TIDMHSBA
RNS Number : 0369I
HSBC Holdings PLC
25 August 2016
Value of the network
HSBC Holdings plc
Interim Report 2016
Connecting customers
to opportunities
HSBC aims to be where the growth is, enabling businesses to thrive and economies to prosper,
and ultimately helping people to fulfil their hopes and realise their ambitions.
As a reminder Overview 02 Key highlights
Reporting currency 06 Group Chairman's Statement
We use US dollars. 08 Group Chief Executive's Review
Adjusted measures 10 Strategic actions
We supplement our IFRSs figures 12 Financial overview
with adjusted measures used by management Risk overview
internally. These
measures are highlighted with the following
symbol:
In this document we use the
following abbreviations to refer
to reporting periods.
1H16 First half of 2016
2H15 Second half of 2015
1H15 First half of 2015
Ø For a full list of abbreviations
see page 150.
---------------------- -------------------------------------------
Interim 18 Financial summary
Management Report 35 Global businesses
46 Geographical regions
52 Other information
60 Risk
88 Capital
---------------------- -------------------------------------------
Financial Statements 101 Financial Statements
107 Notes on the Financial
Statements
139 Statement of Directors'
Responsibilities
140 Independent Review
Report by
PricewaterhouseCoopers LLP
to
HSBC Holdings plc
---------------------- -------------------------------------------
Additional Information 141 Shareholder information
149 Cautionary statement
regarding
forward-looking statements
150 Abbreviations
153 Index
Cover image:
Tsing Ma Bridge carries road and rail
traffic to Hong Kong International Airport
and accommodates
large container ships. At HSBC, we help
customers across the world to trade and
invest internationally.
HSBC HOLDINGS PLC
1
Overview
Key highlights
We are one of the most international banking and financial services organisations
in the world.
Group For the half-year to 30 June 2016
Our operating model consists of four global businesses
and five geographical regions supported
by 11 global functions.
Performance highlights for 1H16 u
- Reported profit before tax fell by $3.9bn or 29%,
reflecting a $3.5bn fall in revenue. In
addition, reported results included a $0.8bn impairment
relating to the goodwill of Global
Private Banking ('GPB') in Europe.
- On a reported basis, revenue decreased by $3.5bn or
11% and loan impairment charges increased
by $0.9bn. This was partly offset by lower operating
expenses of $0.6bn or 3%.
- Adjusted revenue fell by 4%, with continued momentum
in Commercial Banking ('CMB') more
than offset by Global Banking and Markets ('GB&M') and
Retail Banking and Wealth Management
('RBWM'), reflecting challenging market conditions.
- Adjusted operating expenses fell by 4%, reflecting
the continuing effects of our cost-saving
initiatives and focus on cost management. This was
despite continued investment in regulatory
programmes and compliance as well as inflationary
impacts.
- Through management initiatives we managed to further
reduce our risk-weighted assets ('RWAs')
by $48bn, and therefore the amount of capital we are
required to hold.
Reported revenue
(1H15: $32.9bn)
$29.5bn
Reported profit before tax
(1H15: $13.6bn)
$9.7bn
Adjusted profit before tax
(1H15: $12.6bn)
$10.8bn
At 30 June 2016
Risk-weighted assets
(31 Dec 2015: $1,103bn)
$1,082bn
Common equity tier 1 ratio
(31 Dec 2015: 11.9%)
12.1%
Total assets
(31 Dec 2015: $2,410bn)
$2,608bn
HSBC HOLDINGS PLC
2
Key highlights
7.4% -0.5% $0.20
Return on equity Adjusted jaws Dividends per ordinary share in respect of 1H16
(see page 15)
Our global businesses
Retail Banking and Wealth Commercial Banking Global Banking and Global Private Banking
Management ('RBWM') ('CMB') Markets ('GB&M') ('GPB')
We help millions of people We support approximately We provide financial We help high net worth
across the world to manage two million business services and products to individuals and their
their finances, buy their customers in 55 countries companies, governments families to grow, manage
homes, and with banking products and institutions. Our and preserve their
save and invest for the and services to help them comprehensive range of wealth.
future. Our Insurance and operate and grow. Our products and solutions,
Asset Management customers range from small across capital financing,
businesses support all enterprises focused advisory and transaction
our global businesses in primarily on their banking services, can be
meeting their customers' domestic markets, through combined and customised
needs. to large companies to meet clients' specific
operating globally. objectives.
Reported profit/(loss)
before tax $4.3bn $4.0bn $(0.6)bn
$2.4bn
-------------------------- -------------------------- ------------------------- -------------------------
Adjusted profit before tax
$2.8bn
$4.1bn $4.1bn $0.2bn
-------------------------- -------------------------- ------------------------- -------------------------
Risk-weighted assets
$176.1bn
$414.8bn $437.1bn $18.5bn
-------------------------- -------------------------- ------------------------- -------------------------
Geographical regions
Key 4. North America
1. Europe 5. Latin America
2. Asia
3. Middle East and North Africa
HSBC HOLDINGS PLC
3
Overview | Key highlights
Global business snapshot u
RBWM
Higher Retail Banking revenue, but - Personal lending adjusted revenue grew in
challenging market conditions in Wealth Latin America as unsecured lending balances
Management grew
- Adjusted profit before tax fell by in our Mexico business.
$0.9bn, including $0.8bn from our Principal - Adjusted costs fell by $0.3bn, driven by
RBWM business a strong focus on cost management, the
driven by lower Wealth Management income in impact
Hong Kong and France, and higher loan of transformation programmes and other
impairment cost-saving initiatives.
charges and other credit risk provisions - Lending balances in the US Consumer and
('LICs') in Brazil (up $0.2bn). Mortgage lending ('CML') run-off portfolio
- Adjusted revenue in Principal RBWM Retail fell
Banking rose as asset and deposit balances from continued run-off, and sales of
grew $4.7bn, with a reduction in associated
($8.2bn and $32.5bn, respectively). costs.
- Return on risk-weighted assets ('RoRWA')
was 4.0% in 1H16 for Principal RBWM on a
reported
basis.
CMB
Adjusted revenue growth of $0.1bn in a - Positive adjusted jaws of 1.7% reflected
challenging environment revenue growth, disciplined cost management
- Adjusted profit before tax fell by 6% due and
to higher LICs across a small number of lower full-time equivalent employees
markets. ('FTEs').
