We’ve made a good start to 2024 and are continuing to reward our shareholders. Our Group CEO Noel Quinn has decided to retire from HSBC.
$0.31
US DOLLARS
Dividends per share for 1Q24
$12.7bn
US DOLLARS
Reported profit before tax
(1Q23: $12.9bn)
$20.8bn
US DOLLARS
Reported revenue
(1Q23: $20.2bn)
$0.10
US DOLLARS
First interim dividend
$0.21
US DOLLARS
Special dividend
Up to $3bn
US DOLLARS
Planned share buyback
“I’m pleased with our start to 2024. We completed the sale of our Canada business and agreed the sale of our Argentina business, both of which allow us to focus on markets with higher value international opportunities. Our good profit performance of $12.7bn in the first quarter has enabled us to continue the trend of rewarding our shareholders. Our 2024 guidance remains unchanged, including a mid-teens return on average tangible equity and continued cost discipline.
”It has been a privilege to lead HSBC and I'm proud of what we have achieved. After an intense five years, it is now the right time for me to get a better balance between my personal and business life. As we come to the end of the transformation phase, it feels like a good time to have new leadership for the next period of development and growth.”
Noel Quinn, HSBC Group Chief Executive
30 April 2024
Our guidance remains unchanged from what we set out at full-year results in February. We continue to target a RoTE, excluding the impact of notable items, in the mid-teens for 2024, with banking net interest income of at least $41bn, dependent on the path of interest rates globally.
We intend to manage our common equity tier one (CET1) capital ratio within our medium-term target range of 14% to 14.5%, with a dividend payout ratio target of 50% for 2024, excluding material notable items and related impacts.
The Board has begun a formal process to find the next Group Chief Executive, considering both internal and external candidates. Noel will continue in the role during this process and ensure a smooth and orderly transition.
In addition to an impairment following the announcement of the planned sale of our Argentina business, the reduction in profit before tax also reflected the non-recurrence of:
Our revenue was boosted by growth in Wealth products, and Equities and Securities Financing, although it fell in Global Foreign Exchange following a strong 1Q23.
Revenue growth mitigated a reduction in interest income, but the growth was more than offset by higher operating expenses and expected credit losses and other credit impairment charges (ECL).
While target basis operating expenses rose by 7%, we are reconfirming our cost growth guidance of approximately 5% for 2024 compared with 2023.
Target basis operating expenses are measured on a constant currency basis, excluding notable items, the impact of retranslating the results of hyperinflationary economies at constant currency, and the direct costs from the sales of our France retail banking operations and our banking business in Canada.
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