27.4
|
12.3
|
7.2
|
Cost efficiency ratio
|
37.6
|
60.3
|
66.5
|
Distribution
of results by global business
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Constant currency revenue1
|
|
|
|
Wealth and Personal Banking
|
8,983
|
6,932
|
4,948
|
Commercial
Banking2
|
6,675
|
4,856
|
3,347
|
Global
Banking and Markets2
|
4,440
|
3,404
|
3,703
|
Corporate Centre
|
73
|
(349)
|
(426)
|
Total
|
20,171
|
14,843
|
11,572
|
Constant currency profit/(loss) before tax
|
|
|
|
Wealth and Personal Banking
|
5,271
|
2,872
|
1,108
|
Commercial
Banking2
|
4,812
|
2,021
|
1,668
|
Global
Banking and Markets2
|
2,040
|
625
|
1,094
|
Corporate Centre
|
763
|
(372)
|
(32)
|
Total
|
12,886
|
5,146
|
3,838
|
Distribution
of results by legal entity
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Reported profit/(loss) before tax
|
|
|
|
HSBC UK Bank plc
|
3,131
|
1,140
|
1,170
|
HSBC Bank plc
|
2,714
|
(356)
|
(23)
|
The Hongkong and Shanghai Banking Corporation Limited
|
5,849
|
3,753
|
2,765
|
HSBC Bank Middle East Limited
|
377
|
179
|
182
|
HSBC North America Holdings Inc.
|
307
|
84
|
310
|
HSBC Bank Canada
|
239
|
219
|
231
|
Grupo Financiero HSBC, S.A. de C.V.
|
215
|
140
|
113
|
Other
trading entities1
|
493
|
438
|
262
|
- of which: other Middle East entities (Oman, Türkiye,
Egypt, Saudi Arabia)
|
139
|
150
|
210
|
- of which: Saudi Awwal Bank
|
110
|
133
|
(2)
|
Holding companies, shared service centres and intra-group
eliminations
|
(439)
|
(548)
|
(866)
|
Total
|
12,886
|
5,049
|
4,144
|
Constant currency profit before tax
|
|
|
|
HSBC UK Bank plc
|
3,131
|
1,182
|
1,060
|
HSBC Bank plc
|
2,714
|
(332)
|
(11)
|
The Hongkong and Shanghai Banking Corporation Limited
|
5,849
|
3,810
|
2,649
|
HSBC Bank Middle East Limited
|
377
|
179
|
181
|
HSBC North America Holdings Inc.
|
307
|
84
|
310
|
HSBC Bank Canada
|
239
|
220
|
216
|
Grupo Financiero HSBC, S.A. de C.V.
|
215
|
147
|
124
|
Other
trading entities1
|
493
|
396
|
198
|
- of which: other Middle East entities (Oman, Türkiye,
Egypt, Saudi Arabia)
|
139
|
124
|
154
|
- of which: Saudi Awwal Bank
|
110
|
133
|
(2)
|
Holding companies, shared service centres and intra-group
eliminations
|
(439)
|
(540)
|
(889)
|
Total
|
12,886
|
5,146
|
3,838
|
Movement
in reported profit compared with 1Q22
|
|||||
|
Quarter ended
|
|
|||
|
31 Mar
|
31 Mar
|
Variance
|
||
|
2023
|
2022
|
1Q23 vs. 1Q22
|
Impact of FX
|
|
|
$m
|
$m
|
$m
|
%
|
%
|
Revenue
|
20,171
|
12,305
|
7,866
|
64
|
(10)
|
ECL
|
(432)
|
(639)
|
207
|
32
|
1
|
Operating expenses
|
(7,586)
|
(8,178)
|
592
|
7
|
6
|
Share of profit/(loss) from associates and JVs
|
733
|
656
|
77
|
12
|
(9)
|
Profit before tax
|
12,886
|
4,144
|
8,742
|
>100
|
-
|
Tax expense
|
(1,860)
|
(712)
|
(1,148)
|
>(100)
|
|
Profit after tax
|
11,026
|
3,432
|
7,594
|
>100
|
|
Notable
items
|
||
|
Quarter ended
|
|
|
31 Mar
|
31 Mar
|
|
2023
|
2022
|
|
$m
|
$m
|
Revenue
|
|
|
- disposals, acquisitions and related costs
|
3,562
|
-
|
-
fair value movements on financial instruments1
|
15
|
(200)
|
- restructuring and other related costs
|
-
|
80
|
Operating expenses
|
|
|
- disposals, acquisitions and related costs
|
(61)
|
-
|
- restructuring and other related costs
|
-
|
(451)
|
Movement
in profit before tax compared with 1Q22 - on a constant currency
basis
|
||||
|
Quarter ended
|
|||
|
31 Mar
|
31 Mar
|
Variance
|
|
|
2023
|
2022
|
1Q23 vs. 1Q22
|
|
|
$m
|
$m
|
$m
|
%
|
Revenue
|
20,171
|
11,572
|
8,599
|
74
|
ECL
|
(432)
|
(632)
|
200
|
32
|
Operating expenses
|
(7,586)
|
(7,712)
|
126
|
2
|
Share of profit from associates and JVs
|
733
|
610
|
123
|
20
|
Profit before tax
|
12,886
|
3,838
|
9,048
|
>100
|
Movement
in reported profit compared with 4Q22
|
|
||||
|
Quarter ended
|
|
|||
|
31 Mar
|
31 Dec
|
Variance
|
Impact of FX
|
|
|
2023
|
2022
|
1Q23 vs. 4Q22
|
||
|
$m
|
$m
|
$m
|
%
|
%
|
Revenue
|
20,171
|
14,567
|
5,604
|
38
|
2
|
ECL
|
(432)
|
(1,430)
|
998
|
70
|
-
|
Operating expenses
|
(7,586)
|
(8,781)
|
1,195
|
14
|
(1)
|
Share of profit from associates and JVs
|
733
|
693
|
40
|
6
|
4
|
Profit before tax
|
12,886
|
5,049
|
7,837
|
>100
|
5
|
Tax expense
|
(1,860)
|
(388)
|
(1,472)
|
>(100)
|
|
Profit after tax
|
11,026
|
4,661
|
6,365
|
>100
|
|
Notable
items
|
||
|
Quarter ended
|
|
|
31 Mar
|
31 Dec
|
|
2023
|
2022
|
|
$m
|
$m
|
Revenue
|
|
|
- disposals, acquisitions and related costs
|
3,562
|
(71)
|
-
fair value movements on financial instruments1
|
15
|
35
|
- restructuring and other related costs
|
-
|
(284)
|
Operating expenses
|
|
|
- disposals, acquisitions and related costs
|
(61)
|
(9)
|
- restructuring and other related costs
|
-
|
(1,160)
|
Movement
in profit before tax compared with 4Q22 - on a constant currency
basis
|
||||
|
Quarter ended
|
|||
|
31 Mar
|
31 Dec
|
Variance
|
|
|
2023
|
2022
|
1Q23 vs. 4Q22
|
|
|
$m
|
$m
|
$m
|
%
|
Revenue
|
20,171
|
14,843
|
5,328
|
36
|
ECL
|
(432)
|
(1,455)
|
1,023
|
70
|
Operating expenses
|
(7,586)
|
(8,958)
|
1,372
|
15
|
Share of profit from associates and JVs
|
733
|
716
|
17
|
2
|
Profit before tax
|
12,886
|
5,146
|
7,740
|
150
|
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Net interest income
|
8,959
|
8,986
|
6,475
|
Average interest-earning assets
|
2,152,893
|
2,116,018
|
2,200,896
|
|
%
|
%
|
%
|
Gross
interest yield1
|
4.16
|
3.55
|
1.69
|
Less:
gross interest payable1
|
(2.91)
|
(2.21)
|
(0.59)
|
Net
interest spread2
|
1.25
|
1.34
|
1.10
|
Net
interest margin3
|
1.69
|
1.68
|
1.19
|
|
At1
|
|
|
31 Mar
|
31 Dec
|
|
2023
|
2022
|
|
$m
|
$m
|
Assets
|
|
|
Cash and balances at central banks
|
327,554
|
327,002
|
Trading assets
|
228,429
|
218,093
|
Financial assets designated and otherwise mandatorily measured at
fair value through profit or loss
|
103,659
|
100,101
|
Derivatives
|
237,200
|
284,159
|
Loans and advances to banks
|
110,721
|
104,475
|
Loans and advances to customers
|
963,394
|
923,561
|
Reverse repurchase agreements - non-trading
|
260,688
|
253,754
|
Financial investments
|
390,351
|
364,726
|
Assets held for sale
|
90,059
|
115,919
|
Other assets
|
277,641
|
257,496
|
Total assets
|
2,989,696
|
2,949,286
|
Liabilities and equity
|
|
|
Liabilities
|
|
|
Deposits by banks
|
75,513
|
66,722
|
Customer accounts
|
1,604,099
|
1,570,303
|
Repurchase agreements - non-trading
|
139,694
|
127,747
|
Trading liabilities
|
77,340
|
72,353
|
Financial liabilities designated at fair value
|
146,617
|
127,321
|
Derivatives
|
237,493
|
285,762
|
Debt securities in issue
|
85,351
|
78,149
|
Insurance contract liabilities
|
114,626
|
108,816
|
Liabilities of disposal groups held for sale
|
84,057
|
114,597
|
Other liabilities
|
227,383
|
212,319
|
Total liabilities
|
2,792,173
|
2,764,089
|
Equity
|
|
|
Total shareholders' equity
|
190,095
|
177,833
|
Non-controlling interests
|
7,428
|
7,364
|
Total equity
|
197,523
|
185,197
|
Total liabilities and equity
|
2,989,696
|
2,949,286
|
Combined
view of customer lending and customer deposits
|
||
|
At
|
|
|
31 Mar
|
31 Dec
|
|
2023
|
2022
|
|
$m
|
$m
|
Loans and advances to customers
|
963,394
|
923,561
|
- of
which Silicon Valley Bank UK Limited
|
7,349
|
-
|
Loans and advances to customers of disposal groups reported in
'Assets held for sale'
|
55,742
|
80,576
|
- Canada
|
55,404
|
55,197
|
- France
retail banking operations
|
-
|