- Adjusted revenue growth of 2% was driven - Management initiatives drove a further
by continued balance growth in Global $11bn reduction in RWAs in 1H16, leading to
Liquidity a cumulative
and Cash Management ('GLCM') and in Credit reduction of $34bn since our Investor Update
and Lending, which was partly offset by in June 2015.
lower revenue
in Global Trade and Receivables Finance
('GTRF') reflecting weaker world trade due
to reduced
demand and lower commodity prices.
GB&M
Client-facing GB&M revenue down by 8% in - Progress continued in our transformational
challenging market conditions cost-saving initiatives (total costs down
- Adjusted profit before tax fell by $1.1bn $0.2bn),
or 21%. Despite a decline in revenue (down with headcount now at its lowest since
$0.9bn) February 2014.
from reduced client flows amid challenging - RWAs remained broadly unchanged in 1H16.
market conditions, notably in Equities and This included a total of $23bn of RWA
Foreign reductions
Exchange, revenue grew in our Rates and through management actions, leading to a
GLCM businesses demonstrating the value of cumulative reduction of $94bn since our
our diversified Investor
business model. Update in June 2015.
- Our market share in Global Debt Capital
Markets increased by 14% against an overall
market
growth of just 2%.
GPB
Continued repositioning of our GPB business
- Adjusted profit before tax fell by 23%,
reflecting challenging market conditions in - We broadened our product base through
Europe collaboration with the Asset Management
and Asia, despite a 9% fall in costs. Group in RBWM
- We continued to grow the parts of the to support future growth.
business that fit our desired model, - Within our reported results, we recognised
attracting net a $0.8bn impairment relating to the goodwill
new money of $5bn, notably in the UK, with of the business in Europe. For further
more than 50% coming from collaboration details, see Note 20 on page 137.
with other
global businesses.
HSBC HOLDINGS PLC
4
Key highlights
Regions snapshot
Europe
Cost reduction against a backdrop of - Although revenue decreased, in CMB
challenging market conditions there was strong revenue growth in the
- Adjusted profit before tax fell by UK and Germany,
$0.7bn or 28%, driven by challenging in part driven by lending balance
market conditions growth.
in client-facing GB&M and in life - We reduced costs by $0.2bn through
insurance manufacturing in RBWM from cost management initiatives, more than
adverse market updates. offsetting the
effects of investment and inflation.
This fall included the benefit of an
increased bank levy
credit of $0.1bn relating to a prior
year charge.
Asia
Revenue headwinds from adverse market - We reduced costs by $0.2bn through
conditions cost management initiatives, more than
- Adjusted profit before tax fell by offsetting the
$0.6bn or 8%, driven by lower revenues effects of inflation and investment as
in RBWM both we aim to grow our business in China's
from wealth distribution income Pearl River
reflecting weak market sentiment and Delta and the ASEAN region.
from life insurance manufacturing - We strengthened our leading position
due to adverse market updates coupled in the internationalisation of China's
with challenging market conditions in renminbi currency
our client-facing and for the fifth consecutive year
GB&M business. achieved the Asiamoney Best Overall
- RoRWA remained strong at 3.1%. Offshore RMB Product
and Services Award.
Middle East and North Africa
Strong performance, supported by robust - This decline in operating expenses
cost management despite a low oil price reflected the impact of cost-saving
environment initiatives which
- Adjusted profit before tax rose by more than offset continued investment in
$0.1bn or 12%, primarily due to compliance.
increased revenue across - We grew revenue across our strategic
all our global businesses, especially trade corridors and in the majority of
GB&M. the cross-business
- Operating expenses fell $58m or 9% synergies we track, including a 34%
with reductions in RBWM, GB&M and CMB increase in revenue from GLCM products
and across our sold to GB&M customers.
priority countries.
North America
Lower profit before tax from higher - We continued to focus on trade
LICs, partly mitigated by cost corridors, with revenue growth from our
reductions US commercial clients
- Adjusted profit before tax fell by and their international subsidiaries.
$0.2bn or 24% as cost savings were more - The run-off of the US CML run-off
than offset portfolio continued, its profit before
by higher LICs, notably related to the tax fell due to
mining, and oil and gas sectors. lower revenue, and LICs increased.
Portfolio sales totalled $4.7bn in
1H16.
Latin America
Continued progress in strategic - Growth initiatives in Mexico resulted
initiatives with a strong business in a 18% increase in lending balances
performance and an increase
- Adjusted profit before tax fell by in market share across core retail
$0.3bn driven by a decrease in Brazil of portfolios. Revenue increased, while
$0.4bn, reflecting cost growth was controlled,
an increase in LICs, partly offset by an resulting in positive jaws.
increase in profit before tax in Mexico - The sale of our operations in Brazil
and Argentina completed on 1 July 2016.
from revenue growth.
Ø For detailed information
on our financial performance,
see pages 20 to 30.
HSBC HOLDINGS PLC
5
Overview
Group Chairman's
Statement
Amid a turbulent period, nothing cast doubt on the strategic direction and
priorities we laid
out just over a year ago.
The first half of 2016 was characterised by spikes of
uncertainty which greatly impacted business and market confidence.
This was reflected in lower volumes of customer activity and higher
levels of market volatility. Concern over the sustainable level of
economic growth in China was the most significant feature of the
first quarter and, as this moderated, uncertainty over the upcoming
UK referendum on membership of the European Union intensified.
Demand for credit for investment slowed as a consequence. Equity
market activity was also markedly lower, particularly in Hong Kong,
reflecting both economic uncertainty and weaker market pricing,
which was exacerbated by net selling from sovereign funds impacted
by lower oil prices. The period ended with exceptional volatility
as financial markets reacted to the UK referendum decision to leave
the EU, a result that had not been anticipated.
HSBC came through this period securely as our diversified
business model and geographic profile again demonstrated resilience
in difficult market conditions.
Pre-tax profits of $9.7bn on a reported basis were $3.9bn, 29%
lower than in the first half of 2015. On the adjusted basis used to
assess management performance, pre-tax profits were $10.8bn, some
14% lower than in the comparable period. Most of the decline in
respect of our global business revenues reflected weaker
market-facing activity, where lower transaction volumes evidenced
customer restraint in uncertain times. Credit-related income
remained solid although impairment charges rose against
historically low levels. We made progress against our cost
challenges, in reducing legacy assets and taking actions to release
capital from secondary activities.
