HSBC HSBC HOLDINGS PLC

(NEW YORK STOCK EXCHANGE)

Date: 6 March 2020 Sector: Financials Industry: Banks

Business Summary
HSBC Holdings plc (HSBC) is the banking and financial services company. The Company man-
ages its products and services through four businesses: Retail Banking and Wealth Management
(RBWM), Commercial Banking (CMB), Global Banking and Markets (GB&M), and Global Pri-
vate Banking (GPB). It operates across various geographical regions, which include Europe, Asia, HSBC Holdings PLC
Middle East and North Africa, North America and Latin America. RBWM business offers Retail 8 Canada Square
Banking, Wealth Management, Asset Management and Insurance. CMB services include working LONDON
capital, term loans, payment services and international trade facilitation, among other services, as E14 5HQ
well as expertise in mergers and acquisitions, and access to financial markets. GB&M supports gov- United Kingdom
ernment, corporate and institutional clients across the world. GPB's products and services include
()
Investment Management, Private Wealth Solutions, and a range of Private Banking services.

Share Performance http://www.hsbc.com/

Price ($): 32.73 52 Week High: 44.93 Currency: USD
Volume (millions): 7.5 52 Week Low: 32.34 P/E: 22.14
Employees: 235,351
(Millions)
Market Cap: 132,511.00
Shares Outstanding: 4,066.39
Float: 4,052.61

In co m e
17200
13700
10300
6900
3400
0
De c 1 6 De c 1 7 De c 1 8
($ Millions)

Ea r n in gs p e r Sh a r e
0 .8 6
0 .7
0 .5 4
Financial Summary
0 .3 9
BRIEF: For the fiscal year ended 31 December 2019, HSBC Holdings plc (ADR) interest income
0 .2 3
increased 10% to $54.7B. Net interest income after loan loss provision decreased 4% to $27.71B.
0 .0 7
Net income applicable to common stockholders decreased 53% to $5.97B. Net interest income after De c 1 6 De c 1 7 De c 1 8
loan loss provision reflects Europe segment decrease of 25% to $4.66B, Net Interest Margin, Total ($)
-% decrease of 5% to 1.58%, Net Interest Spread.
Div id e n d s p e r Sh a r e
Valuation Ratios Per Share Data 0 .6 1
Price/Earnings (TTM) 22.14 Earnings (TTM) 1.48 0 .5 1
Price/Sales (TTM) 1.73 Sales (TTM) 19.23 0 .4 1
Price/Book (MRQ) 0.82 Book Value (MRQ) 45.28 0 .3 1
Price/Cashflow (TTM) -- Cash Flow (TTM) -- 0 .2 1
Cash (MRQ) 56.18 0 .1 1
De c 1 6 De c 1 7 De c 1 8
Profitability Ratios (%) Management Effectiveness (%) ($)

Gross Margin (TTM) -- Return on Equity (TTM) 3.65

Operating Margin (TTM) 17.38 Return on Assets (TTM) 0.33
Net Profit Margin (TTM) 11.34 Return on Investment (TTM) --

Financial Strength Dividend Information

Quick Ratio (MRQ) -- Dividend Yield (%) 7.79
Current Ratio (MRQ) -- Dividend per Share (MRQ) 1.55
LT Debt/Equity (MRQ) 0.70 Payout Ratio (MRQ) --
Total Debt/Equity (MRQ) 1.67

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2018; Most recent quarter: 3; Fiscal year end month: December; 1
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals
HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics

Financial Strength
12 Mo 12 Mo 12 Mo MRQ 3 Year
Financial Strength looks at business risk. The
Dec 16 Dec 17 Dec 18 Average stronger a company is from a financial standpoint,
Quick Ratio -- -- -- -- -- the less risky it is. The Quick Ratio compares cash
Current Ratio -- -- -- -- -- and short-term investments (investments that could
be converted to cash very quickly) to the financial
LT Debt/Equity 0.50 1.12 0.58 0.70 0.73
liabilities they expect to incur within a year's time.
Total Debt Equity -- -- -- 1.67 --

The Current Ratio compares year-ahead liabilities

Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Cur-
rent Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current to cash on hand now plus other inflows (e.g. Ac-
Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided counts Receivable) the company is likely to realize
by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder over that same twelve-month period.
Equity for the same period.

