Investor Presentaiton
4Q22 results summary
$m
NII
Non-NII
Revenue
ECL
4022
4Q21
Δ
9,573
6,255
53%
5,779
4,835
20%
15,352
11,090
38%
(1,427)
(482)
>(100)%
Costs
Associates
(7,790)
(7,658)
(2)%
693
608
14%
Adjusted PBT
6,828
3,558
92%
Significant items and FX translation
(1,623)
Reported PBT
5,205
(894)
2,664
(82)%
Tax
(311)
Profit attributable to ordinary shareholders
4,620
Reported earnings per share, $
0.23
0.09
Impact of sig items on reported EPS, $
(0.04)
(0.06)
95%
(635) ▼
51%
1,788 >100%
$0.14
$(0.02)
FY DPS, $
0.32
0.25
Reported ROTE36 (YTD), %
9.9
8.3
$0.07
1.6ppts
$bn
Customer loans
Customer deposits
4022
3022
925
1,005
A
(8)%
1,570
1,629
(4)%
Reported RWAS
840
828
1%
CET1 ratio 35, %
14.2
13.4
0.8ppts
TNAV per share, $
7.57
7.13
$0.44
Strategy
4Q22 results
Appendix
Reported PBT of $5.2bn (up 95%); adjusted PBT of $6.8bn, up
$3.3bn (92%) vs. 4Q21, reflecting strong NII growth (up $3.3bn, 53%)
and higher non-NII in Corporate Centre related to revenue earned from
GBM to fund their trading books, partly offset by lower fees
ECL charge of $1.4bn, up $0.9bn vs. 4Q21, primarily relating to our
mainland China CRE portfolio and a more normalised charge in the UK
RFB
Costs of $7.8bn, up 2% vs. 4Q21 due to higher technology spend and
higher performance-related pay
Customer lending down $80bn (8%) vs. 3Q22, largely due to $55bn
of Canada loans moved to HFS. Excl. this impact, lending was down
$25bn (2%) primarily due to softer economic conditions in Hong Kong
Customer deposits down $58bn (4%) vs. 3Q22 due to $61bn of
Canada deposits moved to HFS. Excl. this impact, deposits up $2bn
FY22 dividend per share of $0.32, with a second interim dividend of
$0.23 per share
CET1 ratio of 14.2%, up 0.8ppts vs. 3Q22 due to higher capital
generation and lower currency adjusted RWAs
FY22 effective tax rate of 5%, including $2.5bn of tax credits,
primarily DTAs; expect a normalised effective tax rate of c.20% going
forward
TNAV per share of $7.57, up $0.44 vs. 3022 due to profits and
favourable FX
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