As a consequence, our common equity tier 1 capital position,
which is critical to our capacity to sustain our dividend,
strengthened to 12.1% from 11.9% at the beginning of the year. The
sale of our Brazilian operations which closed on 1 July is expected
to add a further 0.7 of a percentage point in the third quarter.
Earnings per share were $0.32 (1H15: $0.48). Our first two
dividends in respect of the year, of $0.20 in aggregate, were in
line with our plans and the prior year.
Reflecting this strengthened capital position, the Board has
determined to return to shareholders $2.5bn, approximately half of
the capital released through the sale of Brazil, by way of a share
buy-back to be executed during the second half of the year.
The Board has also determined that in light of the current
uncertain economic and geo-political environment, together with our
projections for an extended period of low interest rates, it would
be appropriate to remove a timetable for reaching our target return
on equity in excess of 10%. While the target remains intact and
appropriate, the current guidance which points to the end of next
year is no longer considered achievable. In addition, the Board is
planning in this environment on the basis of sustaining the annual
dividend in respect of the year at its current level for the
foreseeable future.
Strategic direction remains clear
Nothing that has happened in this turbulent period casts doubt
on the strategic direction and priorities we laid out just over a
year ago. Our focus on the Pearl River Delta remains a key
priority. We see growing movement in public policy decisions
towards needed infrastructure investment on a massive scale,
notably through the Belt and Road initiative in China, to underpin
increased urbanisation across Asia, the Middle East and Africa, and
in support of the transition to a lower carbon economy. Capital
markets development in both Europe and Asia remains essential to
diversify funding sources, to address demographic ageing and to
expand the role of 'green' bond finance. Outward investment from
China is growing fast and is expected to accelerate.
Internationalisation of the renminbi is also expected to accelerate
as a consequence of all of the above. HSBC is well positioned for
all of these mega trends, with clear evidence of this contained
within the Group Chief Executive's Review.
HSBC HOLDINGS PLC
6
Regulatory policy must be aligned with public policy support for
growth
At the end of June we, along with the rest of the banking
industry, submitted analysis to the Basel Committee on Banking
Supervision in response to their request for a quantitative impact
assessment around new proposals, inter alia, aimed at reducing the
complexity of the regulatory framework and improving comparability.
How the regulatory community responds to this consultation, due by
the end of this year, is of huge importance to our customers and
our shareholders. Any substantial further increase in capital
requirements, which is quite possible within the range of outcomes
implied by industry-wide impact studies, could have a major impact
on the availability and cost of credit, as well as on the return on
capital our industry is able to generate. Such constraints would
also lean against the increased public policy emphasis on
stimulating economic growth at a time of elevated
uncertainties.
We therefore welcome statements from within the regulatory
community and, most recently, in the communiqué from the G20
Finance Ministers and Central Bank Governors meeting in Chengdu,
China, that these proposals should not lead to a significant
broad-based increase in overall capital requirements. This is
consistent with our view that satisfactory levels of capital have
been achieved in most banks through the already extensive revisions
to the regulatory capital framework. These, together with
improvements in risk management and stress testing, have
contributed to financial stability, with significantly increased
levels of regulatory capital now in place. Near finalisation of the
principal resolution regimes have also significantly extended the
range of capacity available to absorb losses in the event of
failure. A revised calibration that failed to take this progress
into account would, in our view, risk undermining that
progress.
UK referendum on EU membership
As a consequence of the UK referendum decision to leave the
European Union, we are entering a new era for the UK and UK
business. The work to establish fresh terms of trade with our
European and global partners will be complex and time-consuming.
Our first priorities have been to offer support to our colleagues
working outside their home country who may feel unsettled, as well
as proactively reaching out to and working with our customers as
they prepare for the new environment.
Now is a time for calm consideration of all the issues at hand
and careful assessment of how prosperity, growth and a dynamic
economy for both the UK and the rest of Europe can be ensured
following an orderly transition period. Critical elements include
securing the best possible outcome on continuing terms of trade and
market access, and ensuring the UK remains attractive for inward
investment and has access to all the skills necessary to be fully
competitive.
HSBC's experience in facilitating and financing trade for over
150 years has shown the value and importance of open trading
relationships - for individuals, businesses, communities and
nations. We believe that such an open trading relationship must be
at the centre of the new relationship between the UK and the EU,
and indeed the rest of the world. We aim to do our part in making
the transition for our customers to the new arrangements as smooth
as possible.
Board changes
Since we last reported to shareholders we have welcomed David
Nish to the Board. David most recently served as Chief Executive
Officer of Standard Life plc between 2010 and 2015, having
originally joined as its Group Finance Director in 2006. He brings
to HSBC considerable relevant experience in financial services, in
financial accounting and reporting, as well as a wide-ranging
understanding of all aspects of corporate governance. David has
also joined the Group Audit Committee.
Outlook
It is evident that we are entering a period of heightened
uncertainty where economics risks being overshadowed by political
and geo-political events. We are entering this environment strongly
capitalised and highly liquid. More importantly, given our history
we have considerable experience within the senior management ranks
of responding to severe stress events, experience that was deployed
most recently in successfully dealing with the market volatility
which followed the UK referendum decision on EU membership.
Re-positioning our own European business once the future of the
UK's current 'passporting' arrangements for financial services is
clarified in the upcoming negotiations will add to the very heavy
workload already in place to address the regulatory and
technological changes that are reshaping our industry. On behalf of
the Board let me therefore close my statement by once again
recognising the dedicated commitment and effort by all of our
239,000 colleagues to implement these changes and so position HSBC
for future success.
Douglas Flint
Group Chairman
3 August 2016
HSBC HOLDINGS PLC
7
Overview
Group Chief
Executive's Review
Our highly diversified, universal banking business model helped to drive growth
and capture
market share in a number of areas.
Performance
We performed reasonably well in the first half in the face of
considerable uncertainty. Profits were down against a strong first
half of 2015, but our highly diversified, universal banking
business model helped to drive growth in a number of areas. We also
captured market share in many of the product categories that are
central to our strategy.
We completed the sale of our Brazil business to Banco Bradesco
S.A. in July. This transaction reduces Group risk-weighted assets
by around $40bn and would increase the Group's common equity tier 1
ratio from 12.1% at 30 June 2016 to 12.8%.