Current Ratio --
Total Current Assets --
Total Current Liabilities --

The Long Term Debt/Equity Ratio looks at the

Profitability company's capital base. A ratio of 1.00 means the
company's long-term debt and equity are equal. The
12 Mo 12 Mo 12 Mo TTM 3 Year
Dec 16 Dec 17 Dec 18 Average Total Debt/Equity Ratio includes long-term debt
Gross Margin (%) -- -- -- -- -- and short term debt.
Operating Margin (%) -- -- -- 17.38 --
Net Profit Margin (%) -- -- -- 11.34 --
Interest Coverage -- -- -- -- --

Gross Margin: This value measures the percent of revenue left after paying all direct production ex-
penses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied
by 100. Operating Margin: This value measures the percent of revenues remaining after paying all
operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by These ratios realize overall profitability, or the bot-
100. Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided tom line.
by Total Revenue for the same period and is expressed as a percentage. Interest Coverage: The
Operating Income divided by the company's interest obligations.
Gross Margin (%) -- (%)
Gross Profit 0.00
x 100 x 100
Revenue --

Gross Margin shows the amount of revenue left over

after deducting direct costs of producing the goods
or services. Operating Profit and Operating Margin
trace the progress revenue down to another impor-
tant level. From gross profit, we now subtract indi-
rect costs, often referred to as overhead e.g. facili-
ties and salaries associated with headquarters op-
erations.

Finally, Profit Margin shows you how much of each

revenue dollar is left after all costs, of any kind, are
subtracted. These other costs include such items as
interest on corporate debt and income taxes.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2018; Most recent quarter: 3; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals 2
HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics (cont.)

Management Effectiveness (%)

12 Mo 12 Mo 12 Mo TTM 3 Year
A company's ability to operate profitably can be
Dec 16 Dec 17 Dec 18 Average measured directly by measuring its return on assets.
Return on Equity % 0.71 5.64 7.60 3.65 4.65 ROA (Return On Assets) is the ratio of a company's
Return on Assets % 0.14 0.49 0.59 0.33 0.41 net profit to its total assets, expressed as a percent-
age.
Return on Investments % 0.41 1.42 1.85 -- 1.23
Return on Assets (%) 0.59 (%)
Re t u r n o n As s e t s %
Income After Taxes 15,025.00
0 .7 4 x 100 x 100
Average Total Assets 2,539,945.00
0 .5 9
0 .4 4
ROA measures how well a company's management
0 .2 9 uses its assets to generate profits. It is a better mea-
0 .1 5 sure of operating efficiency than ROE, which on-
0 .0 ly measures how much profit is generated on the
1 2 Mo 1 2 Mo 1 2 Mo TTM 3 Ye a r
De c 1 6 De c 1 7 De c 1 8 Av e r a ge shareholders equity but ignores debt funding. This
ratio is particularly relevant for banks which typi-
Return On Equity: Income Available to Common Stockholders divided by the Common Equity and cally have huge assets.
expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by the
Average Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided
by the average total long term debt, other long term liabilities and shareholders equity, and expressed
as a percentage.

Dividend Information
12 Mo 12 Mo 12 Mo MRQ 3 Year
Dec 16 Dec 17 Dec 18 Average The annual dividend is the total amount($) of div-
Payout Ratio (%) 775.55 105.19 33.14 -- 304.63 idends you could expect to receive if you held
the stock for a year (assuming no change in the
Dividend Per Share 0.51 0.51 0.21 1.55 0.41
company's dividend policy).
Pa y o u t Ra t io (%)
970 Payout Ratio (%) 33.14 (%)
Dividend Per Share 0.21
780 x 100 x 100
Primary EPS 0.63
580
390 The dividend yield is the indicated annual dividend
190 rate expressed as a percentage of the price of the
0 stock, and could be compared to the coupon yield on
1 2 Mo 1 2 Mo 1 2 Mo MRQ 3 Ye a r
De c 1 6 De c 1 7 De c 1 8 Av e r a ge a bond. The Payout Ratio tells you what percent of
the company's earnings have been given to share-
Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding. Payout Ratio: holders as cash dividends. A low payout ratio indi-
This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items cates that company has chosen to reinvest most of
paid to common stockholders in the form of cash dividends. the profits back into the business.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2018; Most recent quarter: 3; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals 3
HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics (cont.)

