HSBC annual profit boosted but weak quarterly performance, plans buyback after China property hit

2022/02/22

HSBC Holdings PLC (0005.HK) reported a sharp jump in profit in 2021, with pretax profit of USD18.91 billion, doubled from USD8.78 billion in 2020, but was the reversal of the bank's expected credit losses. The bank gave a weaker performance in its Q4 as it took a $500 million charge for expected credit losses, mainly due to the downturn in China's troubled commercial real estate sector. All of the bank's regions recorded a positive year, with Europe and North America’s reported pretax profits improving sharply. This was more than offset, however, by its Asian profit growth slowdown, especially in Hong Kong, and a weaker Wealth performance in Asia is expected in the first quarter of 2022. HSBC declared an annual dividend of USD0.25, up from USD0.15 in 2020. The bank also unveiled a new bumper USD1 billion share buyback programme.

滙控(0005.HK)公布去年業績，第四季是去年表現最差的一季，列賬基準稅前利潤和經調整利潤，按季比較都倒退，主要涉及內房風險敞口而增加撥備。去年各地區的盈利顯著增長，但香港盈利按年跌近兩成八，跑輸環球表現。滙控去年全年按年增加派息，但屬於派付比率的較低範圍，目前未有計劃在本年度恢復按季派息，但會進一步回購。