Global Banking and Markets weathered a large reduction in client
activity in January and February, but staged a partial recovery in
the second quarter. Equities and Foreign Exchange had a difficult
half, but Rates performed well on the back of increased client
volumes. Global Banking and Markets also achieved some of its
strongest rankings for Debt Capital Markets and Mergers and
Acquisitions. Improved collaboration with Commercial Banking was
cited as a major factor in the naming of HSBC as 'World's Best
Investment Bank' and 'World's Best Bank for Corporates' at the
Euromoney Awards for Excellence 2016. The citation also highlighted
HSBC's diversified and differentiated business model, and described
HSBC as 'one of the most joined-up firms in the industry'.
Retail Banking and Wealth Management was also affected by
reduced client activity. This led to lower revenue in our Wealth
businesses, albeit against last year's strong second quarter which
was boosted by the Shanghai-Hong Kong Stock Connect. While the
revenue environment was challenging, we were able to capture our
highest ever share of the Hong Kong mutual fund market by providing
the right products to help clients manage the current economic
environment. Higher lending balances in Mexico and increased
customer deposits in all but one region compensated partly for the
reduction in revenue from Wealth Management, with positive
implications for future growth.
Commercial Banking performed well on the back of targeted loan
growth in the UK and Mexico, and higher client balances in Global
Liquidity and Cash Management. We maintained our position as the
world's number one trade finance bank, with revenue growth and
market share gains in Receivables Finance and Supply Chain Finance.
We are in an excellent position to capitalise when global trade
starts to recover.
Global Private Banking attracted $5bn of net new money in the
first half, more than half of which came through greater
collaboration with our other Global Businesses. This demonstrates
the value that the Private Bank brings to our clients from across
the Group and the important role it plays within our universal
banking business model.
Loan impairment charges increased, mainly in the oil and gas,
and metals and mining sectors, and in Brazil due to weakness in the
Brazilian economy. We remain confident of our credit quality.
HSBC HOLDINGS PLC
8
Strategy
We are now more than a year into implementing our strategic
actions to improve returns and gain the maximum value from our
international network. We have made good progress in the most
pressing areas but have further to go in others, due largely to
external factors.
In the first half of the year we removed an extra $48bn of
risk-weighted assets from the business, around half of which came
from Global Banking and Markets. This takes us more than 60% of the
way towards our target and keeps us on track to deliver the savings
we promised by the end of 2017. These savings were in addition to
the $40bn reduction from the completion of the sale of our
operations in Brazil in July.
We continue to make material progress in cutting costs. In the
first half of 2016 we reduced our cost base compared with the first
half of 2015, in spite of inflation and continued investment in
compliance, regulatory programmes and growth. We have achieved this
through tight cost control, operational enhancements and better use
of digital platforms, improving our service to customers in the
process. We are on track to hit the top end of our $4.5-5.0bn cost
savings target range.
We are on the way to restoring profitability in our businesses
in Mexico and the US. These are important businesses for the wider
Group.
Having commenced the reshaping and de-risking of our Mexico
operations in 2012, we have been rebuilding the business since the
start of 2015. Since then, we have expanded our share of the cards,
personal loans and mortgage markets, and grown our trade finance
and international payments operations. As a consequence, adjusted
revenues were up by 12% in Retail Banking and Wealth Management and
27% in Commercial Banking. Adjusted profits in our Mexico business
were up 37% on the same period last year.
In the US, we have invested in Commercial Banking, and Global
Banking and Markets to increase revenue from our network. We have
also made rapid progress in cutting costs and removing wholesale
risk-weighted assets. We have continued to wind down our US CML
run-off portfolio quickly and efficiently, disposing of an extra
$4.7bn of legacy assets in the first half of 2016. This progress,
along with further improvements in our capital planning and
management processes, helped the US business to achieve a
non-objection to the capital plan it submitted as part of this
year's Federal Reserve Comprehensive Capital Analysis and Review
('CCAR'). This plan includes a proposed dividend payment to HSBC
Holdings plc in 2017, which would be the first such payment to the
Group from our US business since 2007.
Two-thirds of our adjusted profit before tax, or $7.2bn, came
from Asia in the first half of 2016, up from 62% in the same period
last year. We have continued to develop our Asia businesses,
particularly Asset Management and Insurance, and our operations in
the ASEAN region and the Pearl River Delta. We increased revenue in
all four areas compared with the same period last year and
increased assets under management in Asia by 7%. We also maintained
our leadership of the market for renminbi business, topping the
Asiamoney Offshore RMB Poll for 'Best Overall Provider of Offshore
RMB Products and Services' for the fifth year in a row.
There are areas where we have more to do. Our pivot to Asia
depends on our ability to redeploy the capital that we have made
available. While we have clearly demonstrated that we can release
capital by reducing risk-weighted assets, the global slow-down has
delayed the process of redistributing that capital in Asian growth
markets. This will not happen until we judge it to be in the best
interests of shareholders.
We are continuing to implement Global Standards throughout
HSBC.
Share buy-back
Our strong capital position and stable earnings mean that we are
able to retire some of the equity that we no longer require to
support the Brazil business. Having received the appropriate
regulatory clearances, we will therefore execute a $2.5bn share
buy-back in the second half of the year.
Looking forward
Following the outcome of the referendum on the UK's membership
of the European Union, there has been a period of volatility and
uncertainty which is likely to continue for some time. We are
actively monitoring our portfolio to quickly identify any areas of
stress, however it is still too early to tell which parts may be
impacted and to what extent.
While the economic environment remains difficult, the action we
have taken has already put us in a far better position for when
normal conditions return. HSBC is stronger, leaner and better
connected than it was last June. There is much still to do, but we
are making progress in all of the areas within our control. In the
meantime, our balanced and diversified business model, strong
liquidity and strict cost management make us highly resilient.
Stuart Gulliver
Group Chief Executive
3 August 2016
HSBC HOLDINGS PLC
9
Overview
Strategic actions
We have made significant progress against the actions outlined in our June 2015
Investor Update.