Per Share Data

12 Mo 12 Mo 12 Mo TTM 3 Year
The most important Per-Share Data item is Earn-
Dec 16 Dec 17 Dec 18 Growth ings Per Share. That's because ultimately, the price
Earning Per Share 0.07 0.48 0.63 1.48 (0.01) of your stock is related in some way to the value of
Sales Per Share 0.00 0.00 0.00 19.23 the stream of earnings attributable to that share.
Book Value 8.69 8.40 8.18 45.28 (0.05)
Earnings Per Share 0.63
Cash Flow 0.17 0.59 0.75 -- (0.01) Adjusted Income Avail. to Common Shareholders 12,608.00
Cash Per Share 10.95 13.89 12.02 56.18 0.31 Diluted Weighted Average Shares 19,983.00

Ea r n in gs Pe r Sh a r e This section also includes the amount of Cash Per

1 .8 5 Share the company had at the time of its most re-
1 .4 8 cent quarterly or annual report. Most of the time,
1 .1 1 this number will be far below the stock price. In
0 .7 4 a healthy industrial company, a Cash Per Share
0 .3 7
figure that is close the stock price might suggest
that investors are underestimating the worth of the
0 .0
1 2 Mo 1 2 Mo 1 2 Mo TTM company's ongoing business, thereby creating an
De c 1 6 De c 1 7 De c 1 8 interesting investment opportunity for you.
EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by
the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided
by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common
Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum
of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Deprecia-
tion, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Invest-
ments divided by the Shares Outstanding.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2018; Most recent quarter: 3; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals 4
HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Consensus Estimates

Analyst Recommendations Current As of 1 As of 4 As of 8 As of 13

Week Ago Weeks Ago Weeks Ago Weeks Ago Consensus Recommendation
& Revisions
BUY
Buy 1 1 1 1 0
Outperform 0 0 0 0 0
Company Fiscal Year End Month
Hold 0 0 0 0 1
December
Underperform 0 0 0 0 0
Strong Sell 0 0 0 0 0
Last Updated
Mean Rating 1.0 1.0 1.0 1.0 3.0 6 March 2020

Consensus Estimate Trends Current As of 1 As of 4 As of 8 As of 13

Week Ago Weeks Ago Weeks Ago Weeks Ago Ea r n in gs p e r Sh a r e
Earnings (Per share) 3 .7 4

Year Ending Dec 19 3.5 -- -- -- -- 3 .5 2

Year Ending Dec 20 2.9 2.9 2.9 3.1 3.4 3 .3

3 .0 8
2 .8 6

No. of Mean High Low 2 .6 4

Consensus Estimate Analysis De c 1 9 De c 2 0
Estimates Estimate Estimate Estimate
Earnings (Per share) ($)

Year Ending Dec 19 1 3.5 3.5 3.5

Year Ending Dec 20 1 2.9 2.9 2.9
LT Growth Rate -- -- -- --

Quarter Historical Surprises Estimate Actual Difference Surprise(%)

Sales(Millions)
N/A -- -- -- --
N/A -- -- -- --
N/A -- -- -- --
N/A -- -- -- --
Earnings (Per share)
N/A -- -- -- --
N/A -- -- -- --
N/A -- -- -- --
N/A -- -- -- --

Data Source: Reuters Fundamentals 5

HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Annual Income Statement

Type of Update UPD UPD UPD Ne t In co m e
17200
($ Millions) ($ Millions) ($ Millions)
12Months 12Months 12Months 13700
31 Dec 16 31 Dec 17 31 Dec 18 10300
Interest Income, Bank 42,414.0 40,995.0 49,609.0 6900
Interest on Deposit 12,601.0 12,819.0 19,120.0
3400
Interest on Other Borrowings -- -- --
0
Fed Funds/Secs. Sold - Resale Agrmnt -- -- -- De c 1 6 De c 1 7 De c 1 8
Total Interest Expense 12,601.0 12,819.0 19,120.0 ($ Millions)
Net Interest Income 29,813.0 28,176.0 30,489.0
Loan Loss Provision 3,400.0 1,769.0 1,767.0 Dilu t e d No r m a liz e d EPS
Net Int. Inc. after Loan Loss Prov. 26,413.0 26,407.0 28,722.0 0 .8 5

