FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the
month of May
HSBC Holdings plc
42nd
Floor, 8 Canada Square, London E14 5HQ, England
(Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form
20-F X Form 40-F
2 May 2025
HSBC HOLDINGS PLC - AGM STATEMENTS
At the Annual General Meeting of HSBC Holdings plc, held
at The InterContinental London O2, London, UK today, the
following statements were issued by Group Chairman,
Mark Tucker and Group Chief Executive, Georges
Elhedery.
Group Chairman's Statement:
This year we celebrate a very important milestone anniversary for
the HSBC Group.
160 years ago, on 3 March 1865, HSBC opened for business at 1
Queen's Road, Central, in Hong Kong.
We opened a branch in Shanghai one month later and an office in
London three months after that.
HSBC's founders started out with a clear and simple objective, an
objective that is as relevant and significant today, as it was
then, to establish a bank that would facilitate local and
international trade connecting East and West and the many, many
places in-between.
We continue to build on this great legacy.
In 2024, the Group achieved record results.
I will expand on this by covering two points:
Firstly, the strong financial performance of the Group,
andsecondly, how this enabled us to reward you, our loyal
shareholders, with higher returns.
I will start with our 2024 financial performance.
We delivered record profit before tax of US$32.3bn - an increase of
US$2bn compared with 2023.
Our reported return on tangible equity was 14.6%, in line with our
'mid-teens' target.
We also achieved broad-based profit generation through geographic
and business diversification.
These results demonstrate that our international strategy is
working very well.
Our first quarter results which were announced on Tuesday this week
provided further evidence that our strategy is
delivering.
Georges will speak about the first quarter results in a
moment.
Let me now turn to how our performance both in 2024 and in the
first quarter of 2025 has enabled us to reward you with higher
returns.
In total we returned US$26.9bn to shareholders in respect of
2024.
The total dividend announced for 2024 was US$0.87 per share, which
amounts to US$15.9bn.
This includes the special dividend of US$0.21 per share, totalling
US$3.9bn. This was paid in June following the completion of the
sale of HSBC Bank Canada.
Excluding this special dividend, the full-year dividend of US$0.66
per share is the highest annual dividend since
2007.
In addition, we have now completed four share buy-backs in respect
of 2024 worth a total of up to US$11bn.
That includes the up to US$2bn buy-back we announced with our
annual results presentation in February, which has now been
completed.
Since the start of 2023 we have repurchased 12% of the issued share
count.
Combined with our sustained levels of profitability, this has led
to greater earnings and dividends per share for our
shareholders.
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%.
Earlier this week, at our first quarter results, we announced an
interim dividend for 2025 of US$0.10 per share, and a new share
buy-back of up to US$3bn which we expect to initiate shortly after
today's AGM.
Looking ahead, the dividend outlook remains strong.
Our dividend payout ratio target for 2025 remains 50%, excluding
material notable items and related impacts.
We are targeting a mid-teens return on tangible equity, excluding
notable items, in 2025, as well as in 2026 and 2027.
We are confident that we can meet our targets and, as a result,
deliver another year of healthy returns in 2025, despite the
uncertain geopolitical and geoeconomic environment,
globally.
Indeed, whether it is trade, international security arrangements,
or economic policy, we are experiencing a period of deep and
profound change.
The over-arching impact of the changing approach to global trade
relations has been to increase economic uncertainty with serious
potential risks to global growth.
The range of possible outcomes and the implications thereof, make
any attempt at medium term projections very difficult.
Despite the many unknowns that we are dealing with, we believe that
the inter-connectedness of the global economy remains compelling.
As does global trade, the glue that keeps it all together, the
central catalyst for growth and diversification.
Indeed, at both global and regional levels, there are many trade
blocs that bring increasing economic engagement, and, in some
cases, integration.
Intra-Asian exports, for instance, have risen 31% in the last five
years, and are expected to grow by U$400bn per year through 2030,
led by the China-ASEAN and India-ASEAN corridors.
The same is true in Europe, where total intra-EU trade grew by 34%,
during that same period.
Inter-regional linkages, such as the Asia - Middle East trade,
investment, and travel corridor, are also growing
rapidly.
HSBC is very well positioned to capture the resulting
opportunities, through our strong presence, history, and track
record in and across these countries and regions and, more broadly,
throughout our unique international network.
With that, let me hand over to Georges, who will discuss the
actions we are taking to make all this happen.
Group Chief Executive's Statement:
Thank you Mark. Fellow shareholders. A very warm welcome to all of
you here in London and to those joining virtually.
Thank you for taking the time to join us. I'm delighted to be here
as your Group CEO.
Our AGM is one of the most significant dates in our calendar, it's
a chance for you to hear from us, and for us to hear from you. We
look forward to hearing your feedback and answering your
questions.
As Mark mentioned, this is a very special year, it's our 160th
anniversary.
Since 1865, we have been helping economies grow, businesses thrive,
and people protect and grow their wealth.
In so many ways, our mission hasn't changed over those 160 years.