Capturing value from our international network
In June 2015, we outlined a series Redeploying capital to grow our
of strategic actions to make the business
most of our competitive At the heart of our business is
advantages and respond to a our international network. We are
changing environment. focusing efforts to grow
These actions are focused on our businesses by looking at
improving efficiency in how we use customers' needs across products,
our resources, and on investing geographies and supply chains.
for growth in line with our In 1H16, revenue from transaction
strategy. Each action has targets banking products was down by 1%
defined to the end of 2017. overall due to deteriorating
The table opposite contains a macroeconomic conditions, however,
summary of our progress in 1H16 we grew revenues in our GLCM
with additional details provided business. In 2016, we were
below. named Best Bank for Corporates by
Resizing and simplifying our Euromoney and Best Supply-Chain
business Finance Bank Global by Trade
We have made significant progress Finance Awards.
in resizing and simplifying our We continue to invest for growth
business. In 1H16, management in Asia. In China's Pearl River
actions reduced RWAs in client Delta, we increased the
facing GB&M and legacy credit by number of new RBWM and CMB clients
$23bn and we completed asset by 66% and 34%, respectively,
sales totalling $4.7bn from our US compared with 1H15, and grew
Consumer and Mortgage Lending our mortgage loan books by more
('CML') run-off portfolio. than 35%. We are also using our
As part of our initiative to network to connect clients
optimise our network, we completed into and out of China, including
the sale of HSBC Bank Brazil Chinese investments linked to the
on 1 July 2016, and will continue government's Belt and Road
to serve the international and initiative.
cross-border needs of our In the ASEAN region, we developed
large corporate clients in Brazil a new automated statutory payments
through HSBC Brasil S.A. - Banco de platform for companies
Investimento. across the region. We grew
In the NAFTA region, we grew revenues from international
adjusted revenues in Mexico by 12% subsidiaries of our ASEAN-region
compared with 1H15, supported clients.
by market share gains in RBWM In Singapore, we completed the
across key lending products. They transfer of our RBWM business to
include a doubling of personal our locally incorporated
loans issued compared with 1H15. In subsidiary,
the US, we grew revenues and HSBC Bank Singapore.
increased cost efficiency We remain recognised as the
while continuing to support our leading bank for international RMB
clients internationally. Revenues products and services. We
from international subsidiaries were the first bank to facilitate
of our US clients increased by 13% overseas institutional investment
compared with 1H15. into the China interbank
Our cost-saving programme has shown bond market under newly relaxed
good progress and we are on track regulations, and were among the
to meet our target first foreign banks to complete
set for the end of 2017. Operating RMB cross-border settlement for
expenses fell by 4% compared with individuals, as permitted in the
1H15, facilitated by Guangdong Free Trade Zone.
increased efficiency in our Finally, we continue to make
processes. For example, we have progress in implementing our
shortened the average time it Global Standards programme to help
takes to open accounts for CMB protect customers and the wider
clients by 30% since 1H15, and we financial system from financial
decreased the number of high crime.
value manual payments by 64%
compared with 1H15.
Selected awards and recognition
2016
Euromoney Awards for Excellence
2016
Best Bank for Corporates
Best Investment Bank
Trade Finance Awards 2016
Best Supply-Chain Finance Bank
Global
Asiamoney Offshore RMB Poll
Best Overall Offshore RMB
Products/Services
HSBC HOLDINGS PLC
10
Strategic actions
Progress against strategic actions (announced in our Investor Update in June 2015)
Strategic actions Targeted outcome Progress during six months Key performance indicators
by the end of 2017 to 30 June 2016
Actions to resize and simplify the Group
Reduce Group - Group RWA reduction: - $48bn further reduction in - RWA reduction from
risk-weighted assets $290bn 1H16, notably in GB&M management actions: circa
('RWAs') - Return GB&M $172bn (circa 61% of 2015-17
by circa $290bn to Group target target on a constant
profitability; <1/3 currency basis)
of Group RWAs
Optimise - Reduced footprint - Completed sale of Brazil - Present in 71 countries
global network business (effective 1 July and territories at end of
2016); maintained a Brazil 1H16 (down from 73 at end of
presence 2014)
to serve large corporate
clients' international needs
Rebuild NAFTA region - US profit before tax circa - Successfully achieved a - US (excluding CML run-off
profitability $2bn non-objection to our US portfolio) adjusted profit
- Mexico profit before tax capital plan, which includes before tax: $0.2bn (down 27%
circa $0.6bn a dividend on 1H15)
payment to HSBC Holdings in - Mexico adjusted profit
2017, as part of the before tax: $0.1bn (up 37%
Comprehensive Capital on 1H15)
Analysis and Review
('CCAR')
- Mexico market share gains
across key RBWM lending
products
Set up UK ring-fenced bank - Completed by 2018 - Implementation continuing - Implementation in progress
according to plan
Deliver $4.5-5.0bn of cost - 2017 exit rate - $0.9bn cost savings - Adjusted costs (excluding
savings to equal 2014 operating realised in 1H16 Brazil) down 4% on 1H15
expenses - Positive jaws in the
second quarter of 2016
compared with second quarter
of 2015
- Circa 4k FTE reduction in
1H16
Actions to redeploy capital and invest
----------------------------------------------------------------------------------------------------------------------
Deliver growth above GDP - Revenue growth - GLCM revenue up 7% on 1H15 - Transaction banking
from international network of international network driven by growth in deposits revenue: $7.7bn (down 1% on
above GDP and US rate rises 1H15)
- GTRF revenue down 6% on - Revenue synergies: $5.5bn
1H15, reflecting a decline (down 14% on 1H15)
in market conditions
Investments in Asia - - Market share gains - Awarded Asia's Best - Guangdong loans: $4.7bn
prioritise and accelerate - Circa 10% Investment Bank and Asia's (up 14% on 1H15)
growth per annum in assets Best Bank for Financing by - ASEAN adjusted revenue:
under management Euromoney $1.6bn (up 1% on 1H15)
in Asia - Launched digital banking - Asset Management assets
platform (HSBCnet) for SMEs under management distributed
in Guangdong allowing faster in Asia: $138bn (up 7% on
payment 1H15)
services with Hong Kong - Insurance manufacturing
- Growing business around new business premiums in
China's Belt and Road Asia:
initiative, including energy $1.2bn (up 13% on 1H15)
sector deals
linking China to Malaysia
and Egypt
Grow business from renminbi - $2.0-2.5bn revenue - 52% RMB qualified foreign - RMB internationalisation
('RMB') internationalisation institutional investor revenue, from offshore
('RQFII') custodian market business partly or wholly
share (in Securities denominated in
Services); ranked first in RMB as well as selected
all active RQFII markets' products in mainland China:
market share $0.7bn (down 32% on 1H15)
- Joint lead manager for
China's Ministry of Finance
RMB3bn bond in the UK, the
first sovereign
RMB bond issued outside of
China
Global Standards - - Implementation completed - Strengthened procedures in - Implementation in progress
safeguarding against line with anti-money
financial crime laundering and sanctions
policies
- Continued to enhance
supporting infrastructure,
including systems related to
customer due
diligence, transaction
monitoring and screening
HSBC HOLDINGS PLC
11
Overview
Financial overview
Reported results Half-year to
This table shows our
reported
results for the last three
half-years, ended 30 June
2016 ('1H16'), 31 December
2015 ('2H15')
and 30 June 2015 ('1H15').