No-Interest Income, Bank 40,215.0 41,017.0 40,643.0 0 .7

Non-Interest Expense, Bank -- -- -- 0 .5 4

Income Before Tax 7,112.0 17,167.0 19,890.0 0 .3 9
Income Tax - Total 3,666.0 5,288.0 4,865.0 0 .2 3
Income After Tax 3,446.0 11,879.0 15,025.0 0 .0 7
De c 1 6 De c 1 7 De c 1 8
Minority Interest (967.0) (1,081.0) (1,298.0)
($ Millions)
Equity In Affiliates -- -- --
U.S. GAAP Adjustment -- -- --
Net Income Before Extra. Items 2,479.0 10,798.0 13,727.0
Accounting Change -- -- --
Discontinued Operations -- -- --
Extraodinary Item -- -- --
Tax on Extraordinary Items -- -- --
Net Income 2,479.0 10,798.0 13,727.0
Preferred Dividends (90.0) (90.0) (90.0)
General Partner's Distributions -- -- --
Miscellaneous Earnings Adjustment (1,090.0) (1,025.0) (1,029.0)
Pro Forma Adjustment -- -- --
Interest Adjustment - Primary EPS -- -- --
Inc. Avail. to Common Excl. Extra. Items 1,299.0 9,683.0 12,608.0
Inc. Avail. to Common Incl. Extra. Items 1,299.0 9,683.0 12,608.0
Basic Weighted Average Shares 19,753.0 19,972.0 19,896.0
Basic EPS Excl. Extra. Items 0.066 0.485 0.634
Basic EPS Incl. Extra. Items 0.066 0.485 0.634
Dilution Adjustment -- 0.000 --
Diluted Net Income 1,299.000 9,683.000 12,608.000
Diluted Weighted Average Shares 19,845.000 20,072.000 19,983.000
Diluted EPS Excl. Extra. Items 0.065 0.482 0.631
Diluted EPS Incl. Extra. Items 0.065 0.482 0.631
Div's per Share - Common Stock 0.510 0.510 0.210
Gross Dividends - Common Stock -- 10,223.000 --
Interest Expense, Supplemental -- -- --
Interest Capitalized, Supplemental -- -- --
Depreciation, Supplemental 1,229.000 1,166.000 1,119.000
Total Special Items 3,276.000 3,625.000 1,729.000
Normalized Income Before Tax 10,388.000 20,792.000 21,619.000
Effect of Special Items on Inc. Taxes 18.557 1,116.620 422.905
Inc. Taxes Excl. Impact Special Items 3,684.560 6,404.620 5,287.910
Normalized Income After Tax 6,703.440 14,387.400 16,331.100
Normalized Income Available to Common 4,556.440 12,191.400 13,914.100
Basic Normalized EPS 0.231 0.610 0.699
Diluted Normalized EPS 0.230 0.607 0.696
Auditor PWCL PWCL CCC
Auditor Opinion UNO UNO UNO
Source Document ARS ARS PRESS

Data Source: Reuters Fundamentals 6

HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Annual Balance Sheet

Type of Update UPD UPD UPD T o t a l De b t
435000
($ Millions) ($ Millions) ($ Millions)
31 Dec 16 31 Dec 17 31 Dec 18 378000
Cash & Due from Banks 221,138.0 277,645.0 240,797.0 321000
Interest-Earning Deposits -- -- -- 264000
Fed Funds/Secs. Sold - Resale Agrmnt. 160,974.0 201,553.0 242,804.0 207000
Trading Account Assets 235,125.0 287,995.0 238,130.0 150000
FHLB Stock -- -- -- De c 1 6 De c 1 7 De c 1 8
Other Short Term Investments 315,628.0 249,282.0 248,936.0 ($ Millions)

Total Investment Securities 436,797.0 389,076.0 407,433.0

Loans Held for Sale -- -- -- T o t a l Eq u it y
195200
Other Earning Assets 1,820.0 2,471.0 --
190300
Customer Acceptances 8,574.0 9,750.0 --
185300
Other Earning Assets, Total 1,158,920.0 1,140,130.0 1,137,300.0
180300
Net Loans 861,504.0 962,964.0 981,696.0
175400
Property/Plant/Equipment - Gross -- -- --
Accumulated Depreciation -- -- -- 170400
De c 1 6 De c 1 7 De c 1 8
Property/Plant/Equip., Net 9,373.0 10,027.0 --
($ Millions)
Goodwill, Net 12,330.0 13,588.0 --
Intangibles, Net 9,016.0 9,865.0 24,357.0 T o t a l Co m m o n Sh a r e s Ou t s t a n d in g
Long Term Investments 20,029.0 22,744.0 22,407.0 20260
Pension Benefits - Overfunded 4,714.0 8,752.0 -- 20190
Deferred Income Tax - Long Term Asset 6,163.0 4,676.0 4,450.0 20130
Discontinued Operations - Long Term Asset 4,389.0 781.0 -- 20060
Other Assets, Total 67,412.0 70,602.0 147,114.0 19990
Total Assets 2,374,990.0 2,521,770.0 2,558,120.0 19930
Accounts Payable -- -- -- De c 1 6 De c 1 7 De c 1 8
Payable/Accrued -- -- -- ($ Millions)