25,029
|
- other
|
338
|
350
|
Combined customer lending
|
1,019,136
|
1,004,137
|
Currency translation
|
-
|
8,622
|
Combined customer lending at constant currency
|
1,019,136
|
1,012,759
|
Customer accounts
|
1,604,099
|
1,570,303
|
- of
which Silicon Valley Bank UK Limited
|
8,478
|
-
|
Customer accounts reported in 'Liabilities of disposal groups held
for sale'
|
61,909
|
85,274
|
- Canada
|
59,735
|
60,606
|
- France
retail banking operations
|
-
|
22,348
|
- other
|
2,174
|
2,320
|
Combined customer deposits
|
1,666,008
|
1,655,577
|
Currency translation
|
-
|
13,005
|
Combined customer deposits at constant currency
|
1,666,008
|
1,668,582
|
Management
view of revenue
|
|||||
|
Quarter ended
|
||||
|
31 Mar
|
31 Dec
|
31 Mar
|
Variance
|
|
|
2023
|
2022
|
2022
|
1Q23 vs. 1Q22
|
|
|
$m
|
$m
|
$m
|
$m
|
%
|
Wealth
|
1,961
|
1,794
|
1,735
|
226
|
13
|
- investment distribution
|
636
|
553
|
635
|
1
|
-
|
- Global Private Banking
|
571
|
522
|
453
|
118
|
26
|
net interest income
|
293
|
295
|
167
|
126
|
75
|
non-interest income
|
278
|
227
|
286
|
(8)
|
(3)
|
- life insurance
|
448
|
425
|
381
|
67
|
18
|
- asset management
|
306
|
294
|
266
|
40
|
15
|
Personal Banking
|
4,967
|
5,069
|
3,033
|
1,934
|
64
|
- net interest income
|
4,659
|
4,743
|
2,722
|
1,937
|
71
|
- non-interest income
|
308
|
326
|
311
|
(3)
|
(1)
|
Other1
|
2,055
|
69
|
180
|
1,875
|
>100
|
- of which: reversal of impairment loss relating to the
planned sale of our retail banking operations in
France
|
2,021
|
-
|
-
|
2,021
|
-
|
Net operating income2
|
8,983
|
6,932
|
4,948
|
4,035
|
82
|
RoTE
(annualised)3 (%)
|
50.2
|
13.8
|
10.3
|
|
|
Notable
items
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
- disposals, acquisitions and related costs
|
2,021
|
(7)
|
-
|
- fair value movements on financial instruments
|
-
|
-
|
-
|
- restructuring and other related costs
|
-
|
-
|
93
|
Operating expenses
|
|
|
|
- disposals, acquisitions and related costs
|
(21)
|
(3)
|
-
|
- restructuring and other related costs
|
-
|
(182)
|
(53)
|
Management
view of revenue
|
|||||
|
Quarter ended
|
||||
|
31 Mar
|
31 Dec
|
31 Mar
|
Variance
|
|
|
2023
|
2022
|
2022
|
1Q23 vs. 1Q22
|
|
|
$m
|
$m
|
$m
|
$m
|
%
|
Global Trade and Receivables Finance
|
510
|
507
|
518
|
(8)
|
(2)
|
Credit and Lending
|
1,364
|
1,396
|
1,431
|
(67)
|
(5)
|
Global Payments Solutions
|
2,911
|
2,677
|
984
|
1,927
|
>100
|
GBM
products, Insurance and Investments, and Other1
|
1,890
|
276
|
414
|
1,476
|
>100
|
- of which: share of revenue from Markets and Securities
Services and Banking products
|
337
|
280
|
301
|
36
|
12
|
- of which: provisional gain on the acquisition of Silicon
Valley Bank UK Limited
|
1,511
|
-
|
-
|
1,511
|
-
|
Net operating income2
|
6,675
|
4,856
|
3,347
|
3,328
|
99
|
RoTE
(annualised)3 (%)
|
36.1
|
13.7
|
12.0
|
|
|
Notable
items
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
- disposals, acquisitions and related costs
|
1,511
|
-
|
-
|
- restructuring and other related costs
|
-
|
(15)
|
-
|
Operating expenses
|
|
|
|
- restructuring and other related costs
|
-
|
(142)
|
(30)
|
Management
view of revenue
|
|||||
|
Quarter ended
|
||||
|
31 Mar
|
31 Dec
|
31 Mar
|
Variance
|
|
|
2023
|
2022
|
2022
|
1Q23 vs. 1Q22
|
|
|
$m
|
$m
|
$m
|
$m
|
%
|
Markets and Securities Services
|
2,558
|
1,955
|
2,275
|
283
|
12
|
- Securities Services
|
585
|
583
|
460
|
125
|
27
|
- Global Debt Markets
|
350
|
163
|
197
|
153
|
78
|
- Global Foreign Exchange
|
1,219
|
958
|
1,019
|
200
|
20
|
- Equities
|
143
|
136
|
396
|
(253)
|
(64)
|
- Securities Financing
|
261
|
213
|
210
|
51
|
24
|
- Credit and funding valuation adjustments
|
-
|
(98)
|
(7)
|
7
|
100
|
Banking
|
2,132
|
1,940
|
1,483
|
649
|
44
|
- Global Trade and Receivables Finance
|
179
|
175
|
164
|
15
|
9
|
- Global Payments Solutions
|
1,075
|
1,046
|
459
|
616
|
>100
|
- Credit and Lending
|
498
|
515
|
543
|
(45)
|
(8)
|
- Capital Markets and Advisory
|
306
|
125
|
275
|
31
|
11
|
-
Other1
|
74
|
79
|
42
|
32
|
76
|
GBM Other
|
(250)
|
(491)
|
(55)
|
(195)
|
>(100)
|
- Principal Investments
|
(4)
|
(3)
|
57
|
(61)
|
>(100)
|
-
Other2
|
(246)
|
(488)
|
(112)
|
(134)
|
>(100)
|
Net operating income3
|
4,440
|
3,404
|
3,703
|
737
|
20
|
RoTE
(annualised) (%)4
|
15.5
|
9.8
|
8.7
|
|
|
Notable
items
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
- restructuring and other related costs
|
-
|
(123)
|
(15)
|
Operating expenses
|
|
|
|
- disposals, acquisitions and related costs
|
3
|
-
|
-
|
- restructuring and other related costs
|
-
|
(115)
|
(38)
|
|
|
|
|
Management
view of revenue
|
|||||
|
Quarter ended
|
||||
|
31 Mar
|
31 Dec
|
31 Mar
|
Variance
|
|
|
2023
|
2022
|
2022
|
1Q23 vs. 1Q22
|
|
|
$m
|
$m
|
$m
|
$m
|
%
|
Central
Treasury1
|
101
|
(12)
|
(189)
|
290
|
>100
|
Legacy portfolios
|
(2)
|
(170)
|
(19)
|
17
|
0
|
Other2,3
|
(26)
|
(167)
|
(218)
|
192
|
0
|
Net operating income4
|
73
|
(349)
|
(426)
|
499
|
>100
|
RoTE
(annualised) (%)5
|
11.1
|
2.8
|
(1.9)
|
|
|
Notable
items
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
- disposals, acquisitions and related costs
|
30
|
(64)
|
-
|
-
fair value movements on financial instruments1
|
15
|
35
|
(200)
|
- restructuring and other related costs
|
-
|
(146)
|
2
|
Operating expenses
|
|
|
|
- disposals, acquisitions and related costs
|
(43)
|
(6)
|
-
|
- restructuring and other related costs
|
-
|
(721)
|
(330)
|
Risk
|
Summary
of financial instruments to which the impairment requirements in
IFRS 9 are applied
|
||||
|
At 31 Mar 2023
|
At 31 Dec 2022
|
||
|
Gross carrying/nominal amount
|
Allowance for
ECL1
|
Gross carrying/nominal amount
|
Allowance
for
ECL1
|
|
$m
|
$m
|
$m
|
$m
|
Loans and advances to customers at amortised cost
|
975,052
|
(11,658)
|
935,008
|
(11,447)
|
Loans and advances to banks at amortised cost
|
110,795
|
(74)
|
104,544
|
(69)
|
Other financial assets measured at amortised cost
|
975,596
|
(403)
|
954,934
|
(493)
|
- cash and balances at central banks
|
327,556
|
(2)
|
327,005
|
(3)
|
- items in the course of collection from other
banks
|
6,577
|
-
|
7,297
|
-
|
- Hong Kong Government certificates of
indebtedness
|
43,009
|
-
|
43,787
|
-
|
- reverse repurchase agreements - non-trading
|
260,688
|
-
|
253,754
|
-
|
- financial investments
|
131,379
|
(24)
|
109,086
|
(20)
|
-
assets held for sale2
|
76,810
|
(324)
|
102,556
|
(415)
|
-
other assets3
|
129,577
|
(53)
|
111,449
|
(55)
|
Total gross carrying amount on-balance sheet
|
2,061,443
|
(12,135)
|
1,994,486
|
(12,009)
|
Loan and other credit-related commitments
|
638,382
|
(361)
|
618,788
|
(386)
|
Financial guarantees
|
18,586
|
(51)
|
18,783
|
(52)
|
Total nominal amount off-balance sheet4
|
656,968
|
(412)
|
637,571
|
(438)
|
|
2,718,411
|
(12,547)
|
2,632,057
|
(12,447)
|
|
|
|
|
|
|
Fairvalue
|
Memorandum allowance for ECL5
|
Fairvalue
|
Memorandum
allowance
for ECL5
|
|
$m
|
$m
|
$m
|
$m
|
Debt instruments measured at fair value through other comprehensive
income ('FVOCI')
|
267,615
|
(132)
|
265,147
|
(126)
|
Summary of credit risk (excluding debt instruments measured at
FVOCI) by stage distribution and ECL coverage at 31 March
2023
|
|||||||||||||||
|
Gross carrying/nominal amount1
|
Allowance for ECL
|
ECL coverage %
|
||||||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI2