It has simply evolved to meet our customers changing needs driven
by progress and growth.
From new technologies to new economic realities. Adapting to change
is what we have always done.
It brings out the best in our people who are passionate about what
they do.
We are a trusted partner to our customers as they navigate the
world's uncertainties and look towards new
opportunities.
That's why we have a strong bank that is performing
well.
On Tuesday, we published our first quarter results. Our profit
before tax was up 11%, providing an annualised return on tangible
equity of 18.4% - both excluding notable items.
We had a strong performance in Transaction Banking, in particular
in Foreign Exchange, and in our Equities and Debt trading
businesses, both of which benefitted from higher client activity on
the back of higher volatility.
In Wealth, we had our fifth consecutive quarter of double-digit
growth, attracting net new invested assets of US$22bn.
We have momentum in our earnings, discipline in the execution of
our strategy and confidence in our ability to deliver our
targets.
This confidence enabled us to announce an up to US$3bn share
buy-back alongside a US$0.10 interim dividend per
share.
Let me briefly set out where we began when I became CEO last
September, where we are now and where we're going
next.
I inherited a bank built on firm foundations. We were clear on what
we do. It was the right time to address how we do it.
In October, I announced the simplification of the organisation,
with the objective to align our structure with our strategy. In
short, we are creating a simple, more agile HSBC, with a greater
focus on our customers, driving higher levels of satisfaction and
delivering attractive returns to you, our
shareholders.
In February, we set out our targets.
We're targeting a mid-teens teens return on tangible equity for
2025, 2026 and 2027, excluding notable items. And we reaffirmed
this guidance on Tuesday.
In particular, in Hong Kong and the UK - our home markets - we will
invest in wealth centres, increase the number of our relationship
managers and enhance our digital capabilities to improve customer
experience.
For UK SMEs, we will enhance our coverage efforts and improve our
product proposition, alongside our customer service
capabilities.
A core enabler of all of these efforts is technology.
This includes the use of AI, generative AI, data and analytics to
improve process efficiency and help protect customers against fraud
and cybercrime.
As I said on Tuesday, we are focused on executing our strategy with
discipline and remain on track to deliver the actions we have set
out.
Clearly the external macroeconomic environment is less favourable
and more uncertain now than in February.
Our balance sheet and capital positions are strong, we have a
fantastic deposit franchise and a high-quality credit portfolio,
our earnings are resilient, diversified and of high quality, and we
know that during times of both predictability and unpredictability,
our customers look for the strength, stability and expertise we
bring as their trusted partner.
That's what gives us the confidence to reaffirm the guidance we
gave in February.
We are extremely well positioned to support all of our customers,
wherever they are, however their needs evolve and whatever the
market conditions.
Before I conclude, let me address a topic that is important to us,
and to many of you and the communities we serve around the world:
sustainability.
We remain committed to our ambition of becoming a net zero bank by
2050.
We set this ambition in 2020, and we have made good progress
towards it.
We have been helping our customers decarbonise, providing and
facilitating around US$400bn of sustainable financing and
investment since the start of 2020.
And we continue to see opportunities, including through financing
the provision of safe sustainable energy to meet the growing
demands of the new technology age.
Progress towards our ambition will depend on the pace of
decarbonisation in the real economy.
We are present in many of the sectors and markets where the
challenges are the greatest, and where progress has been
uneven.
We know how important this is.
That's why, as we reach the mid-point of our journey towards our
2030 interim targets, we've begun a review of our interim financed
emissions targets and associated policies. This is part of the
annual review of our net zero transition plan referred to in our
Annual Report and Accounts.
We expect to publish the results of this review later this year and
we look forward to continuing to engage with all
stakeholders.
To conclude, I would like to thank our Board of Directors for their
strong stewardship of the Group, and the support they have given me
and my executive team.
In particular, I would like to thank our Chairman, Mark
Tucker.
Mark, this is your last AGM for HSBC and you leave the Group in a
position of strength, from which we look to the future with
confidence.
You have been a great mentor and partner in guiding and coaching me
all the time we have worked together.
The wisdom and advice you have shared will inspire me for many
years to come.
Thank you for all you have done for HSBC.
I would also like to thank all my colleagues across the Group for
the support they have given me since becoming CEO.
I have been inspired by the hard work, dedication and expertise
they bring to their roles. And the passion they have for supporting
our customers.
They are what makes this organisation so exceptional.
Media enquiries to:
Press Office
+44 (0) 20 7991 8096
[email protected]
Investor enquiries to:
Neil Sankoff
+44 (0)20 7991 5072
[email protected]
Note to editors:
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in
London. HSBC serves customers worldwide from offices in 58
countries and territories. With assets of US$3,054bn at
31 March 2025, HSBC is one of the world's largest banking and
financial services organisations
ends/all
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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HSBC
Holdings plc
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By:
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Name:
Aileen Taylor
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Title:
Group Company Secretary and Chief Governance Officer
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Date:
02 May 2025
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