Accrued Expenses 41,501.0 44,621.0 97,380.0

Total Deposits 1,338,300.0 1,517,270.0 1,424,620.0
Other Bearing Liabilities, Total -- -- --
Total Short Term Borrowings 120,186.0 164,188.0 201,743.0
Current Port. LT Debt/Capital Leases -- -- --
Dividends Payable -- -- --
Income Taxes Payable 719.0 928.0 718.0
Total Long Term Debt 86,899.0 213,755.0 107,779.0
Total Debt 207,085.0 377,943.0 309,522.0
Deferred Income Tax 1,623.0 1,982.0 2,619.0
Minority Interest 7,192.0 7,621.0 7,996.0
Other Liabilities, Total 603,178.0 381,155.0 529,021.0
Total Liabilities 2,199,600.0 2,331,520.0 2,371,870.0
Redeemable Preferred Stock -- -- --
Preferred Stock(Non Redeemable), Net -- 22,250.0 22,367.0
Common Stock 10,096.0 10,160.0 10,180.0
Additional Paid-In Capital 12,619.0 10,177.0 13,609.0
Retained Earnings/Accum. Deficit 135,561.0 166,957.0 140,097.0
Treasury Stock - Common -- -- --
ESOP Debt Guarantee -- -- --
Unrealized Gain/Loss -- -- --
Other Equity, Total 17,110.0 (19,294.0) --
Total Equity 175,386.0 190,250.0 186,253.0
Total Liability & Shareholders' Equity 2,374,990.0 2,521,770.0 2,558,120.0
Total Common Shares Outstanding 20,191.6 19,992.5 20,035.5
Total Preferred Stock Shares Outs. -- -- --
Auditor PWCL PWCL CCC
Auditor Opinion UNO UNO UNO
Source Document ARS ARS PRESS

Data Source: Reuters Fundamentals 7

HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Annual Cash Flow Statement

Type of Update UPD UPD UPD T o t a l Ca s h fr o m Op e r a t in g Act iv it ie s
95000
($ Millions) ($ Millions) ($ Millions)
12Months 12Months 12Months 69000
31 Dec 16 31 Dec 17 31 Dec 18 42000
Net Income/Starting Line 7,112.0 17,167.0 19,890.0 16000
Depreciation/Depletion 5,212.0 1,862.0 1,933.0
- 10000
Amortization -- -- --
- 37000
Deferred Taxes -- -- -- De c 1 6 De c 1 7 De c 1 8
Non-Cash Items 2,198.0 (1,418.0) 5,854.0 ($ Millions)
Cash Receipts -- -- --
Cash Payments -- -- -- Ca p it a l Ex p e n d it u r e s
Cash Taxes Paied 3,264.0 3,175.0 3,417.0 - 1730

Cash Interest Paid -- -- -- - 2060

Changes in Working Capital 54,437.0 (28,089.0) (21,208.0) - 2390

Total Cash from Operating Activities 68,959.0 (10,478.0) 6,469.0 - 2710
Capital Expenditures (2,057.0) (2,452.0) (3,044.0) - 3040
Other Investing Cash Flow Items, Total (13,003.0) 68,009.0 (13,297.0) - 3370
De c 1 6 De c 1 7 De c 1 8
Total Cash from Investing Activities (15,060.0) 65,557.0 (16,341.0)
($ Millions)
Financing Cash Flow Items -- -- --
Total Cash Dividends Paid (9,157.0) (9,005.0) (10,762.0)
Is s u e o f St o ck
Insurance/Retirement of Stock, Net (1,788.0) 2,129.0 (1,942.0) 3500
Insurance/Retirement of Debt, Net 2,027.0 (3,574.0) (4,077.0) 2100
Total Cash from Financing Activities (8,918.0) (10,450.0) (16,781.0)
800
Foreign Exchange Effects (14,294.0) 18,233.0 (9,677.0)
- 600
Net Change in Cash 30,687.0 62,862.0 (36,330.0)
- 1900
Depreciation, Supplemental 5,212.0 1,862.0 1,933.0
- 3300
Cash Interest Paid, Supplemental -- -- -- De c 1 6 De c 1 7 De c 1 8
Cash Taxes Paid, Supplemental 3,264.0 3,175.0 3,417.0 ($ Millions)
Auditor PWCL PWCL CCC
Auditor Opinion UNO UNO UNO Is s u e o f De b t
Source Document ARS ARS PRESS 4100
2000
0
- 2000
- 4100
- 6100
De c 1 6 De c 1 7 De c 1 8
($ Millions)