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI2
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI2
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
%
|
%
|
%
|
%
|
%
|
Loans and advances to customers at amortised cost
|
820,931
|
134,075
|
19,959
|
87
|
975,052
|
(1,169)
|
(3,407)
|
(7,047)
|
(35)
|
(11,658)
|
0.1
|
2.5
|
35.3
|
40.2
|
1.2
|
Loans and advances to banks at amortised cost
|
109,340
|
1,373
|
82
|
-
|
110,795
|
(18)
|
(34)
|
(22)
|
-
|
(74)
|
-
|
2.5
|
26.8
|
-
|
0.1
|
Other financial assets measured at amortised cost
|
958,782
|
16,262
|
552
|
-
|
975,596
|
(93)
|
(154)
|
(156)
|
-
|
(403)
|
-
|
0.9
|
28.3
|
-
|
-
|
Loan and other credit-related commit-ments
|
604,824
|
32,049
|
1,509
|
-
|
638,382
|
(139)
|
(155)
|
(67)
|
-
|
(361)
|
-
|
0.5
|
4.4
|
-
|
0.1
|
Financial guarantees
|
15,856
|
2,521
|
209
|
-
|
18,586
|
(7)
|
(11)
|
(33)
|
-
|
(51)
|
-
|
0.4
|
15.8
|
-
|
0.3
|
At 31 Mar 2023
|
2,509,733
|
186,280
|
22,311
|
87
|
2,718,411
|
(1,426)
|
(3,761)
|
(7,325)
|
(35)
|
(12,547)
|
0.1
|
2.0
|
32.8
|
40.2
|
0.5
|
Summary of credit risk (excluding debt instruments measured at
FVOCI) by stage distribution and ECL coverage at 31 December
2022
|
|||||||||||||||
|
Gross
carrying/nominal amount1
|
Allowance for ECL
|
ECL coverage %
|
||||||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI2
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI2
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI2
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
%
|
%
|
%
|
%
|
%
|
Loans and advances to customers at amortised cost
|
776,299
|
139,076
|
19,504
|
129
|
935,008
|
(1,092)
|
(3,488)
|
(6,829)
|
(38)
|
(11,447)
|
0.1
|
2.5
|
35.0
|
29.5
|
1.2
|
Loans and advances to banks at amortised cost
|
102,723
|
1,739
|
82
|
-
|
104,544
|
(18)
|
(29)
|
(22)
|
-
|
(69)
|
-
|
1.7
|
26.8
|
-
|
0.1
|
Other financial assets measured at amortised cost
|
938,798
|
15,339
|
797
|
-
|
954,934
|
(95)
|
(165)
|
(233)
|
-
|
(493)
|
-
|
1.1
|
29.2
|
-
|
0.1
|
Loan and other credit-related commit-ments
|
583,383
|
34,033
|
1,372
|
-
|
618,788
|
(141)
|
(180)
|
(65)
|
-
|
(386)
|
-
|
0.5
|
4.7
|
-
|
0.1
|
Financial guarantees
|
16,071
|
2,463
|
249
|
-
|
18,783
|
(6)
|
(13)
|
(33)
|
-
|
(52)
|
-
|
0.5
|
13.3
|
-
|
0.3
|
At 31 Dec 2022
|
2,417,274
|
192,650
|
22,004
|
129
|
2,632,057
|
(1,352)
|
(3,875)
|
(7,182)
|
(38)
|
(12,447)
|
0.1
|
2.0
|
32.6
|
29.5
|
0.5
|
Macroeconomic
projections in key markets
|
|||||||||||||
|
Centralscenario
|
Consensus Upside scenario
|
Consensus Downside scenario
|
Downside 2scenario
|
|||||||||
|
Five-yearaverage
|
2023
|
2024
|
2025
|
Five-yearaverage
|
Bestoutcome
|
Five-yearaverage
|
Worstoutcome
|
Five-yearaverage
|
Worstoutcome
|
|||
Hong Kong
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDP growth rate (%)
|
3.0
|
3.2
|
3.3
|
2.8
|
4.4
|
11.0
|
(4Q23)
|
1.4
|
(1.1)
|
(2Q23)
|
0.8
|
(7.5)
|
(1Q24)
|
Unemployment rate (%)
|
3.4
|
3.4
|
3.3
|
3.5
|
3.2
|
2.7
|
(1Q24)
|
4.1
|
4.9
|
(1Q25)
|
5.1
|
5.6
|
(1Q25)
|
House price growth (%)
|
0.8
|
(8.9)
|
1.5
|
1.7
|
1.5
|
4.4
|
(3Q24)
|
0.0
|
(12.7)
|
(2Q23)
|
(4.2)
|
(13.3)
|
(2Q23)
|
Inflation rate (%)
|
2.1
|
2.1
|
2.1
|
2.1
|
1.9
|
0.4
|
(1Q24)
|
2.2
|
0.7
|
(1Q25)
|
2.3
|
1.0
|
(1Q25)
|
4.3
|
(1Q24)
|
4.8
|
(1Q24)
|
||||||||||
Probability (%)
|
75
|
10
|
10
|
5
|
|||||||||
Mainland China
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDP growth rate (%)
|
4.7
|
5.1
|
5.0
|
4.6
|
6.0
|
10.7
|
(1Q24)
|
3.6
|
2.2
|
(3Q23)
|
2.5
|
(3.4)
|
(1Q24)
|
Unemployment rate (%)
|
5.0
|
5.3
|
5.0
|
5.0
|
4.9
|
4.8
|
(1Q25)
|
5.3
|
5.9
|
(3Q23)
|
6.2
|
6.8
|
(1Q25)
|
House price growth (%)
|
3.4
|
0.6
|
4.3
|
4.0
|
4.5
|
7.8
|
(3Q24)
|
2.4
|
(0.4)
|
(2Q23)
|
0.0
|
(17.4)
|
(1Q24)
|
Inflation rate (%)
|
2.2
|
2.3
|
2.3
|
2.3
|
2.0
|
0.9
|
(2Q24)
|
2.2
|
0.8
|
(1Q25)
|
2.3
|
1.1
|
(1Q25)
|
5.0
|
(4Q23)
|
5.4
|
(1Q24)
|
||||||||||
Probability (%)
|
75
|
10
|
10
|
5
|
|||||||||
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDP growth rate (%)
|
1.1
|
(0.9)
|
0.8
|
1.8
|
1.9
|
3.3
|
(1Q25)
|
0.3
|
(2.5)
|
(4Q23)
|
0.3
|
(6.5)
|
(1Q24)
|
Unemployment rate (%)
|
4.4
|
4.4
|
4.8
|
4.3
|
3.7
|
2.8
|
(1Q25)
|
5.1
|
6.6
|
(2Q24)
|
7.8
|
9.4
|
(3Q24)
|
House price growth (%)
|
0.1
|
0.2
|
(4.6)
|
1.0
|
1.3
|
2.8
|
(2Q23)
|
(1.6)
|
(11.3)
|
(2Q24)
|
(5.1)
|
(23.5)
|
(2Q24)
|
Inflation rate (%)
|
2.7
|
6.8
|
2.7
|
2.0
|
2.4
|
1.0
|
(3Q24)
|
2.8
|
0.4
|
(1Q25)
|
2.3
|
(2.3)
|
(3Q24)
|
7.5
|
(3Q23)
|
11.9
|
(3Q23)
|
||||||||||
Probability (%)
|
70
|
5
|
20
|
5
|
|||||||||
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDP growth rate (%)
|
1.6
|
0.7
|
1.1
|
2.1
|
2.6
|
3.5
|
(1Q25)
|
0.7
|
(2.7)
|
(4Q23)
|
1.1
|
(3.8)
|
(1Q24)
|
Unemployment rate (%)
|
4.2
|
4.0
|
4.6
|
4.3
|
3.6
|
3.1
|
(4Q23)
|
4.8
|
6.0
|
(1Q24)
|
7.8
|
9.5
|
(1Q25)
|
House price growth (%)
|
1.2
|
(0.9)
|
(0.9)
|
2.5
|
3.1
|
6.2
|
(4Q24)
|
0.6
|
(5.0)
|
(4Q23)
|
(1.0)
|
(18.3)
|
(1Q24)
|
Inflation rate (%)
|
2.5
|
3.9
|
2.6
|
2.3
|
2.2
|
1.2
|
(1Q24)
|
2.5
|
0.9
|
(1Q25)
|
2.5
|
0.5
|
(1Q25)
|
5.1
|
(1Q24)
|
5.7
|
(1Q24)
|
||||||||||
Probability (%)
|
75
|
5
|
15
|
5
|
Management judgemental adjustments to ECL at 31
March 20231
|
|||
|
Retail
|
Wholesale
|
Total
|
|
$bn
|
$bn
|
$bn
|
Banks, sovereigns, government entities and low-risk
counterparties
|
|
0.1
|
0.1
|
Corporate lending adjustments
|
|
0.4
|
0.4
|
Retail lending inflation-related adjustments
|
0.2
|
|
0.2
|
Other macroeconomic-related adjustments
|
(0.2)
|
|
(0.2)
|
Other retail lending adjustments
|
0.2
|
|
0.2
|
Total
|
0.1
|
0.5
|
0.6
|
|
|
|
|
Management judgemental adjustments to ECL at 31
December 20221
|
|||
|
Retail
|
Wholesale
|
Total
|
|
$bn
|
$bn
|
$bn
|
Banks, sovereigns, government entities and low-risk
counterparties
|
-
|
|
-
|
Corporate lending adjustments
|
|
0.5
|
0.5
|
Retail lending inflation-related adjustments
|
0.1
|
|
0.1
|
Other macroeconomic-related adjustments
|
0.1
|
|
0.1
|
Other retail lending adjustments
|
0.2
|
|
0.2
|
Total
|
0.3
|
0.5
|
0.8
|
|
Retail1
|
Wholesale2
|
Total Group ECL at 31 March 2023
|
$bn
|
$bn
|
Reported ECL
|
3.1
|
3.0
|
Scenarios
|
|
|
100% consensus Central scenario
|
(0.2)
|
(0.3)
|
100% consensus Upside scenario
|
(0.5)
|
(0.9)
|
100% consensus Downside scenario
|
0.4
|
0.7
|
100% Downside 2 scenario
|
1.6
|
6.0
|
|
|
|
|
Retail1
|
Wholesale2
|
Total Group ECL at 31 December 2022
|
$bn
|
$bn
|
Reported ECL
|
3.0
|
3.1
|
Scenarios
|
|
|
100% consensus
Central scenario
|
(0.2)
|
(0.5)
|
100% consensus Upside scenario
|
(0.6)
|
(1.1)
|
100% consensus
Downside scenario
|
0.4
|
0.8
|
100% Downside
2 scenario
|
1.8
|
5.5
|
Total
personal lending for loans and advances to customers by stage
distribution
|
||||||||
|
Gross carrying amount
|
Allowance for ECL
|
||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
By legal entity
|
|
|
|
|
|
|
|
|
HSBC UK Bank plc
|
138,422
|
32,499
|
1,050
|
171,971
|
(135)
|
(644)
|
(256)
|
(1,035)
|
HSBC Bank plc
|
26,310
|
3,218
|
336
|
29,864
|
(16)
|
(30)
|
(105)
|
(151)
|
The Hong Kong and Shanghai Banking Corporation Limited
|
187,212
|
8,771
|
1,036
|
197,019
|
(144)
|
(378)
|
(184)
|
(706)
|
HSBC Bank Middle East Limited
|
3,582
|
176
|
76
|
3,834
|
(30)
|
(37)
|
(46)
|
(113)
|
HSBC North America Holdings Inc.