Reported profit before tax
of $9.7bn in 1H16 was $3.9bn
or 29% lower than in 1H15.
This decrease
was in part due to the
non-recurrence of a gain on
the partial sale of our
shareholding in
Industrial Bank of $1.4bn in
1H15, and from an impairment
of $0.8bn relating to the
goodwill
of our GPB business in 1H16
in Europe. It was also
driven by transformation
activities to
deliver cost reductions and
productivity outcomes
('costs-to-achieve') of
$1.0bn in 1H16 and
the adverse effect of
foreign currency movements.
Excluding the effects of
significant items and
currency translation, profit
before tax fell
by $1.8bn or 14% from 1H15.
We describe the drivers of
our adjusted performance on
pages 13 $m 30 Jun 30 Jun 31 Dec
and 14. Reported results 2016 2015 2015
Net interest income 15,760 16,444 16,087
Net fee income 6,586 7,725 6,980
Net trading income 5,324 4,573 4,150
Other income 1,800 4,201 (360)
------------------------------------------------
Net operating income before loan impairment
charges and other credit risk provisions
('revenue') 29,470 32,943 26,857
------------------------------------------------ ------- ------- -------
Loan impairment charges and other credit risk
provisions ('LICs') (2,366) (1,439) (2,282)
------------------------------------------------ ------- ------- -------
Net operating income 27,104 31,504 24,575
------------------------------------------------ ------- ------- -------
Total operating expenses (18,628) (19,187) (20,581)
------------------------------------------------ ------- ------- -------
Operating profit 8,476 12,317 3,994
------------------------------------------------ ------- ------- -------
Share of profit in associates and joint ventures 1,238 1,311 1,245
------- ------- -------
Profit before tax 9,714 13,628 5,239
------------------------------------------------ ------- ------- -------
Reported revenue of $29.5bn in 1H16 - a gain of $0.6bn on disposal of Reported operating expenses of
was $3.5bn or 11% lower than in our membership interest in Visa $18.6bn were $0.6bn or 3% lower than
1H15. This was in part Europe in 1H16; and in 1H15. This reduction
due to a decrease in significant - fair value movements on our own was partly driven by the continuing
items totalling $0.6bn and the debt designated at fair value from impact of our cost-saving
adverse effect of currency changes in credit spreads initiatives, and the favourable
translation between the periods of of $1.2bn in 1H16 compared with effects of currency translation
$1.6bn. Significant items included: $0.7bn in 1H15. between the periods of $1.0bn.
- the non-recurrence a $1.4bn gain Significant items increased
on the partial sale of our by $1.1bn, and included:
shareholding in Industrial Reported LICs of $2.4bn were $0.9bn - costs-to-achieve of $1.0bn;
Bank Co. Ltd ('Industrial Bank') higher than in 1H15. This reflected - an impairment of $0.8bn relating
recognised in 1H15; an increase in Brazil to the goodwill of our GPB business
from a deterioration in its economy in Europe (please
of $0.3bn. In addition, LICs rose in refer to Note 20 on page 137 for
our GB&M and CMB further details); and
businesses, notably in the oil and - settlements and provisions
gas sector. This was partly offset relating to legal matters of $0.7bn
by the favourable effects in 1H16 compared with $1.1bn
of currency translation between the in 1H15.
periods of $0.2bn. Reported income from associates of
$1.2bn decreased marginally from
1H15.
For further details of our reported
results, see pages 20 to 30.
HSBC HOLDINGS PLC
12
Financial overview
Adjusted performance
Our reported results are prepared in To arrive at adjusted performance, Ø For reconciliations of our
accordance with IFRSs as detailed in we adjust for: reported results to an adjusted
the Financial Statements - the year-on-year effects of basis, including lists of
on page 107. We also present foreign currency translation; and significant items, see pages 53 to
adjusted performance measures to - the effect of significant items 58.
align internal and external that distort year-on-year
reporting, identify and quantify comparisons
items management believes to be and are excluded in order to
significant, and provide understand better the underlying
insight into how management assesses trends in the business.
period-on-period performance.
Adjusted performance measures are
highlighted with the following
symbol: u
Half-year to
Adjusted results
This table shows our adjusted results
for 1H16. These are discussed in more detail $m 30 June 30 June
on the following pages. Adjusted results 2016 2015
Net operating income before loan impairment charges
and other credit risk provisions (revenue) 27,868 29,178
------- -------
Loan impairment charges and other credit risk provisions ('LICs') (2,366) (1,279)
------- -------
Total operating expenses (15,945) (16,605)
-------------------------------------------------------------------------------------------- ------- -------
Operating profit 9,557 11,294
-------------------------------------------------------------------------------------------- -------- ----------
Share of profit in associates and joint ventures 1,238 1,256
-------------------------------------------------------------------------------------------- ------- -------
Profit before tax 10,795 12,550
-------------------------------------------------------------------------------------------- ------- -------
Adjusted profit before tax - In RBWM, revenue decreased by By contrast, current account and
On an adjusted basis, profit before $0.9bn or 7%, mainly in our savings revenue increased,
tax of $10.8bn was $1.8bn or 14% Principal RBWM business (down reflecting growth in customer
lower than in 1H15. Despite by $0.7bn) following a strong deposits, notably in Hong Kong and
a fall in operating expenses of performance in 1H15, while revenue the UK. Personal lending revenue was
$0.7bn, the reduction in profit in our US CML run-off portfolio broadly unchanged,
before tax was driven by lower fell $0.2bn. The reduction in Wealth with growth in unsecured lending,
revenue and higher LICs. Management of $0.9bn was driven by notably in Mexico from increased
Adjusted revenue lower revenue in life balances, offset by lower
Adjusted revenue of $27.9bn was insurance manufacturing in both credit card revenue in the UK due to
$1.3bn or 4% lower. Notably: Europe and Asia because of adverse regulatory changes and spread
- In GB&M, total revenue was $0.9bn market updates as a result compression in mortgages.
or 9% lower against a strong of equities movements, as well as In our US CML run-off portfolio,
performance in 1H15. This lower investment distribution revenue decreased by $0.2bn
was driven by a decrease in our revenue in Asia due to lower reflecting lower average lending
client-facing business (down $0.6bn retail securities and mutual funds balances and the impact of portfolio
or 8%), notably Markets turnover. sales.