Ne t Ch a n ge in Ca s h
96000
63000
30000
- 3000
- 36000
- 69000
De c 1 6 De c 1 7 De c 1 8
($ Millions)

Data Source: Reuters Fundamentals 8

HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Quarterly Income Statement

Type of Update UPD UPD UPD UPD UPD Ne t In co m e
5010
($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)
3Months 3Months 3Months 3Months 3Months 4570
30 Sep 17 31 Mar 18 30 Sep 18 31 Mar 19 30 Sep 19 4120
Interest Income, Bank 7,127.0 7,456.0 7,680.0 7,468.0 7,568.0 3680
Interest on Deposit -- -- -- -- --
3240
Interest on Other Borrowings -- -- -- -- --
2790
Fed Funds/Secs. Sold - Resale Agrmnt -- -- -- -- -- Se p 1 7 Ma r 1 8 Se p 1 8 Ma r 1 9 Se p 1 9
Total Interest Expense -- -- -- -- -- ($ Millions)
Net Interest Income 7,127.0 7,456.0 7,680.0 7,468.0 7,568.0
Loan Loss Provision 448.0 170.0 507.0 585.0 883.0 Dilu t e d No r m a liz e d EPS
Net Int. Inc. after Loan Loss Prov. 6,679.0 7,286.0 7,173.0 6,883.0 6,685.0 0 .2 3

No-Interest Income, Bank 9,841.0 9,845.0 9,517.0 12,743.0 10,064.0 0 .2 2

Non-Interest Expense, Bank -- -- -- -- -- 0 .2

Income Before Tax 4,620.0 4,755.0 5,922.0 6,213.0 4,837.0 0 .1 9
Income Tax - Total 1,115.0 1,017.0 1,406.0 1,303.0 1,042.0 0 .1 8
Income After Tax 3,505.0 3,738.0 4,516.0 4,910.0 3,795.0 0 .1 7
Se p 1 7 Ma r 1 8 Se p 1 8 Ma r 1 9 Se p 1 9
Minority Interest (269.0) (342.0) (331.0) (344.0) (318.0)
($ Millions)
Equity In Affiliates -- -- -- -- --
U.S. GAAP Adjustment -- -- -- -- --
Net Income Before Extra. Items 3,236.0 3,396.0 4,185.0 4,566.0 3,477.0
Accounting Change -- -- -- -- --
Discontinued Operations -- -- -- -- --
Extraodinary Item -- -- -- -- --
Tax on Extraordinary Items -- -- -- -- --
Net Income 3,236.0 3,396.0 4,185.0 4,566.0 3,477.0
Preferred Dividends (22.0) (22.0) (22.0) (22.0) (22.0)
General Partner's Distributions -- -- -- -- --
Miscellaneous Earnings Adjustment (256.0) (288.0) (264.0) (410.0) (484.0)
Pro Forma Adjustment -- -- -- -- --
Interest Adjustment - Primary EPS -- -- -- -- --
Inc. Avail. to Common Excl. Extra. Items 2,958.0 3,086.0 3,899.0 4,134.0 2,971.0
Inc. Avail. to Common Incl. Extra. Items 2,958.0 3,086.0 3,899.0 4,134.0 2,971.0
Basic Weighted Average Shares 19,720.0 20,573.3 20,521.1 19,685.7 19,806.7
Basic EPS Excl. Extra. Items 0.150 0.150 0.190 0.210 0.150
Basic EPS Incl. Extra. Items 0.150 0.150 0.190 0.210 0.150
Dilution Adjustment -- -- -- -- --
Diluted Net Income 2,958.000 3,086.000 3,899.000 4,134.000 2,971.000
Diluted Weighted Average Shares 19,720.000 20,573.301 20,521.100 19,685.699 19,806.699
Diluted EPS Excl. Extra. Items 0.150 0.150 0.190 0.210 0.150
Diluted EPS Incl. Extra. Items 0.150 0.150 0.190 0.210 0.150
Div's per Share - Common Stock 0.100 0.000 0.100 0.100 0.100
Gross Dividends - Common Stock -- -- -- -- --
Interest Expense, Supplemental -- -- -- -- --
Interest Capitalized, Supplemental -- -- -- -- --
Depreciation, Supplemental -- -- -- -- --
Total Special Items 778.000 1,138.000 228.000 159.000 721.000
Normalized Income Before Tax 5,398.000 5,893.000 6,150.000 6,372.000 5,558.000
Effect of Special Items on Inc. Taxes 187.764 243.396 54.132 33.346 155.320
Inc. Taxes Excl. Impact Special Items -- -- -- -- --
Normalized Income After Tax 4,095.240 4,632.600 4,689.870 5,035.650 4,360.680
Normalized Income Available to Common 3,548.240 3,980.600 4,072.870 4,259.650 3,536.680
Basic Normalized EPS 0.180 0.193 0.198 0.216 0.179
Diluted Normalized EPS 0.180 0.193 0.198 0.216 0.179
Source Document Interim Re- Interim Re- Interim Re- Interim Re- Interim Re-
port port port port port
Fiscal Period 3 1 3 1 3