|
17,026
|
356
|
287
|
17,669
|
(12)
|
(19)
|
(15)
|
(46)
|
Grupo Financiero HSBC, S.A. de C.V.
|
10,506
|
1,406
|
479
|
12,391
|
(208)
|
(390)
|
(208)
|
(806)
|
Other trading entities
|
11,509
|
499
|
325
|
12,333
|
(30)
|
(43)
|
(96)
|
(169)
|
At 31 Mar 2023
|
394,567
|
46,925
|
3,589
|
445,081
|
(575)
|
(1,541)
|
(910)
|
(3,026)
|
By legal entity
|
|
|
|
|
|
|
|
|
HSBC UK Bank plc
|
128,590
|
37,394
|
1,012
|
166,996
|
(135)
|
(688)
|
(227)
|
(1,050)
|
HSBC Bank plc
|
6,377
|
740
|
127
|
7,244
|
(10)
|
(18)
|
(38)
|
(66)
|
The Hong Kong and Shanghai Banking Corporation Limited
|
185,723
|
8,698
|
1,117
|
195,538
|
(138)
|
(362)
|
(187)
|
(687)
|
HSBC Bank Middle East Limited
|
3,657
|
184
|
86
|
3,927
|
(26)
|
(37)
|
(52)
|
(115)
|
HSBC North America Holdings Inc.
|
16,906
|
375
|
270
|
17,551
|
(12)
|
(23)
|
(6)
|
(41)
|
Grupo Financiero HSBC, S.A. de C.V.
|
9,542
|
1,099
|
377
|
11,018
|
(213)
|
(331)
|
(194)
|
(738)
|
Other trading entities
|
11,882
|
376
|
350
|
12,608
|
(27)
|
(45)
|
(101)
|
(173)
|
At 31 Dec 2022
|
362,677
|
48,866
|
3,339
|
414,882
|
(561)
|
(1,504)
|
(805)
|
(2,870)
|
Total
wholesale lending for loans and advances to banks and customers at
amortised cost
|
||||||||||
|
Gross carrying amount
|
Allowance for ECL
|
||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
POCI
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
By legal entity
|
|
|
|
|
|
|
|
|
|
|
HSBC UK Bank plc
|
72,841
|
19,565
|
4,368
|
-
|
96,774
|
(233)
|
(427)
|
(628)
|
-
|
(1,288)
|
HSBC Bank plc
|
91,005
|
9,920
|
2,926
|
3
|
103,854
|
(66)
|
(151)
|
(1,151)
|
-
|
(1,368)
|
The Hong Kong and Shanghai Banking Corporation Limited
|
293,465
|
45,707
|
6,903
|
65
|
346,140
|
(197)
|
(1,007)
|
(3,179)
|
(23)
|
(4,406)
|
HSBC Bank Middle East Limited
|
22,967
|
1,593
|
944
|
4
|
25,508
|
(9)
|
(13)
|
(695)
|
(3)
|
(720)
|
HSBC North America Holdings Inc.
|
30,443
|
7,304
|
243
|
-
|
37,990
|
(31)
|
(204)
|
(19)
|
-
|
(254)
|
Grupo Financiero HSBC, S.A. de C.V.
|
11,676
|
1,477
|
419
|
-
|
13,572
|
(47)
|
(62)
|
(233)
|
-
|
(342)
|
Other trading entities
|
13,307
|
2,957
|
649
|
15
|
16,928
|
(29)
|
(36)
|
(254)
|
(9)
|
(328)
|
At 31 Mar 2023
|
535,704
|
88,523
|
16,452
|
87
|
640,766
|
(612)
|
(1,900)
|
(6,159)
|
(35)
|
(8,706)
|
By legal entity
|
|
|
|
|
|
|
|
|
|
|
HSBC UK Bank plc
|
64,930
|
18,856
|
4,439
|
28
|
88,253
|
(165)
|
(445)
|
(643)
|
(1)
|
(1,254)
|
HSBC Bank plc
|
83,174
|
9,175
|
2,631
|
3
|
94,983
|
(56)
|
(181)
|
(1,075)
|
-
|
(1,312)
|
The Hong Kong and Shanghai Banking Corporation Limited
|
292,022
|
50,708
|
6,934
|
80
|
349,744
|
(216)
|
(1,074)
|
(3,125)
|
(24)
|
(4,439)
|
HSBC Bank Middle East Limited
|
21,922
|
1,777
|
946
|
4
|
24,649
|
(11)
|
(21)
|
(684)
|
(3)
|
(719)
|
HSBC North America Holdings Inc.
|
30,816
|
6,861
|
211
|
-
|
37,888
|
(24)
|
(194)
|
(22)
|
-
|
(240)
|
Grupo Financiero HSBC, S.A. de C.V.
