HSBC

HSBC's npls (as % of loans) fell 9.79% yoy to 1.27% in 3Q2019

By Helgi Analytics - November 24, 2019

HSBC's non-performing loans reached 1.27% of total loans at the end of 2019-09-30, down from 1.40% compared to the previous year....

HSBC's capital adequacy ratio fell 2.42% yoy to 20.2% in 3Q2019

By Helgi Analytics - November 24, 2019

HSBC's capital adequacy ratio reached 20.2% at the end of third quarter of 2019, up from 20.1% when compared to the previous quar...

HSBC's net profit fell 16.9% yoy to USD 3,477 mil in 3Q2019

By Helgi Analytics - November 24, 2019

HSBC made a net profit of USD 3,477 mil under revenues of USD 13,355 mil in the third quarter of 2019, down 16.9% and 3.21% ...

Profit Statement 2016 2017 2018
Net Interest Income USD mil 29,908 28,282 30,564
Net Fee Income USD mil 15,669 15,853 16,044
Other Income USD mil 6,620 10,087 10,563
Total Revenues USD mil 52,197 54,222 57,171
Operating Profit USD mil 21,613 23,139 24,294
Provisions USD mil 3,400 1,769 1,767
Net Profit USD mil 2,479 10,798 13,727
Balance Sheet 2016 2017 2018
Interbank Loans USD mil 249,100 291,946 314,971
Customer Loans USD mil 861,504 962,964 981,696
Debt Securities USD mil 718,533 730,694 722,533
Total Assets USD mil 2,375,000 2,521,800 2,558,100
Shareholders' Equity USD mil 182,578 197,871 194,249
Interbank Borrowing USD mil 302,588 384,285 306,646
Customer Deposits USD mil 1,272,400 1,364,500 1,362,600
Issued Debt Securities USD mil 86,899 84,372 107,779
Ratios 2016 2017 2018
ROE % 1.30 5.68 7.00
ROA % 0.104 0.441 0.540
Costs (As % Of Assets) % 1.28 1.27 1.29
Costs (As % Of Income) % 58.6 57.3 57.5
Capital Adequacy Ratio % 20.1 20.9 20.0
Net Interest Margin % 1.25 1.16 1.20
Loans (As % Of Deposits) % 67.7 70.6 72.0
NPLs (As % Of Loans) % 2.10 1.59 1.35
Provisions (As % Of NPLs) % 43.1 48.4 64.7
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 161,104 207,384 165,201
Share Price (End Of Period) 8.12 10.3 8.27
Price/Earnings (P/E) 65.0 19.2 12.0
Price/Book Value (P/BV) 0.882 1.05 0.850
Dividend Yield % 6.29 4.92 6.17
Earnings Per Share (EPS) 0.125 0.538 0.687
Book Value Per Share 9.20 9.86 9.72
Dividend Per Share 0.511 0.508 0.510