Data Source: Reuters Fundamentals 9

HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Quarterly Balance Sheet

Type of Update UPD UPD UPD UPD UPD T o t a l De b t
293000
($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)
30 Sep 17 31 Mar 18 30 Sep 18 31 Mar 19 30 Sep 19 265000
Cash & Due from Banks 252,265.0 263,172.0 251,057.0 244,312.0 221,984.0 237000
Interest-Earning Deposits -- -- -- -- -- 210000
Fed Funds/Secs. Sold - Resale Agrmnt. 184,920.0 213,107.0 210,028.0 227,029.0 214,837.0 182000
Trading Account Assets 334,283.0 277,116.0 254,484.0 264,414.0 243,905.0 154000
FHLB Stock -- -- -- -- -- Se p 1 7 Ma r 1 8 Se p 1 8 Ma r 1 9 Se p 1 9
Other Short Term Investments 250,888.0 262,002.0 256,491.0 252,417.0 325,355.0 ($ Millions)

Total Investment Securities 383,898.0 392,878.0 391,847.0 409,780.0 429,501.0

Loans Held for Sale -- -- -- -- -- T o t a l Eq u it y
199400
Other Earning Assets -- -- -- -- --
195900
Customer Acceptances -- -- -- -- --
192400
Other Earning Assets, Total 1,153,990.0 1,145,100.0 1,112,850.0 1,153,640.0 1,213,600.0
188900
Net Loans 945,168.0 981,165.0 981,460.0 1,005,280.0 1,017,830.0
185400
Property/Plant/Equipment - Gross -- -- -- -- --
Accumulated Depreciation -- -- -- -- -- 181800
Se p 1 7 Ma r 1 8 Se p 1 8 Ma r 1 9 Se p 1 9
Property/Plant/Equip., Net -- -- -- -- --
($ Millions)
Goodwill, Net -- -- -- -- --
Intangibles, Net -- -- -- -- -- T o t a l Co m m o n Sh a r e s Ou t s t a n d in g
Long Term Investments -- -- -- -- -- 20370
Pension Benefits - Overfunded -- -- -- -- -- 20260
Deferred Income Tax - Long Term Asset -- -- -- -- -- 20150
Discontinued Operations - Long Term Asset 669.0 -- -- -- -- 20040
Other Assets, Total 174,123.0 262,683.0 257,668.0 255,765.0 274,932.0 19930
Total Assets 2,526,210.0 2,652,120.0 2,603,040.0 2,659,000.0 2,728,350.0 19820
Accounts Payable -- -- -- -- -- Se p 1 7 Ma r 1 8 Se p 1 8 Ma r 1 9 Se p 1 9
Payable/Accrued -- -- -- -- -- ($ Millions)