|
9,969
|
1,979
|
399
|
-
|
12,347
|
(48)
|
(62)
|
(225)
|
-
|
(335)
|
Other trading entities
|
13,512
|
2,593
|
687
|
14
|
16,806
|
(29)
|
(36)
|
(272)
|
(10)
|
(347)
|
At 31 Dec 2022
|
516,345
|
91,949
|
16,247
|
129
|
624,670
|
(549)
|
(2,013)
|
(6,046)
|
(38)
|
(8,646)
|
Capital
adequacy metrics
|
|
|
|
At
|
|
|
31 Mar
|
31 Dec
|
|
2023
|
2022
|
Risk-weighted assets ('RWAs') ($bn)
|
|
|
Credit
risk1
|
690.4
|
679.1
|
Counterparty
credit1
|
36.2
|
37.1
|
Market risk
|
40.9
|
37.6
|
Operational risk
|
86.9
|
85.9
|
Total risk-weighted assets
|
854.4
|
839.7
|
Capital on a transitional basis ($bn)
|
|
|
Common equity tier 1 ('CET1') capital
|
125.7
|
119.3
|
Tier 1 capital
|
145.1
|
139.1
|
Total capital
|
169.6
|
162.4
|
Capital ratios on a transitional basis (%)
|
|
|
Common equity tier 1 ratio
|
14.7
|
14.2
|
Tier 1 ratio
|
17.0
|
16.6
|
Total capital ratio
|
19.8
|
19.3
|
Capital on an end point basis ($bn)
|
|
|
Common equity tier 1 ('CET1') capital
|
125.7
|
119.3
|
Tier 1 capital
|
145.1
|
139.1
|
Total capital
|
164.2
|
157.2
|
Capital ratios on an end point basis (%)
|
|
|
Common equity tier 1 ratio
|
14.7
|
14.2
|
Tier 1 ratio
|
17.0
|
16.6
|
Total capital ratio
|
19.2
|
18.7
|
Liquidity coverage ratio ('LCR')
|
|
|
Total high-quality liquid assets ($bn)
|
634.9
|
647.0
|
Total net cash outflow ($bn)
|
481.7
|
490.8
|
LCR ratio (%)
|
131.8
|
131.8
|
Leverage ratio1
|
|
|
|
At
|
|
|
31 Mar
|
31 Dec
|
|
2023
|
2022
|
|
$bn
|
$bn
|
Tier 1
capital
|
145.1
|
139.1
|
Total
leverage ratio exposure
|
2,486.1
|
2,417.2
|
|
%
|
%
|
Leverage
ratio
|
5.8
|
5.8
|
RWAs
by global business
|
|||||
|
WPB
|
CMB1
|
GBM1
|
CorporateCentre
|
Total
|
|
$bn
|
$bn
|
$bn
|
$bn
|
$bn
|
Credit risk
|
147.3
|
324.0
|
139.6
|
79.5
|
690.4
|
Counterparty credit risk
|
1.0
|
0.9
|
32.5
|
1.8
|
36.2
|
Market risk
|
1.8
|
1.3
|
23.8
|
14.0
|
40.9
|
Operational risk
|
31.3
|
26.9
|
29.3
|
(0.6)
|
86.9
|
At 31 Mar 2023
|
181.4
|
353.1
|
225.2
|
94.7
|
854.4
|
At 31 Dec 2022
|
182.9
|
342.4
|
225.9
|
88.5
|
839.7
|
RWA
movement by global business by key driver
|
||||||
|
Credit risk, counterparty credit riskand operational
risk
|
Marketrisk
|
TotalRWAs
|
|||
|
WPB
|
CMB1
|
GBM1
|
CorporateCentre
|
||
|
$bn
|
$bn
|
$bn
|
$bn
|
$bn
|
$bn
|
RWAs at 1 Jan 2023
|
181.2
|
341.3
|
202.3
|
77.3
|
37.6
|
839.7
|
Asset size
|
2.8
|
(1.9)
|
1.9
|
4.7
|
3.8
|
11.3
|
Asset quality
|
-
|
(0.6)
|
(0.8)
|
(0.9)
|
-
|
(2.3)
|
Model updates
|
(0.3)
|
-
|
-
|
-
|
-
|
(0.3)
|
Methodology and
policy
|
(5.2)
|
1.5
|
(2.2)
|
(0.5)
|
(0.6)
|
(7.0)
|
Acquisitions and disposals
|
-
|
9.5
|
-
|
-
|
0.1
|
9.6
|
Foreign
exchange movements2
|
1.1
|
2.0
|
0.2
|
0.1
|
-
|
3.4
|
Total RWA movement
|
(1.6)
|
10.5
|
(0.9)
|
3.4
|
3.3
|
14.7
|
RWAs at 31 Mar 2023
|
179.6
|
351.8
|
201.4
|
80.7
|
40.9
|
854.4
|
Alternative
performance measures
|
Return
on average ordinary shareholders' equity and return on average
tangible equity
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Profit
|
|
|
|
Profit attributable to the ordinary shareholders of the parent
company
|
10,327
|
4,378
|
2,755
|
Impairment of goodwill and other intangible assets (net of
tax)
|
18
|
55
|
4
|
Profit attributable to the ordinary shareholders, excluding
goodwill and other intangible assets impairment
|
10,345
|
4,433
|
2,759
|
Impact
of strategic transactions1
|
(3,121)
|
-
|
-
|
Profit attributable to the ordinary shareholders, excluding
goodwill, other intangible assets impairment and strategic
transactions
|
7,224
|
4,433
|
2,759
|
Equity
|
|
|
|
Average ordinary shareholders' equity
|
164,395
|
153,379
|
165,632
|
Effect of goodwill and other intangibles (net of deferred
tax)
|
(11,202)
|
(10,699)
|
(10,864)
|
Average tangible equity
|
153,193
|
142,680
|
154,768
|
Average impact of strategic transactions
|
(1,577)
|
-
|
-
|
Average tangible equity excluding strategic
transactions
|
151,616
|
142,680
|
154,768
|
Ratio
|
%
|
%
|
%
|
Return on average ordinary shareholders' equity
(annualised)
|
25.5
|
11.3
|
6.7
|
Return on average tangible equity (annualised)
|
27.4
|
12.3
|
7.2
|
Return on average tangible equity excluding strategic transactions
(annualised)
|
19.3
|
12.3
|
7.2
|
Return
on average tangible equity by global business
|
|||||
|
Quarter ended 31 Mar 2023
|
||||
|
Wealth and PersonalBanking
|
Commercial
Banking1
|
Global
Banking and
Markets1
|
CorporateCentre
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Profit before tax
|
5,271
|
4,812
|
2,040
|
763
|
12,886
|
Tax expense
|
(1,172)
|
(792)
|
(465)
|
569
|
(1,860)
|
Profit after tax
|
4,099
|
4,020
|
1,575
|
1,332
|
11,026
|
Less attributable to: preference shareholders, other equity
holders, non-controlling interests
|
(247)
|
(175)
|
(209)
|
(68)
|
(699)
|
Profit attributable to ordinary shareholders of the parent
company
|
3,852
|
3,845
|
1,366
|
1,264
|
10,327
|
Other adjustments
|
3
|
92
|
132
|
(209)
|
18
|
Profit attributable to ordinary shareholders
|
3,855
|
3,937
|
1,498
|
1,055
|
10,345
|
Average tangible shareholders' equity
|
31,129
|
44,188
|
39,174
|
38,702
|
153,193
|
RoTE (%)
|
50.2
|
36.1
|
15.5
|
11.1
|
27.4
|
|
|||||
|
Quarter ended 31 Mar 2022
|
||||
Profit before tax
|
1,161
|
1,794
|
1,177
|
12
|
4,144
|
Tax expense
|
(189)
|
(447)
|
(263)
|
187
|
(712)
|
Profit after tax
|
972
|
1,347
|
914
|
199
|
3,432
|
Less attributable to: preference shareholders, other equity
holders, non-controlling interests
|
(189)
|
(135)
|
(194)
|
(159)
|
(677)
|
Profit attributable to ordinary shareholders of the parent
company
|
783
|
1,212
|
720
|
40
|
2,755
|
Other adjustments
|
7
|
62
|
159
|
(224)
|
4
|
Profit attributable to ordinary shareholders
|
790
|
1,274
|
879
|
(184)
|
2,759
|
Average
tangible shareholders' equity 2
|
30,946
|
43,099
|
40,871
|
39,852
|
154,768
|
RoTE (%)
|
10.3
|
12.0
|
8.7
|
(1.9)
|
7.2
|
Net
asset value and tangible net asset value per ordinary
share
|
|||
|
At
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Total shareholders' equity
|
190,095
|
177,833
|
187,076
|
Preference shares and other equity instruments
|
(19,392)
|
(19,746)
|
(22,414)
|
Total ordinary shareholders' equity
|
170,703
|
158,087
|
164,662
|
Goodwill and intangible assets (net of deferred tax)
|
(11,245)
|
(11,160)
|
(10,915)
|
Tangible ordinary shareholders' equity
|
159,458
|
146,927
|
153,747
|
Basic number of $0.50 ordinary shares outstanding
|
19,736
|
19,739
|
19,968
|
Value per share
|
$
|
$
|
$
|
Net asset value per ordinary share
|
8.65
|
8.01
|
8.25
|
Tangible net asset value per ordinary share
|
8.08
|
7.44
|
7.70
|
Expected
credit losses and other credit impairment charges as % of average
gross loans and advances to customers
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Expected credit losses and other credit impairment
charges
|
(432)
|
(1,430)
|
(639)
|
Currency translation
|
|
(25)
|
7
|
Constant currency
|
(432)
|
(1,455)
|
(632)
|
Average gross loans and advances to customers
|
955,030
|
955,827
|
1,061,295
|
Currency translation
|
4,079
|
27,155
|
(42,153)
|
Constant currency
|
959,109
|
982,982
|
1,019,142
|
Average gross loans and advances to customers, including held for
sale
|
1,023,531
|
1,008,209
|
1,062,507
|
Currency translation
|
4,378
|
28,808
|
(41,513)
|
Constant currency
|
1,027,909
|
1,037,017
|
1,020,994
|
Ratios
|
%
|
%
|
%
|
Expected credit losses and other credit impairment charges
(annualised) as % of average gross loans and advances to
customers
|
0.18
|
0.59
|
0.25
|
Expected credit losses and other credit impairment charges
(annualised) as % of average gross loans and advances to customers,
including held for sale
|
0.17
|
0.56
|
0.25
|
Constant
currency operating expenses excluding notable items
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Reported operating expenses
|
(7,586)
|
(8,781)
|
(8,178)
|
Notable items
|
61
|
1,169
|
451
|
- disposals, acquisitions and related costs
|
61
|
9
|
-
|
- restructuring and other related costs
|
-
|
1,160
|
451
|
Currency
translation1
|
|
(147)
|
435
|
Excluding the impact of retranslating prior year costs of
hyperinflationary economies at constant currency FX
|
|
(39)
|
(59)
|
Constant currency operating expenses excluding notable
items
|
(7,525)
|
(7,798)
|
(7,351)
|
Reported and constant currency
results1
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Revenue2
|
|
|
|
Reported
|
20,171
|
14,567
|
12,305
|
Currency translation
|
|
276
|
(733)
|
Constant currency
|
20,171
|
14,843
|
11,572
|
Change in expected credit losses and other credit impairment