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summary Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                        
Net Interest Income USD mil                                           37,893 35,861 35,016 32,654 29,908    
Total Revenues USD mil                                           70,240 68,323 64,401 61,897 52,197    
Operating Profit USD mil                                           33,092 31,528 26,572 25,715 21,613    
Net Profit USD mil                                           14,027 16,204 13,688 13,522 2,479    
balance sheet                                                        
Interbank Loans USD mil                                           152,546 211,521 273,862 236,656 249,100    
Customer Loans USD mil                                           997,623 1,080,300 974,660 924,454 861,504    
Debt Securities USD mil                                           886,237 792,767 776,371 706,054 718,533    
Total Assets USD mil                                           2,692,500 2,671,300 2,634,100 2,409,700 2,375,000    
Shareholders' Equity USD mil                                           183,129 190,459 199,978 197,518 182,578    
Interbank Borrowing USD mil                                           411,992 336,237 375,430 276,385 302,588    
Customer Deposits USD mil                                           1,340,000 1,482,800 1,350,600 1,289,600 1,272,400    
Issued Debt Securities USD mil                                           148,940 133,056 122,611 111,651 86,899    
ratios                                                        
ROE %                                           8.03 8.67 7.01 6.80 1.30    
ROA %                                           0.535 0.604 0.516 0.536 0.104    
Costs (As % Of Assets) %                                           1.42 1.37 1.43 1.43 1.28    
Costs (As % Of Income) %                                           52.9 53.9 58.7 58.5 58.6    
Capital Adequacy Ratio %                                           16.1 14.9 15.6 17.2 20.1    
Net Interest Margin %                                           1.44 1.34 1.32 1.29 1.25    
Interest Income (As % Of Revenues) %                                           53.9 52.5 54.4 52.8 57.3    
Fee Income (As % Of Revenues) %                                           28.7 29.2 30.3 29.1 30.0    
Equity (As % Of Assets) %                                           6.80 7.13 7.59 8.20 7.69    
Loans (As % Of Deposits) %                                           74.4 72.9 72.2 71.7 67.7    
Loans (As % Assets) %                                           37.1 40.4 37.0 38.4 36.3    
NPLs (As % Of Loans) % ...                                         3.81 3.33 2.97 2.54 2.10    
Provisions (As % Of NPLs) % ...                                         41.7 41.6 42.1 40.2 43.1    
valuation                                                        
Market Capitalisation (End Of Period) USD mil ...                                         194,126 206,628 182,235 155,520 161,104    
Number Of Shares (Average) mil                                           18,271 18,654 19,056 19,517 19,845    
Share Price (End Of Period) ...                                         10.6 11.1 9.56 7.97 8.12    
Earnings Per Share (EPS)                                           0.768 0.869 0.718 0.693 0.125    
Book Value Per Share                                           10.0 10.2 10.5 10.1 9.20    
Dividend Per Share                                           0.452 0.492 0.489 0.498 0.511    
Price/Earnings (P/E) ...                                         13.8 12.8 13.3 11.5 65.0    
Price/Book Value (P/BV) ...                                         1.06 1.08 0.911 0.787 0.882    
Dividend Yield % ...                                         4.26 4.44 5.11 6.24 6.29    
Earnings Per Share Growth % ...                                         -18.1 13.1 -17.3 -3.55 -82.0    
Book Value Per Share Growth % ...                                         8.15 1.87 2.78 -3.56 -9.09    
income statement Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                        
Interest Income USD mil                                           56,923 51,514 51,266 47,312 42,509    
Interest Cost USD mil                                           19,030 15,653 16,250 14,658 12,601    
Net Interest Income USD mil                                           37,893 35,861 35,016 32,654 29,908    
Net Fee Income USD mil                                           20,149 19,973 19,545 18,016 15,669    
Other Income USD mil                                           12,198 12,489 9,840 11,227 6,620    
Total Revenues USD mil                                           70,240 68,323 64,401 61,897 52,197    
Operating Cost USD mil                                           37,148 36,795 37,829 36,182 30,584    
Operating Profit USD mil                                           33,092 31,528 26,572 25,715 21,613    
Provisions USD mil                                           8,311 5,849 3,851 3,721 3,400    
Extra and Other Cost USD mil                                           4,132 3,114 4,041 3,127 11,101    
Pre-Tax Profit USD mil                                           20,649 22,565 18,680 18,867 7,112    
Tax USD mil                                           5,315 4,765 3,975 3,771 3,666    
Minorities USD mil                                           1,307 1,596 1,017 1,574 967    
Net Profit USD mil                                           14,027 16,204 13,688 13,522 2,479    
Dividends USD mil                                           8,261 9,176 9,320 9,710 10,134    
growth rates                                                        
Net Interest Income Growth % ...                                         -7.15 -5.36 -2.36 -6.75 -8.41    