(down $0.4bn) and Principal - In GPB, revenue fell by $0.2bn or
Investments (down $0.1bn). The fall 14% driven by lower brokerage and
in Markets was principally trading activity in
in Equities (down $0.5bn) and both Europe and Asia reflecting
Foreign Exchange (down $0.1bn), due adverse market sentiment in
to market volatility which unfavourable market conditions.
led to reduced client activity.
However, revenue was higher in Rates
due to increased client
activity and in Global Liquidity and
Cash Management, which continued to
perform well. In
legacy credit, revenue was $0.2bn
lower, due to higher revaluation
losses in 1H16.
HSBC HOLDINGS PLC
13
Overview | Financial overview
Adjusted performance continued
These factors were partly offset: Adjusted LICs Adjusted operating expenses
- In CMB, revenue rose by $0.1bn or Our LICs of $2.4bn were $1.1bn Our adjusted operating expenses of
2% driven by Global Liquidity and higher than in 1H15, notably $16.0bn in 1H16 fell by $0.7bn or 4%
Cash Management from reflecting an increase in Brazil compared with 1H15,
higher average balances, notably in of $0.3bn in RBWM and CMB related to despite inflationary pressures and
Hong Kong and the UK, together with the deterioration in the local increases in regulatory programmes
higher margins in economy. In addition, and compliance. This
Argentina, as well as in Credit and LICs also increased across our GB&M included an increased credit
Lending, primarily from continued and CMB businesses: relating to the prior-year bank levy
loan growth in the UK. - In GB&M, LICs were $0.4bn compared charge of $0.1bn. Excluding
This was partly offset by lower with a marginal release in 1H15, this, costs in 1H16 were $0.6bn
revenue in Global Trade and driven by higher individually lower. This reflects the continuing
Receivables Finance, notably in assessed provisions, notably in the effect of our cost-saving
Hong Kong reflecting reduced demand oil and gas, and metals and mining initiatives and a strong focus on
and lower trade lending due to lower sectors. cost management. These resulted in a
interest rates in - In CMB, the increase from $0.5bn reduction in full-time
mainland China. However, we continue to $0.8bn reflected higher equivalent staff in 1H16 of 3,900.
to increase market share in Hong individually assessed provisions The initiatives which have helped us
Kong. in Canada and Spain, as well as decrease our costs include:
- In 'Other' revenue grew by $0.4bn, Brazil. Collectively assessed - In RBWM, our branch
primarily reflecting the fair value provisions also rose in the rationalisation programme;
measurement and UK and Brazil. - In GB&M significantly lower
presentation of long-term debt -In RBWM, LICs rose from $0.8bn to headcount, and better use of our
issued by HSBC Holdings and related $1.1bn, mainly in Brazil ($0.2bn global service centres. GB&M
hedging instruments. This higher). also benefited from lower
included higher favourable fair performance-related costs.
value movements relating to the - In CMB, a simplified organisation
economic hedging of interest structure and process optimisation
and exchange rate risk on our within our lending,
long-term debt and related on-boarding and servicing platforms,
derivatives. although overall costs in CMB were
broadly unchanged.
- These cost savings were also
supported by the benefits of
transformational activities in
our technology, operations and other
functions, primarily from process
automation and organisational
re-design.
Adjusted income from associates
Our share of income from associates
of $1.2bn was marginally lower than
in 1H15. The majority
of this income was from our
investments in Bank of
Communications Co., Limited
('BoCom') and
The Saudi British Bank.
1H16 1H15 Variance
$m $m $m %
Principal RBWM 10,423 11,116 (693) (6)
RBWM US run-off portfolio 414 577 (163) (28)
CMB 7,279 7,141 138 2
Client-facing GB&M and BSM 8,882 9,558 (676) (7)
Legacy credit (100) 96 (196) (204)
GPB 971 1,125 (154) (14)
Other (including Intersegment) (1) (435) 434 (100)
-------------------------------
Total 27,868 29,178 (1,310) (4.5)
-------------------------------
1H16 1H15 Variance
-------------------------------- -------------------------------- ----------------------
Group Group Group
excluding excluding excluding
Brazil $m Brazil $m Group$m Brazil $m Brazil $m Group$m Brazil $m Group$m
Revenue 26,337 1,531 27,868 27,547 1,631 29,178 (1,210) (1,310)
LICs (1,618) (748) (2,366) (877) (402) (1,279) (741) (1,087)
Operating
expenses (14,886) (1,059) (15,945) (15,522) (1,083) (16,605) 636 660
Income from
associates 1,239 (1) 1,238 1,257 (1) 1,256 (18) (18)
Adjusted
profit
before tax 11,072 (277) 10,795 12,405 145 12,550 (1,333) (1,755)
----------- --------- --------- ------- --------- --------- ------- --------- -------
HSBC HOLDINGS PLC
14
The strategic actions set out on Ø For detailed information
page 11 are being undertaken on our financial performance,
to support our aim of achieving our medium-term financial targets. see pages 20 to 30.
Delivering on our Group financial targets
Return on equity
Our medium-term target is to achieve a return on equity
('RoE') of more than 10%. This target
is modelled on a CET1 ratio in the range of 12% to 13%.
In 1H16, we achieved an RoE of 7.4% compared with 10.6%
in 1H15.
Adjusted jaws
Our target is to grow revenue faster than operating
expenses on an adjusted basis. This is
referred to as positive jaws. In 1H16, adjusted revenue
fell by 4.5%, whereas our adjusted
operating expenses reduced by 4.0%. Jaws was therefore
negative 0.5%.
Jaws was affected by our revenue performance in 1H16.
Adjusted revenue fell by 3.8% in the
first quarter of 2016 ('1Q16') against the first
quarter of 2015 ('1Q15'), and this had increased
to 4.5% by the end of 1H16, reflecting the challenging
economic environment.
However, adjusted operating expenses fell by 1.0% in
the first quarter of 2016 and this increased
to a fall of 4.0% by the end of 1H16, as we continued
with our progress on our cost-saving
plans set out at our Investor Update.