charges
|
|
|
|
Reported
|
(432)
|
(1,430)
|
(639)
|
Currency translation
|
|
(25)
|
7
|
Constant currency
|
(432)
|
(1,455)
|
(632)
|
Operating expenses
|
|
|
|
Reported
|
(7,586)
|
(8,781)
|
(8,178)
|
Currency translation
|
|
(177)
|
466
|
Constant currency
|
(7,586)
|
(8,958)
|
(7,712)
|
Share of profit in associates and joint ventures
|
|
|
|
Reported
|
733
|
693
|
656
|
Currency translation
|
|
23
|
(46)
|
Constant currency
|
733
|
716
|
610
|
Profit before tax
|
|
|
|
Reported
|
12,886
|
5,049
|
4,144
|
Currency translation
|
|
97
|
(306)
|
Constant currency
|
12,886
|
5,146
|
3,838
|
Profit after tax
|
|
|
|
Reported
|
11,026
|
4,661
|
3,432
|
Currency translation
|
|
109
|
(367)
|
Constant currency
|
11,026
|
4,770
|
3,065
|
Loans and advances to customers (net)
|
|
|
|
Reported
|
963,394
|
923,561
|
1,054,073
|
Currency translation
|
|
8,026
|
(36,052)
|
Constant currency
|
963,394
|
931,587
|
1,018,021
|
Customer accounts
|
|
|
|
Reported
|
1,604,099
|
1,570,303
|
1,709,685
|
Currency translation
|
|
12,415
|
(54,435)
|
Constant currency
|
1,604,099
|
1,582,718
|
1,655,250
|
Notable
items
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
-
disposals, acquisitions and related costs1,2
|
3,562
|
(71)
|
-
|
-
fair value movements on financial instruments3
|
15
|
35
|
(200)
|
-
restructuring and other related costs4
|
-
|
(284)
|
80
|
Operating expenses
|
|
|
|
- disposals, acquisitions and related costs
|
(61)
|
(9)
|
-
|
- restructuring and other related costs
|
-
|
(1,160)
|
(451)
|
Tax
|
|
|
|
- tax (charge)/credit on notable items
|
(492)
|
166
|
64
|
- recognition of losses
|
-
|
251
|
-
|
- uncertain tax positions
|
427
|
175
|
-
|
Constant currency results1
|
|||||
|
Quarter ended 31 Mar 2023
|
||||
|
Wealth andPersonalBanking
|
Commercial
Banking3
|
Global
Banking and
Markets3
|
CorporateCentre
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue2
|
8,983
|
6,675
|
4,440
|
73
|
20,171
|
ECL
|
(246)
|
(151)
|
(32)
|
(3)
|
(432)
|
Operating expenses
|
(3,483)
|
(1,712)
|
(2,368)
|
(23)
|
(7,586)
|
Share of profit in associates and joint ventures
|
17
|
-
|
-
|
716
|
733
|
Profit before tax
|
5,271
|
4,812
|
2,040
|
763
|
12,886
|
Loans and advances to customers (net)
|
455,266
|
323,268
|
184,492
|
368
|
963,394
|
Customer accounts
|
809,830
|
471,187
|
322,443
|
639
|
1,604,099
|
Notable
items
|
|||||
|
Quarter ended 31 Mar 2023
|
||||
|
Wealth and Personal Banking
|
Commercial Banking
|
GlobalBanking and Markets
|
Corporate Centre
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
|
|
-
disposals, acquisitions and related costs1,2
|
2,021
|
1,511
|
-
|
30
|
3,562
|
-
fair value movements on financial instruments3
|
-
|
-
|
-
|
15
|
15
|
Operating expenses
|
|
|
|
|
|
- disposals, acquisitions and related costs
|
(21)
|
-
|
3
|
(43)
|
(61)
|
Reconciliation
of reported results to constant currency results - global
businesses
|
|||||
|
Quarter ended 31 March 2022
|
||||
|
Wealth andPersonalBanking
|
Commercial
Banking2
|
Global
Banking
and
Markets2
|
CorporateCentre
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue1
|
|
|
|
|
|
Reported
|
5,183
|
3,561
|
3,958
|
(397)
|
12,305
|
Currency translation
|
(235)
|
(214)
|
(255)
|
(29)
|
(733)
|
Constant currency
|
4,948
|
3,347
|
3,703
|
(426)
|
11,572
|
ECL
|
|
|
|
|
|
Reported
|
(341)
|
19
|
(315)
|
(2)
|
(639)
|
Currency translation
|
2
|
(12)
|
17
|
-
|
7
|
Constant currency
|
(339)
|
7
|
(298)
|
(2)
|
(632)
|
Operating expenses
|
|
|
|
|
|
Reported
|
(3,689)
|
(1,786)
|
(2,466)
|
(237)
|
(8,178)
|
Currency translation
|
180
|
100
|
155
|
31
|
466
|
Constant currency
|
(3,509)
|
(1,686)
|
(2,311)
|
(206)
|
(7,712)
|
Share of profit in associates and joint ventures
|
|
|
|
|
|
Reported
|
8
|
-
|
-
|
648
|
656
|
Currency translation
|
-
|
-
|
-
|
(46)
|
(46)
|
Constant currency
|
8
|
-
|
-
|
602
|
610
|
Profit before tax
|
|
|
|
|
|
Reported
|
1,161
|
1,794
|
1,177
|
12
|
4,144
|
Currency translation
|
(53)
|
(126)
|
(83)
|
(44)
|
(306)
|
Constant currency
|
1,108
|
1,668
|
1,094
|
(32)
|
3,838
|
Loans and advances to customers (net)
|
|
|
|
|
|
Reported
|
486,387
|
358,806
|
208,454
|
426
|
1,054,073
|
Currency translation
|
(17,117)
|
(12,711)
|
(6,215)
|
(9)
|
(36,052)
|
Constant currency
|
469,270
|
346,095
|
202,239
|
417
|
1,018,021
|
Customer accounts
|
|
|
|
|
|
Reported
|
861,497
|
504,285
|
343,309
|
594
|
1,709,685
|
Currency translation
|
(24,137)
|
(16,171)
|
(14,098)
|
(29)
|
(54,435)
|
Constant currency
|
837,360
|
488,114
|
329,211
|
565
|
1,655,250
|
Notable
items (continued)
|
|||||
|
Quarter ended 31 Mar 2022
|
||||
|
Wealth and PersonalBanking
|
Commercial Banking
|
Global Banking and Markets
|
CorporateCentre
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
|
|
-
fair value movements on financial instruments1
|
-
|
-
|
-
|
(200)
|
(200)
|
-
restructuring and other related costs2
|
93
|
-
|
(15)
|
2
|
80
|
Operating expenses
|
|
|
|
|
|
- restructuring and other related costs
|
(53)
|
(30)
|
(38)
|
(330)
|
(451)
|
Reconciliation
of reported results to constant currency results - global
businesses (continued)
|
|||||
|
Quarter ended 31 Dec 2022
|
||||
|
Wealth andPersonalBanking
|
Commercial
Banking2
|
Global
Banking
and
Markets2
|
CorporateCentre
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue1
|
|
|
|
|
|
Reported
|
6,834
|
4,787
|
3,335
|
(389)
|
14,567
|
Currency translation
|
98
|
69
|
69
|
40
|
276
|
Constant currency
|
6,932
|
4,856
|
3,404
|
(349)
|
14,843
|
ECL
|
|
|
|
|
|
Reported
|
(261)
|
(894)
|
(267)
|
(8)
|
(1,430)
|
Currency translation
|
(7)
|
(14)
|
(3)
|
(1)
|
(25)
|
Constant currency
|
(268)
|
(908)
|
(270)
|
(9)
|
(1,455)
|
Operating expenses
|
|
|
|
|
|
Reported
|
(3,735)
|
(1,899)
|
(2,442)
|
(705)
|
(8,781)
|
Currency translation
|
(65)
|
(28)
|
(65)
|
(19)
|
(177)
|
Constant currency
|
(3,800)
|
(1,927)
|
(2,507)
|
(724)
|
(8,958)
|
Share of profit/(loss) in associates and joint
ventures
|
|
|
|
|
|
Reported
|
8
|
-
|
(2)
|
687
|
693
|
Currency translation
|
-
|
-
|
-
|
23
|
23
|
Constant currency
|
8
|
-
|
(2)
|
710
|
716
|
Profit/(loss) before tax
|
|
|
|
|
|
Reported
|
2,846
|
1,994
|
624
|
(415)
|
5,049
|
Currency translation
|
26
|
27
|
1
|
43
|
97
|
Constant currency
|
2,872
|
2,021
|
625
|
(372)
|
5,146
|
Loans and advances to customers (net)
|
|
|
|
|
|
Reported
|
422,309
|
311,957
|
188,940
|
355
|
923,561
|
Currency translation
|
4,673
|
2,752
|
598
|
3
|
8,026
|
Constant currency
|
426,982
|
314,709
|
189,538
|
358
|
931,587
|
Customer accounts
|
|
|
|
|
|
Reported
|
779,310
|
463,928
|
326,630
|
435
|
1,570,303
|
Currency translation
|
5,173
|
4,412
|
2,819
|
11
|
12,415
|
Constant currency
|
784,483
|
468,340
|
329,449
|
446
|
1,582,718
|
Notable
items (continued)
|
|||||
|
Quarter ended 31 Dec 2022
|
||||
|
Wealth and PersonalBanking
|
Commercial Banking
|
GlobalBanking and Markets
|
CorporateCentre
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
|
|
- disposals, acquisitions and related costs
|
(7)
|
-
|
-
|
(64)
|
(71)
|
-
fair value movements on financial instruments1
|
-
|
-
|
-
|
35
|
35
|
-
restructuring and other related costs2
|
-
|
(15)
|
(123)
|
(146)
|
(284)
|
Operating expenses
|
|
|
|
|
|
- disposals, acquisitions and related costs
|
(3)
|
-
|
-
|
(6)
|
(9)
|
- restructuring and other related costs
|
(182)
|
(142)
|
(115)
|
(721)
|
(1,160)
|
Reconciliation
of reported risk-weighted assets to constant currency risk-weighted
assets
|
|||||
|
At 31 Mar 2023
|
||||
|
Wealth and Personal Banking
|
Commercial
Banking1
|
Global
Banking and Markets1
|
CorporateCentre
|
Total
|
|
$bn
|
$bn
|
$bn
|
$bn
|
$bn
|
Risk-weighted assets
|
|
|
|
|
|
Reported
|
181.4
|
353.1
|
225.2
|
94.7
|
854.4
|
Constant currency
|
181.4
|
353.1
|
225.2
|
94.7
|
854.4
|
|
|
|
|
|
|
|
At 31 Dec 2022
|
||||
Risk-weighted assets
|
|
|
|
|
|
Reported
|
182.9
|
342.4
|
225.9
|
88.5
|
839.7
|
Currency translation
|
1.0
|
2.2
|
0.2
|
0.1
|
3.5
|
Constant currency
|
183.9
|
344.6
|
226.1
|
88.6
|
843.2
|
|
|
|
|
|
|
|
At 31 Mar 2022
|
||||
Risk-weighted assets
|
|
|
|
|
|
Reported
|
190.3
|
345.7
|
235.9
|
90.4
|
862.3
|
Currency translation
|
(6.0)
|
(14.1)
|
(6.7)
|
(1.3)
|
(28.1)
|
Constant currency
|
184.3
|
331.6
|
229.2
|
89.1
|
834.2
|
Legal entity results1
|
||||||||||
|
Quarter ended 31 Mar 2023
|
|||||||||
|
HSBC UK Bank plc
|
HSBC Bank plc
|
The Hongkong and Shanghai Banking Corpo-ration Limited
|
HSBC Bank Middle East Limited
|
HSBC North America Holdings Inc.