Net Fee Income Growth % ...                                         -6.27 -0.873 -2.14 -7.82 -13.0    
Total Revenue Growth % ...                                         -3.36 -2.73 -5.74 -3.89 -15.7    
Operating Cost Growth % ...                                         -3.67 -0.950 2.81 -4.35 -15.5    
Operating Profit Growth % ...                                         -3.01 -4.73 -15.7 -3.23 -16.0    
Pre-Tax Profit Growth % ...                                         -5.59 9.28 -17.2 1.00 -62.3    
Net Profit Growth % ...                                         -16.5 15.5 -15.5 -1.21 -81.7    
balance sheet Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                        
Cash USD mil                                           148,835 172,620 134,884 104,702 133,012    
Interbank Loans USD mil                                           152,546 211,521 273,862 236,656 249,100    
Customer Loans USD mil                                           997,623 1,080,300 974,660 924,454 861,504    
Mortgage Loans USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       301,862 299,875 286,524 274,511 249,778    
Consumer Loans USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       113,231 110,853 107,030 99,571 90,020    
Corporate Loans USD mil                                           594,751 682,003 591,374 559,927 529,556    
Debt Securities USD mil                                           886,237 792,767 776,371 706,054 718,533    
Fixed Assets USD mil                                           10,588 10,847 10,532 9,923 9,373    
Total Assets USD mil                                           2,692,500 2,671,300 2,634,100 2,409,700 2,375,000    
Shareholders' Equity USD mil                                           183,129 190,459 199,978 197,518 182,578    
Of Which Minority Interest USD mil                                           5,159 5,900 7,104 6,981 6,932    
Liabilities USD mil                                           2,509,370 2,480,840 2,434,120 2,212,180 2,192,420    
Interbank Borrowing USD mil                                           411,992 336,237 375,430 276,385 302,588    
Customer Deposits USD mil                                           1,340,000 1,482,800 1,350,600 1,289,600 1,272,400    
Issued Debt Securities USD mil                                           148,940 133,056 122,611 111,651 86,899    
Other Liabilities USD mil                                           608,439 528,748 585,481 534,546 530,535    
asset quality                                                        
Non-Performing Loans USD mil ...                                         38,671 36,428 29,283 23,758 18,228    
Gross Loans USD mil                                           1,013,700 1,095,400 986,997 934,009 869,354    
Provisions USD mil                                           8,311 5,849 3,851 3,721 3,400    
growth rates                                                        
Customer Loan Growth % ...                                         6.08 8.29 -9.78 -5.15 -6.81    
Retail Loan Growth % ...                                         5.45 -1.05 -4.18 -4.95 -9.16    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     8.21 -0.658 -4.45 -4.19 -9.01    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     -1.25 -2.10 -3.45 -6.97 -9.59    
Corporate Loan Growth % ...                                         6.39 14.7 -13.3 -5.32 -5.42    
Total Asset Growth % ...                                         5.36 -0.787 -1.39 -8.52 -1.44    
Shareholders' Equity Growth % ...                                         10.3 4.00 5.00 -1.23 -7.56    
Customer Deposit Growth % ...                                         6.87 10.7 -8.92 -4.52 -1.33    
ratios Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                        
ROE %                                           8.03 8.67 7.01 6.80 1.30    
ROA %                                           0.535 0.604 0.516 0.536 0.104    
Costs (As % Of Assets) %                                           1.42 1.37 1.43 1.43 1.28    
Costs (As % Of Income) %                                           52.9 53.9 58.7 58.5 58.6    
Capital Adequacy Ratio %                                           16.1 14.9 15.6 17.2 20.1    
Tier 1 Ratio %                                           13.4 12.0 12.5 13.9 16.1    
Net Interest Margin %                                           1.44 1.34 1.32 1.29 1.25    
Interest Spread % ...                                         1.39 1.29 1.27 1.25 1.20    
Asset Yield %                                           2.17 1.92 1.93 1.88 1.78    
Cost Of Liabilities % ...                                         0.777 0.627 0.661 0.631 0.572    
Payout Ratio %                                           76.3 86.6 76.6 75.7 75.4    
Interest Income (As % Of Revenues) %                                           53.9 52.5 54.4 52.8 57.3    
Fee Income (As % Of Revenues) %                                           28.7 29.2 30.3 29.1 30.0    
Other Income (As % Of Revenues) %                                           17.4 18.3 15.3 18.1 12.7    
Equity (As % Of Assets) %                                           6.80 7.13 7.59 8.20 7.69    
Loans (As % Of Deposits) %                                           74.4 72.9 72.2 71.7 67.7    
Loans (As % Assets) %                                           37.1 40.4 37.0 38.4 36.3    
NPLs (As % Of Loans) % ...                                         3.81 3.33 2.97 2.54 2.10    
Provisions (As % Of NPLs) % ...                                         41.7 41.6 42.1 40.2 43.1    
Provisions (As % Of Loans) %                                           1.62 1.40 1.27 1.03 0.911    
Cost of Provisions (As % Of Loans) %                                           0.858 0.563 0.375 0.392 0.381    