In the second quarter of 2016 ('2Q16') our adjusted
jaws was positive 1.4%, despite a reduction
in adjusted revenue of 5.3% compared with the second
quarter of 2015 ('2Q15'), as our adjusted
operating expenses were 6.7% lower.
Understanding jaws
Jaws measures the difference between revenue and cost
growth rates. Positive jaws is where
the revenue growth rate exceeds the cost growth rate. We
calculate jaws on an adjusted basis
as described on page 18.
Dividends
In the current uncertain environment we plan to sustain
the annual dividend in respect of
the year at its current level for the foreseeable
future. Growing our dividend in the future
depends on the overall profitability of the Group,
delivering further release of the less
efficiently deployed capital and meeting regulatory
capital requirements in a timely manner.
Actions to address these points are core elements of
the investor update in June 2015.
HSBC HOLDINGS PLC
15
Overview
Risk overview
We actively manage risk to protect
and enable the business.
Managing risk
As a provider of banking and To ensure that risks are managed ø Our risk management
financial services, managing risk in a consistent way across the framework and the material risk
is part of our core day-to-day Group, we employ an enterprise types associated with our banking
activities. Our success in doing risk management framework at all and insurance manufacturing
so is due to our clear risk levels of the organisation and operations are provided on pages
appetite, which is aligned to across all risk types. It 101 and 105, respectively, of
our strategy. We set out the ensures that we have appropriate the Annual Report and Accounts
aggregate level and types of risk oversight of and effective 2015.
that we are willing to accept accountability for the management
in order to achieve our medium- of risk. This framework is
and long-term strategic objectives underpinned by our risk culture
in our risk appetite statement. and reinforced by the HSBC Values
This statement is approved by the and our Global Standards.
Board and includes:
- risks that we accept as part of
doing business, such as credit The Global Risk function, led by
risk and market risk; the Group Chief Risk Officer, who
- risks that we incur to generate is an executive Director,
income, such as operational risk, is responsible for enterprise-wide
which are managed to risk oversight and is independent
remain below an acceptable of the sales and trading
tolerance; and functions of the Group's
- risks for which we have zero businesses. This independence
tolerance, such as reputational helps ensure an appropriate
risk. balance
in risk/return decisions, and
appropriate independent challenge
and assurance.
Top and emerging risks
Our top and emerging risks During 1H16, we made one change to Ø Our approach to identifying
framework helps enable us to our top and emerging risks. 'IT and monitoring top and emerging
identify current and systems infrastructure risks is described on page
forward-looking and resilience' was added as a new 103 of the Annual Report and
risks so that we may take action thematic risk due to the need to Accounts 2015.
that either prevents them ensure core banking systems
crystallising or limits their remain robust as digital and
effect. mobile banking services continue
Top risks are those that may have to evolve.
a material impact on the financial
results, reputation
or business model of the Group in In addition, two thematic risks
the year ahead. Emerging risks are were renamed to better reflect the
those that have large issues facing HSBC. We
unknown components and may form use the new names in the table
beyond a one-year horizon. If that follows.
these risks were to occur, they Our current top and emerging risks
could have a material effect on are summarised on the next page.
HSBC.
HSBC HOLDINGS PLC
16
Risk overview
Risk Trend Mitigants
Externally driven
Geopolitical risk é We conducted physical security risk
reassessments in higher risk locations in
which we operate
in response to the heightened threat of
terrorism, and we enhanced procedures and
training
where required.
Economic outlook é We undertook scenario analysis and stress
and capital flows tests in the lead up to the UK referendum on
EU
membership to identify vulnerabilities in the
event of a vote to leave the EU and potential
mitigating actions, and closely engaged with
the Prudential Regulation Authority on
liquidity
planning.
=======================================================
Turning of the credit cycle è Stress tests were conducted on our oil and gas
portfolio on $25 and $20 per barrel price
scenarios.
This sector remains under enhanced monitoring
with risk appetite and new lending
significantly
curtailed.
Cyber threat and unauthorised access è We took part in an industry-wide cyber
to systems resilience exercise, and incorporated lessons
learned
into our new and existing cyber programmes,
which are designed to mitigate specific cyber
risks and enhance our control environment.
======================================================= =======
* Regulatory developments with adverse impact on business è We actively engaged with regulators and
model and profitability policymakers to help ensure that new
regulatory requirements,
such as the recent Basel Committee on Banking
Supervision consultation on reducing variation
in credit risk RWAs, are considered fully and
can be implemented in an effective manner.
=======================================================
US deferred prosecution agreement and related é We are continuing to take concerted action to
agreements and remediate anti-money laundering ('AML') and
consent orders sanctions compliance deficiencies and to
implement Global Standards. We also continue
to embed
our Affiliate Risk Forum to further mitigate
financial crime risk issues arising from
operations
conducted within the HSBC network.
==============================================
Regulatory focus on conduct of business and financial è We are focusing on embedding our global AML
crime and sanctions policies and procedures. We
further
enhanced our management of conduct in areas
including the treatment of potentially
vulnerable
customers, market surveillance, employee
training and performance management.
======================================================= ======= ==============================================
Internally driven
================================================================================================================
IT systems infrastructure and resilience é We are investing in specialist teams and our
systems capability to help ensure strong
digital
capabilities, delivery quality and resilience
within our customer journeys.
* Impact of organisational change and regulatory demands è We have increased our focus on resource
on employees planning and employee retention, and are
developing
initiatives to equip line managers with skills
to both manage change and support their
employees.
=======================================================
Execution risk è The Group Change Committee monitored the
status of the high priority programmes across
the
Group that support the strategic actions,
facilitating resource prioritisation and
increased
departmental coordination.
==============================================
Third-party risk management è We are implementing a framework to provide a
holistic view of third-party risks which will
help enable the consistent risk assessment of
any third-party service against key criteria,
combined with associated control monitoring,
testing and assurance throughout the
third-party
lifecycle.
Model risk é We implemented a new global policy on model
risk management and are rolling out an
enhanced
model governance framework globally to address
key internal and regulatory requirements. We
continue to strengthen the capabilities of the
independent model review team.
Data management è We continued to enhance our data governance,
quality and architecture to help enable
consistent
data aggregation, reporting and management.
======================================================= ======= ==============================================
é Risk heightened during 1H16
è Risk remained at the same level as 31 December 2015
* Thematic risk renamed during 1H16
HSBC HOLDINGS PLC
17
This information is provided by RNS
The company news service from the London Stock Exchange
END
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