|
HSBC Bank Canada
|
GrupoFinancieroHSBC, S.A.de C.V.
|
Other trading entities2
|
Holdingcompanies,sharedservicecentres
andintra-groupeliminations
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue3
|
4,275
|
4,432
|
8,334
|
624
|
1,083
|
500
|
748
|
932
|
(757)
|
20,171
|
ECL
|
(161)
|
(18)
|
(67)
|
7
|
(29)
|
(1)
|
(128)
|
(35)
|
-
|
(432)
|
Operating expenses
|
(983)
|
(1,657)
|
(3,084)
|
(254)
|
(747)
|
(260)
|
(407)
|
(512)
|
318
|
(7,586)
|
Share of profit/(loss) in associates and joint
ventures
|
-
|
(43)
|
666
|
-
|
-
|
-
|
2
|
108
|
-
|
733
|
Profit/(loss) before tax
|
3,131
|
2,714
|
5,849
|
377
|
307
|
239
|
215
|
493
|
(439)
|
12,886
|
Loans and advances to customers (net)
|
258,758
|
117,858
|
468,924
|
18,829
|
54,374
|
-
|
22,728
|
21,923
|
-
|
963,394
|
Customer accounts
|
343,803
|
281,557
|
778,853
|
30,994
|
101,537
|
-
|
27,153
|
40,041
|
161
|
1,604,099
|
Notable
items
|
|
|||||||||
|
Quarter ended 31 Mar 2023
|
|||||||||
|
HSBC UK Bank plc
|
HSBC Bank plc
|
The Hongkong and Shanghai Banking Corpo-ration Limited
|
HSBC Bank Middle East Limited
|
HSBC North America Holdings Inc.
|
HSBC Bank Canada
|
GrupoFinancieroHSBC, S.A.de C.V.
|
Other trading entities
|
Holdingcompanies,sharedservicecentres
andintra-groupeliminations
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
-
disposals, acquisitions and related costs1,2
|
1,511
|
2,107
|
-
|
-
|
-
|
-
|
-
|
-
|
(56)
|
3,562
|
-
fair value movements on financial instruments3
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
15
|
15
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
-
disposals, acquisitions and related costs
|
(8)
|
(25)
|
-
|
-
|
(1)
|
(27)
|
-
|
-
|
-
|
(61)
|
Legal
entity results (continued)
|
||||||||||
|
Quarter ended 31 Mar 2022
|
|||||||||
|
HSBC UK Bank plc
|
HSBC Bank plc
|
The Hongkong andShanghaiBankingCorporationLimited
|
HSBC Bank Middle East Limited
|
HSBC North America Holdings Inc.
|
HSBC Bank Canada
|
GrupoFinancieroHSBC, S.A.de C.V.
|
Other
trading entities1
|
Holdingcompanies,sharedservicecentres
andintra-groupeliminations
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue2
|
|
|
|
|
|
|
|
|
|
|
Reported
|
2,287
|
2,093
|
5,550
|
380
|
1,131
|
450
|
601
|
782
|
(969)
|
12,305
|
Currency translation
|
(214)
|
(128)
|
(146)
|
-
|
-
|
(29)
|
60
|
(166)
|
(110)
|
(733)
|
Constant currency
|
2,073
|
1,965
|
5,404
|
380
|
1,131
|
421
|
661
|
616
|
(1,079)
|
11,572
|
ECL
|
|
|
|
|
|
|
|
|
|
|
Reported
|
84
|
(262)
|
(259)
|
47
|
25
|
33
|
(101)
|
(7)
|
(199)
|
(639)
|
Currency translation
|
(8)
|
17
|
6
|
-
|
-
|
(2)
|
(10)
|
5
|
(1)
|
7
|
Constant currency
|
76
|
(245)
|
(253)
|
47
|
25
|
31
|
(111)
|
(2)
|
(200)
|
(632)
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
Reported
|
(1,201)
|
(1,827)
|
(3,206)
|
(245)
|
(846)
|
(252)
|
(390)
|
(514)
|
303
|
(8,178)
|
Currency translation
|
112
|
120
|
73
|
(1)
|
-
|
16
|
(39)
|
97
|
88
|
466
|
Constant currency
|
(1,089)
|
(1,707)
|
(3,133)
|
(246)
|
(846)
|
(236)
|
(429)
|
(417)
|
391
|
(7,712)
|
Share of profit/(loss) in associates and joint
ventures
|
|
|
|
|
|
|
|
|
|
|
Reported
|
-
|
(27)
|
680
|
-
|
-
|
-
|
3
|
1
|
(1)
|
656
|
Currency translation
|
-
|
3
|
(49)
|
-
|
-
|
-
|
-
|
-
|
-
|
(46)
|
Constant currency
|
-
|
(24)
|
631
|
-
|
-
|
-
|
3
|
1
|
(1)
|
610
|
Profit/(loss) before tax
|
|
|
|
|
|
|
|
|
|
|
Reported
|
1,170
|
(23)
|
2,765
|
182
|
310
|
231
|
113
|
262
|
(866)
|
4,144
|
Currency translation
|
(110)
|
12
|
(116)
|
(1)
|
-
|
(15)
|
11
|
(64)
|
(23)
|
(306)
|
Constant currency
|
1,060
|
(11)
|
2,649
|
181
|
310
|
216
|
124
|
198
|
(889)
|
3,838
|
Loans and advances to customers (net)
|
|
|
|
|
|
|
|
|
|
|
Reported
|
261,150
|
125,436
|
496,936
|
18,992
|
54,122
|
56,914
|
18,656
|
22,066
|
(199)
|
1,054,073
|
Currency translation
|
(15,178)
|
(4,232)
|
(12,218)
|
1
|
-
|
(4,297)
|
2,008
|
(2,135)
|
(1)
|
(36,052)
|
Constant currency
|
245,972
|
121,204
|
484,718
|
18,993
|
54,122
|
52,617
|
20,664
|
19,931
|
(200)
|
1,018,021
|
Customer accounts
|
|
|
|
|
|
|
|
|
|
|
Reported
|
372,644
|
278,247
|
794,718
|
28,526
|
107,659
|
57,037
|
24,379
|
46,475
|
-
|
1,709,685
|
Currency translation
|
(21,659)
|
(12,045)
|
(13,433)
|
(2)
|
-
|
(4,306)
|
2,625
|
(5,617)
|
2
|
(54,435)
|
Constant currency
|
350,985
|
266,202
|
781,285
|
28,524
|
107,659
|
52,731
|
27,004
|
40,858
|
2
|
1,655,250
|
Notable
items (continued)
|
||||||||||
|
Quarter ended 31 Mar 2022
|
|||||||||
|
HSBC UK Bank plc
|
HSBC Bank plc
|
The Hongkong andShanghaiBankingCorporationLimited
|
HSBC Bank Middle East Limited
|
HSBC North America Holdings Inc.
|
HSBC Bank Canada
|
GrupoFinancieroHSBC, S.A.de C.V.
|
Other trading entities
|
Holdingcompanies,sharedservicecentres
andintra-groupeliminations
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
-
fair value movements on financial instruments1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(200)
|
(200)
|
-
restructuring and other related costs2
|
1
|
(14)
|
5
|
-
|
97
|
-
|
(1)
|
-
|
(8)
|
80
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
-
restructuring and other related costs
|
(83)
|
(113)
|
(96)
|
(9)
|
(51)
|
(9)
|
(17)
|
(29)
|
(44)
|
(451)
|
Legal
entity results (continued)
|
||||||||||
|
Quarter ended 31 Dec 2022
|
|||||||||
|
HSBC UK Bank plc
|
HSBC Bank plc
|
The Hongkong andShanghaiBankingCorporationLimited
|
HSBC Bank Middle East Limited
|
HSBC North America Holdings Inc.
|
HSBC Bank Canada
|
GrupoFinancieroHSBC, S.A.de C.V.
