February newsletter
Our strong performance in 2024
We’re returning further capital to you, our shareholders, after another strong financial performance.
A fourth interim dividend of 36 US cents per share was announced last week as part of our annual results. This will be paid on 25 April.
This brings our total dividends for 2024 to 87 US cents per share, including a 21 US cents special dividend paid last June following the sale of our business in Canada.
We also intend to initiate a share buyback of up to $2bn.
For the year ended 31 December 2024, our profit before tax was $32.3bn – up $2bn compared with 2023, and revenue was stable at $65.9bn (FY23: $66.1bn).
We’re now targeting a mid-teens return on average tangible equity (RoTE) in each of the three years from 2025 to 2027, excluding the impact of notable items, acknowledging the outlook for interest rates remains volatile and uncertain, particularly in the medium term.
“This strong performance enabled us to announce $26.9bn in returns to our shareholders through dividends and share buybacks, which we expect to remain central to our strategy,” said Group CEO Georges Elhedery, in a letter to shareholders.
Group Chairman Mark Tucker added: “Dividends paid in 2024, together with a more than 20% increase in the share price, delivered a total shareholder return for the year of more than 30%.
“To maintain, and indeed accelerate, the momentum, we are being very deliberate in creating investment capacity for priority areas, focusing on long-term strategic growth.”
In October, we announced plans to simplify our organisational structure to accelerate delivery against our strategic priorities.
As of 1 January 2025, we’re operating through four new businesses: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking.
Georges added: “Our ambition is to unlock HSBC’s full potential for the benefit of all our stakeholders, provide excellent customer outcomes that enhance our franchise and brand, generating the strategic growth that will deliver attractive returns for you, our shareholders.”
Find out more about our Annual Results 2024 in our quick read.
We’re expanding in India
We’ve received approval from the Reserve Bank of India to open 20 new branches in the country.
The new branches (opens in new window) – adding to the 26 we already have in India – will be in cities* that have been identified as burgeoning wealth and industrial centres.
“India is an important market for HSBC and wealth in India is a focus,” said Sandeep Batra, Head, International Wealth and Premier Banking (IWPB), India.
“These new branches will help drive our IWPB proposition – and build on our momentum with customers in India and our growing non-resident clientele around the world.”
In addition, we’ve opened a new, expanded office (opens in new window) in India’s global financial and IT services hub Gujarat International Finance Tec-City (GIFT City).
As part of the move, we’ve launched our Wealth and Premier Banking offering in the district – the first international bank to offer such services there.
“GIFT City is shaping into a key global financial hub,” said Hitendra Dave, our CEO in India.
“With a full suite of services from GIFT City, including wealth management, we’re well positioned to meet the evolving needs for international products of our customers and to support India’s financial progress in offering such products onshore.”
*Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara and Vishakhapatnam.
We’re the World’s Best Trade Finance Bank
Thousands of businesses across the world have had their say – and we’ve been chosen as their number one in the Euromoney Trade Finance Survey once again.
The award is based on the views of more than 13,000 voting businesses in more than 100 countries and territories.
“It is a privilege to be the strategic partner of choice for so many businesses around the world,” said Vivek Ramachandran, our Head of Global Trade Solutions.
“Our rich trade history is a modern-day strength as we support businesses to grow globally, make new connections, expand into new markets, and navigate an ever-changing landscape.”
It’s the eighth year running that we’ve been chosen as the World’s Best Trade Finance Bank. In the 2025 survey, we also picked up first place in a range of categories, including:
- Number one globally for Client Service; Products; Technology; and Middle Market Corporates
- Top overall in Asia-Pacific and Latin America
- The Best Trade Finance Bank in 19 markets, including Hong Kong and the UK
In addition, we are number one across all regions for Advisory Services; FX Services, Trade Loans/Structured Trade; and Working Capital Solutions.
Empowering young people to thrive
We’re helping to empower young people in Hong Kong by supporting their growth.
Whether they’re secondary school students or new graduates, we’re committed to nurturing the next generation and helping to lay the foundations for them to shine.
Through our philanthropic arm, The Hongkong Bank Foundation (opens in new window), we provide a series of programmes, scholarships and mentorships to equip local young people with the resources and skills they need to reach their full potential.
Watch to see how our initiatives can help change the lives of young people from different walks of life.