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汇丰控股(00005) - 2025 Q1 - 季度业绩
00005HSBC HOLDINGS(00005)2025-04-29 04:00

Financial Performance - The pre-tax profit for Q1 2025 decreased by 3.2billionto3.2 billion to 9.5 billion compared to Q1 2024, primarily due to the absence of a 3.7billionnetimpactfromthesaleofCanadianandArgentinebankingoperationsinQ12024[6].−ThenetprofitaftertaxforQ12025was3.7 billion net impact from the sale of Canadian and Argentine banking operations in Q1 2024 [6]. - The net profit after tax for Q1 2025 was 7.6 billion, a decrease of 3.3billionfromQ12024[6].−Excludingnotableitems,thepre−taxprofitincreasedby3.3 billion from Q1 2024 [6]. - Excluding notable items, the pre-tax profit increased by 1 billion to 9.8billion,drivenbystrongperformanceinwealthmanagementandforeignexchangebusinesses[6].−RevenueforQ12025decreasedby9.8 billion, driven by strong performance in wealth management and foreign exchange businesses [6]. - Revenue for Q1 2025 decreased by 3.1 billion to 17.6billion,reflectinga1517.6 billion, reflecting a 15% decline due to the impact of business disposals, particularly in Canada and Argentina [6]. - The company reported a significant increase in adjusted pre-tax profit to 9,766 million for the quarter, compared to 7,241millioninthepreviousquarter[21].−Thereportedpre−taxprofitforQ12025was7,241 million in the previous quarter [21]. - The reported pre-tax profit for Q1 2025 was 9.484 billion, a decrease of 25% compared to 12.650billioninQ12024[34].−TotalrevenueforQ12025was12.650 billion in Q1 2024 [34]. - Total revenue for Q1 2025 was 17.649 billion, down 15% from 20.752billioninQ12024[34].−Thecompanyreportedapre−taxprofitof20.752 billion in Q1 2024 [34]. - The company reported a pre-tax profit of 2.543 billion for Q1 2025, a 10% increase compared to Q1 2024 [76]. Credit Losses - Expected credit losses increased by 200millionto200 million to 900 million, reflecting increased provisions due to geopolitical tensions and economic uncertainties [6]. - The expected credit loss provisions as a percentage of total loans are anticipated to remain between 30 to 40 basis points for 2025 [7]. - Expected credit losses increased by 22% to 876millioninQ12025from876 million in Q1 2025 from 720 million in Q1 2024 [34]. - The expected credit loss provisions for the first three months of 2025 were 0.9billion,upfrom0.9 billion, up from 0.7 billion in Q1 2024, reflecting the impact of deteriorating future economic outlook [157]. - The expected credit loss provisions for retail loans under a 100% consistent baseline scenario decreased by 0.1billion,whileforwholesaleloansitdecreasedby0.1 billion, while for wholesale loans it decreased by 0.3 billion [197]. Operating Expenses - Operating expenses remained flat at 8.1billion,withincreasesintechnologyspendingandinflationeffectsoffsetbytheimpactofbusinessdisposals[6].−OperatingexpensesforQ12025were8.1 billion, with increases in technology spending and inflation effects offset by the impact of business disposals [6]. - Operating expenses for Q1 2025 were 8.102 billion, slightly up by 1% from 8.151billioninQ12024[34].−Thetargetforoperatingexpensegrowthin2025isapproximately38.151 billion in Q1 2024 [34]. - The target for operating expense growth in 2025 is approximately 3% compared to 2024, with a goal to reduce costs by about 300 million [7]. - Operating expenses for Q1 2025 were stable at 1.1billion,withnosignificantchangescomparedtopreviousquarters[81].CapitalandDividends−Thecommonequitytier1capitalratiowas14.71.1 billion, with no significant changes compared to previous quarters [81]. Capital and Dividends - The common equity tier 1 capital ratio was 14.7%, a decrease of 0.2 percentage points from Q4 2024, primarily due to an increase in risk-weighted assets [6]. - The board approved a dividend of 0.10 per share for Q1 2025 and plans to initiate a share buyback of up to 3billionfollowingtheannualgeneralmeeting[6].−Thedividendpayoutratiotargetfor2025issetat503 billion following the annual general meeting [6]. - The dividend payout ratio target for 2025 is set at 50%, excluding significant items [7]. - The total equity attributable to shareholders as of March 31, 2025, was 190,810 million, with tangible common equity of 160,398million[147].BusinessSegmentsPerformance−Thewealthmanagementbusinessreportedarevenueincreaseof21160,398 million [147]. Business Segments Performance - The wealth management business reported a revenue increase of 21% to 2.290 billion in Q1 2025 from 1.893billioninQ12024[35].−Thewholesalebankingbusinesssawarevenueincreaseof101.893 billion in Q1 2024 [35]. - The wholesale banking business saw a revenue increase of 10% to 2.851 billion in Q1 2025 from 2.597billioninQ12024[35].−InQ12025,thewholesalebankingbusinessrecordedfeesandotherincomeof2.597 billion in Q1 2024 [35]. - In Q1 2025, the wholesale banking business recorded fees and other income of 2.9 billion, a 10% increase from Q1 2024, and a 13% increase on a constant currency basis, reflecting growth in global foreign exchange business [13]. - The insurance business showed strong performance with a 13% increase, and new business contract service income from insurance products grew by 1.1billion,a441.1 billion, a 44% increase compared to Q1 2024 [13]. Strategic Initiatives - Strategic growth opportunities include enhancing wholesale banking capabilities and expanding wealth management, particularly in Asia [11]. - The company is focused on simplifying its organizational structure and aims to reduce annualized cost base by approximately 1.5 billion by the end of 2026 [11]. - The company plans to maintain a common equity tier 1 capital ratio target range of 14% to 14.5% [7]. - The company aims for an average tangible equity return of approximately 15% annually from 2025 to 2027, excluding significant items [7]. Market Conditions and Economic Outlook - The company continues to monitor economic and financial risks, particularly due to changes in trade policies and geopolitical developments, which could significantly impact operations and financial performance [153]. - The ongoing geopolitical risks, including U.S.-China strategic competition, may affect global supply chains and the company's operations [154]. - The company anticipates that public spending will continue to represent a high proportion of GDP in major economies, which may influence borrowing costs and fiscal sustainability [154]. - The commercial real estate market in mainland China continues to face challenges, with only first-tier cities showing improved sales momentum [155]. Customer Loans and Deposits - Customer loans net amount increased to 944,708million,comparedto944,708 million, compared to 930,658 million in the previous quarter [21]. - The bank's customer deposits totaled 1.67trillionasofMarch31,2025,comparedto1.67 trillion as of March 31, 2025, compared to 1.66 trillion on December 31, 2024 [67]. - The increase in customer loans was primarily driven by corporate and institutional banking (up 7.2billion)andinternationalwealthmanagement(up7.2 billion) and international wealth management (up 1.9 billion), offset by declines in Hong Kong operations (down 1.6billion)andcorporatecenter(down1.6 billion) and corporate center (down 7.2 billion) [156]. Risk Management - The company employs significant judgment and estimates in measuring expected credit losses, reflecting current economic conditions and potential risks [167]. - The expected credit loss sensitivity analysis indicates that the provisions are highly sensitive to economic forecasts, with significant adjustments based on management's judgment [196]. - The management adjusted the expected credit loss provision by an increase of 300millionasofMarch31,2025,comparedtoanincreaseof300 million as of March 31, 2025, compared to an increase of 100 million on December 31, 2024 [192].