|
Other
trading entities1
|
Holdingcompanies,sharedservicecentres
andintra-groupeliminations
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue2
|
|
|
|
|
|
|
|
|
|
|
Reported
|
2,629
|
1,508
|
7,515
|
498
|
1,016
|
526
|
757
|
1,036
|
(918)
|
14,567
|
Currency translation
|
96
|
103
|
77
|
-
|
-
|
2
|
42
|
(84)
|
40
|
276
|
Constant currency
|
2,725
|
1,611
|
7,592
|
498
|
1,016
|
528
|
799
|
952
|
(878)
|
14,843
|
ECL
|
|
|
|
|
|
|
|
|
|
|
Reported
|
(236)
|
(55)
|
(901)
|
(37)
|
1
|
(20)
|
(173)
|
(15)
|
6
|
(1,430)
|
Currency translation
|
(9)
|
(4)
|
(3)
|
-
|
-
|
-
|
(10)
|
1
|
-
|
(25)
|
Constant currency
|
(245)
|
(59)
|
(904)
|
(37)
|
1
|
(20)
|
(183)
|
(14)
|
6
|
(1,455)
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
Reported
|
(1,253)
|
(1,803)
|
(3,420)
|
(282)
|
(933)
|
(287)
|
(449)
|
(719)
|
365
|
(8,781)
|
Currency translation
|
(45)
|
(74)
|
(40)
|
-
|
-
|
(1)
|
(25)
|
41
|
(33)
|
(177)
|
Constant currency
|
(1,298)
|
(1,877)
|
(3,460)
|
(282)
|
(933)
|
(288)
|
(474)
|
(678)
|
332
|
(8,958)
|
Share of profit/(loss) in associates and joint
ventures
|
|
|
|
|
|
|
|
|
|
|
Reported
|
-
|
(6)
|
559
|
-
|
-
|
-
|
5
|
136
|
(1)
|
693
|
Currency translation
|
-
|
(1)
|
23
|
-
|
-
|
-
|
-
|
-
|
1
|
23
|
Constant currency
|
-
|
(7)
|
582
|
-
|
-
|
-
|
5
|
136
|
-
|
716
|
Profit/(loss) before tax
|
|
|
|
|
|
|
|
|
|
|
Reported
|
1,140
|
(356)
|
3,753
|
179
|
84
|
219
|
140
|
438
|
(548)
|
5,049
|
Currency translation
|
42
|
24
|
57
|
-
|
-
|
1
|
7
|
(42)
|
8
|
97
|
Constant currency
|
1,182
|
(332)
|
3,810
|
179
|
84
|
220
|
147
|
396
|
(540)
|
5,146
|
Loans and advances to customers (net)
|
|
|
|
|
|
|
|
|
|
|
Reported
|
245,921
|
86,964
|
473,985
|
19,762
|
54,159
|
-
|
20,446
|
22,325
|
(1)
|
923,561
|
Currency translation
|
6,665
|
1,932
|
(1,778)
|
4
|
-
|
-
|
1,595
|
(394)
|
2
|
8,026
|
Constant currency
|
252,586
|
88,896
|
472,207
|
19,766
|
54,159
|
-
|
22,041
|
21,931
|
1
|
931,587
|
Customer accounts
|
|
|
|
|
|
|
|
|
|
|
Reported
|
336,086
|
253,075
|
784,236
|
29,893
|
100,404
|
-
|
25,531
|
41,078
|
-
|
1,570,303
|
Currency translation
|
9,109
|
5,857
|
(2,886)
|
6
|
-
|
-
|
1,993
|
(1,664)
|
-
|
12,415
|
Constant currency
|
345,195
|
258,932
|
781,350
|
29,899
|
100,404
|
-
|
27,524
|
39,414
|
-
|
1,582,718
|
Notable
items (continued)
|
||||||||||
|
Quarter ended 31 Dec 2022
|
|||||||||
|
HSBC UK Bank plc
|
HSBC Bank plc
|
The Hongkong andShanghaiBankingCorporationLimited
|
HSBC Bank Middle East Limited
|
HSBC North America Holdings Inc.
|
HSBC Bank Canada
|
GrupoFinancieroHSBC, S.A.de C.V.
|
Other trading entities
|
Holdingcompanies,sharedservicecentres
andintra-groupeliminations
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
-
disposals, acquisitions and related costs
|
-
|
(11)
|
-
|
-
|
-
|
-
|
-
|
-
|
(60)
|
(71)
|
-
fair value movements on financial instruments1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
35
|
35
|
-
restructuring and other related costs2
|
-
|
(243)
|
46
|
(13)
|
11
|
1
|
(15)
|
-
|
(71)
|
(284)
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
-
disposals, acquisitions and related costs
|
-
|
(9)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9)
|
-
restructuring and other related costs
|
(193)
|
(274)
|
(339)
|
(31)
|
(198)
|
(51)
|
(49)
|
(66)
|
41
|
(1,160)
|
Middle
East and North Africa regional performance
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Revenue1
|
899
|
810
|
724
|
ECL
|
(8)
|
(35)
|
43
|
Operating expenses
|
(374)
|
(449)
|
(380)
|
Share of profit/(loss) from associates and joint
ventures
|
110
|
133
|
(2)
|
Profit before tax
|
627
|
459
|
385
|
|
|
|
|
Loans and advances to customers (net)
|
25,160
|
26,475
|
26,708
|
Customer accounts
|
45,830
|
43,933
|
43,873
|
Profit
before tax by global business
|
|||
|
Quarter ended
|
||
|
31 Mar
|
31 Dec
|
31 Mar
|
|
2023
|
2022
|
2022
|
|
$m
|
$m
|
$m
|
Wealth and Personal Banking
|
141
|
91
|
48
|
Commercial Banking
|
119
|
69
|
95
|
Global Banking and Markets
|
296
|
201
|
268
|
Corporate Centre
|
71
|
98
|
(26)
|
Total
|
627
|
459
|
385
|
Additional
information
|
Investor Relations
|
|
|
Media Relations
|
UK - Richard O'Connor
|
|
|
UK - Gillian James
|
Telephone: +44 (0)20 7991 6590
|
|
|
Telephone: +44 (0)7584 404 238
|
Email: investorrelations@hsbc.com
|
|
|
Email: pressoffice@hsbc.com
|
|
|
|
|
Hong Kong - Mark Phin
|
|
|
UK - Kirsten Smart
|
Telephone: +852 2822 4908
|
|
|
Telephone: +44 (0)7725 733 311
|
Email: investorrelations@hsbc.com.hk
|
|
|
Email: pressoffice@hsbc.com
|
|
|
|
|
|
|
|
Hong Kong - Aman Ullah
|
|
|
|
Telephone: +852 3941 1120
|
|
|
|
Email: aspmediarelations@hsbc.com.hk
|
1Q22
|
First quarter of 2022
|
1Q23
|
First quarter of 2023
|
2Q23
|
Second quarter of 2023
|
4Q22
|
Fourth quarter of 2022
|
AGM
|
Annual General Meeting
|
AIEA
|
Average interest-earning assets
|
Basel III
|
Basel Committee's reforms to strengthen global capital and
liquidity rules
|
Basel 3.1
|
Outstanding measures to be implemented from the Basel III
reforms
|
BoCom
|
Bank of Communications Co., Limited, one of China's largest
banks
|
Bps
|
Basis points. One basis point is equal to one-hundredth of a
percentage point
|
CET1
|
Common equity tier 1
|
CMB
|
Commercial Banking, a global business
|
CODM
|
Chief Operating Decision Maker
|
CSM
|
Contractual service margin
|
Corporate Centre
|
Corporate Centre comprises Central Treasury, our legacy businesses,
interests in our associates and joint ventures, central stewardship
costs and consolidation adjustments
|
CRR II
|
Revised Capital Requirements Regulation and Directive, as
implemented
|
EBA
|
European Banking Authority
|
ECL
|
Expected credit losses. In the income statement, ECL is recorded as
a change in expected credit losses and other credit impairment
charges. In the balance sheet, ECL is recorded as an allowance for
financial instruments to which only the impairment requirements
inIFRS 9 are applied
|
Eonia
|
Euro Overnight Index Average
|
ESG
|
Environmental, social and governance
|
EU
|
European Union
|
FTE
|
Full-time equivalent staff
|
FVOCI
|
Fair value through other comprehensive income
|
FX
|
Foreign exchange
|
GAAP
|
Generally accepted accounting principles
|
GBM
|
Global Banking and Markets, a global business
|
GDP
|
Gross domestic product
|
GEC
|
Group Executive Committee
|
GPS
|
Global Payments Solutions, the business formerly known as Global
Liquidity and Cash Management
|
Group
|
HSBC Holdings together with its subsidiary
undertakings
|
GTRF
|
Global Trade and Receivables Finance
|
Hong Kong
|
Hong Kong Special Administrative Region of the People's Republic of
China
|
HSBC
|
HSBC Holdings together with its subsidiary
undertakings
|
HSBC Bank plc
|
HSBC Bank plc, also known as the non-ring-fenced bank
|
HSBC Holdings
|
HSBC Holdings plc, the parent company of HSBC
|
HSBC UK
|
HSBC UK Bank plc, also known as the ring-fenced bank
|
IAS
|
International Accounting Standards
|
Ibor
|
Interbank offered rate
|
IFRSs
|
International Financial Reporting Standards
|
IRB
|
Internal ratings-based
|
JV
|
Joint venture
|
LCR
|
Liquidity coverage ratio
|
Libor
|
London interbank offered rate
|
Long term
|
For our strategic goals, we define long term as five to six years,
commencing 1 January 2020
|
Mainland China
|
People's Republic of China excluding Hong Kong and
Macau
|
Medium term
|
For our strategic goals, we define medium term as three to five
years, commencing 1 January 2020
|
MENA
|
Middle
East and North Africa, including Türkiye
|
MREL
|
Minimum requirement for own funds and eligible
liabilities
|
MSS
|
Markets and Securities Services, HSBC's capital markets and
securities services businesses in Global Banking and
Markets
|
Net operating income
|
Net operating income before change in expected credit losses and
other credit impairment charges, also referred to as
revenue
|
NIM
|
Net interest margin
|
POCI
|
Purchased or originated credit-impaired financial
assets
|
PRA
|
Prudential Regulation Authority (UK)
|
Revenue
|
Net operating income before ECL
|
RFR
|
Risk-free rate
|
RoE
|
Return on average ordinary shareholders' equity
|
RoTE
|
Return on average tangible equity
|
RWA
|
Risk-weighted asset
|
SAB
|
Saudi Awwal Bank, which was formed from the merger between The
Saudi British Bank and Alawwal Bank
|
SVB UK
|
Silicon Valley Bank UK Limited
|
WPB
|
Wealth and Personal Banking, a global business
|
$m/$bn/$tn
|
United States dollar millions/billions/trillions. We report in US
dollars
|
HSBC
Holdings plc
|
|
|
|
|
By:
|
|
Name:
Aileen Taylor
|
|
Title:
Group Company Secretary and Chief Governance Officer
|
|
|
|
Date:
2 May 2023
|