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HSBC's price/earnings (P/E) rose 7.55% yoy to 11.2 in 3Q2019

By Helgi Analytics - December 22, 2019

HSBC stock traded at 7.85 per share at the end third quarter of 2019 implying a market capitalization of USD 155,542 mil. Since the end of 3Q2014, the stock has depreciated by -22.8 % implying an annual average growth of -5.05 %. In absolute terms, the value of the co...

HSBC's market capitalisation (end of period) fell 8.04% to USD 155,542 mil in 3Q2019

By Helgi Analytics - December 22, 2019

HSBC stock traded at 7.85 per share at the end of third quarter of 2019 implying a market capitalization of USD 155,542 mil. Over the last five years, the stock has depreciated by 22.8 implying an annual average growth of -5.05% In absolute terms, the valu...

HSBC's share price (end of period) fell 7.35% yoy to 7.85 in 3Q2019

By Helgi Analytics - December 22, 2019

HSBC stock traded at 7.85 per share at the end of third quarter of 2019 implying a market capitalization of USD 155,542 mil. Over the last five years, the stock has depreciated by -22.8 % implying an annual average growth of -5.05 %. In absolute terms, the value of th...

HSBC's net interest income fell 1.65% yoy to USD 7,568 mil in 3Q2019

By Helgi Analytics - November 24, 2019

HSBC generated total banking revenues of USD 13,355 mil in the third quarter of 2019, down 3.21% when compared to the same period of last year and 10.6% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee a...

HSBC's equity (as % of assets) fell 2.34% yoy to 7.25% in 3Q2019

By Helgi Analytics - November 24, 2019

HSBC's Equity reached 7.25% of total assets in the 3Q2019, down from 7.42% for the previous year. As a share of net customer loans, the ratio amounted to 19.4% at the end of the third quarter of 2019. ...

HSBC's customer loan growth fell 3.57% yoy to 3.70% in 3Q2019

By Helgi Analytics - November 24, 2019

HSBC's customer loan growth reached 3.70% in 2019-09-30, down from 3.84% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 12.0% in 2018-03-31 and an all time low of -9.86% in 2015-09-30. In the last decade, ...

HSBC's npls (as % of loans) fell 15.6% to 1.35% in 2018

By Helgi Analytics - November 24, 2019

HSBC's non-performing loans reached 1.35% of total loans at the end of 2018, down from 1.59% compared to the previous year. Historically, the NPL ratio hit an all time high of 8.54% in 1992 and an all time low of 1.35% in 2018. Provision coverage amounted t...

HSBC's capital adequacy ratio fell 4.31% to 20.0% in 2018

By Helgi Analytics - November 24, 2019

HSBC's capital adequacy ratio reached 20.0% at the end of 2018, down from 20.9% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 20.9% in 2017 and an all time low of 11.4% in 2008. The Tier 1 ratio amounted to ...

HSBC's net interest margin rose 4.17% to 1.20% in 2018

By Helgi Analytics - November 24, 2019

HSBC's net interest margin amounted to 1.20% in 2018, up from 1.16% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 2.88% in 2003 and an all time low of 1.16% in 2017. The average margin in the las...

HSBC's net profit rose 27.1% to USD 13,727 mil in 2018

By Helgi Analytics - November 24, 2019

HSBC made a net profit of USD 13,727 mil under revenues of USD 57,171 mil in 2018, up 27.1% and 5.44% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of USD 19,133 mil in 2007 and an all time low of USD 1,037 m...

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Finance

HSBC has been growing its revenues and asset by -4.05% and 0.120% a year on average in the last 10 years. Its loans and deposits have grown by 0.511% and 1.91% a year during that time and loans to deposits ratio reached 72.0% at the end of 2018. The company achieved an average return on equity of 6.90% in the last decade with net profit growing 9.13% a year on average. In terms of operating efficiency, its cost to income ratio reached 57.5% in 2018, compared to 54.8% average in the last decade.

Equity represented 7.59% of total assets or 19.8% of loans at the end of 2018. HSBC's non-performing loans were 1.35% of total loans while provisions covered some 64.7% of NPLs at the end of 2018.

Valuation

HSBC stock traded at 8.27 per share at the end of 2018 resulting in a market capitalization of USD 165,201 mil. Over the previous five years, stock price fell by 25.4% or 5.68% a year on average. That’s compared to an average ROE of 5.56% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 12.0x and price to book value (PBV) of 0.850x in 2018.

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