Accrued Expenses -- -- -- -- --
Total Deposits 1,406,770.0 1,443,680.0 1,408,050.0 1,422,360.0 1,437,180.0
Other Bearing Liabilities, Total -- -- -- -- --
Total Short Term Borrowings 122,196.0 168,614.0 164,429.0 166,224.0 135,581.0
Current Port. LT Debt/Capital Leases -- -- -- -- --
Dividends Payable -- -- -- -- --
Income Taxes Payable -- -- -- -- --
Total Long Term Debt 59,740.0 71,482.0 82,095.0 99,038.0 98,486.0
Total Debt 181,936.0 240,096.0 246,524.0 265,262.0 234,067.0
Deferred Income Tax -- -- -- -- --
Minority Interest 7,731.0 7,638.0 7,881.0 7,966.0 8,270.0
Other Liabilities, Total 738,760.0 764,787.0 755,231.0 775,051.0 859,313.0
Total Liabilities 2,335,200.0 2,456,200.0 2,417,680.0 2,470,630.0 2,538,830.0
Redeemable Preferred Stock -- -- -- -- --
Preferred Stock(Non Redeemable), Net -- -- -- -- --
Common Stock -- -- -- -- --
Additional Paid-In Capital -- -- -- -- --
Retained Earnings/Accum. Deficit -- -- -- -- --
Treasury Stock - Common -- -- -- -- --
ESOP Debt Guarantee -- -- -- -- --
Unrealized Gain/Loss -- -- -- -- --
Other Equity, Total 191,013.0 195,924.0 185,351.0 188,362.0 189,517.0
Total Equity 191,013.0 195,924.0 185,351.0 188,362.0 189,517.0
Total Liability & Shareholders' Equity 2,526,210.0 2,652,120.0 2,603,040.0 2,659,000.0 2,728,350.0
Total Common Shares Outstanding 20,020.7 -- 19,927.8 20,094.4 20,260.3
Total Preferred Stock Shares Outs. -- -- -- -- --
Source Document Interim Re- Interim Re- Interim Re- Interim Re- Interim Re-
port port port port port
Fiscal Period 3 1 3 1 3

Data Source: Reuters Fundamentals 10

HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Quarterly Cash Flow Statement

Type of Update UPD UPD UPD UPD UPD T o t a l Op e r a t in g Act iv it ie s
67000
($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)
12Months 6Months 12Months 6Months 12Months 45000
31 Dec 13 30 Jun 14 31 Dec 14 30 Jun 15 31 Dec 15 23000
Net Income/Starting Line 22,565.0 12,340.0 18,680.0 13,628.0 18,867.0 1000
Depreciation/Depletion 2,330.0 1,119.0 2,251.0 -- 2,181.0
- 21000
Amortization -- -- -- -- --
- 43000
Deferred Taxes -- -- -- -- -- De c 1 3 Ju n 1 4 De c 1 4 Ju n 1 5 De c 1 5
Non-Cash Items (1,189.0) (744.0) 1,363.0 3,211.0 1,482.0 ($ Millions)
Cash Receipts -- -- -- -- --
Cash Payments -- -- -- -- -- Ca p it a l Ex p e n d it u r e s
Cash Taxes Paied 4,696.0 1,358.0 3,573.0 1,351.0 3,852.0 - 300

Cash Interest Paid -- -- -- -- -- - 900

Changes in Working Capital 21,271.0 (32,558.0) (43,666.0) (2,249.0) (23,652.0) - 1500

Total Cash from Operating Activities 44,977.0 (19,843.0) (21,372.0) 14,590.0 (1,122.0) - 2200
Capital Expenditures (2,786.0) (908.0) (2,380.0) (1,020.0) (2,306.0) - 2800
Other Investing Cash Flow Items, Total (3,799.0) 7,236.0 (2,581.0) (2,649.0) (36,606.0) - 3400
De c 1 3 Ju n 1 4 De c 1 4 Ju n 1 5 De c 1 5
Total Cash from Investing Activities (6,585.0) 6,328.0 (4,961.0) (3,669.0) (38,912.0)
($ Millions)
Financing Cash Flow Items (1,159.0) (637.0) (1,212.0) (814.0) (1,647.0)
Total Cash Dividends Paid (6,414.0) (1,755.0) (6,611.0) (1,834.0) (6,548.0)
Is s u e o f St o ck
Insurance/Retirement of Stock, Net 265.0 223.0 5,618.0 2,145.0 3,595.0 7000
Insurance/Retirement of Debt, Net 327.0 458.0 337.0 902.0 1,023.0 5600
Total Cash from Financing Activities -- -- -- -- --
4200
Foreign Exchange Effects (438.0) 3,443.0 (16,779.0) (3,829.0) (13,827.0)
2800
Net Change in Cash 30,973.0 (11,783.0) (44,980.0) 7,491.0 (57,438.0)
1400
Depreciation, Supplemental 2,330.0 1,119.0 2,251.0 -- 2,181.0
0
Cash Interest Paid, Supplemental -- -- -- -- -- De c 1 3 Ju n 1 4 De c 1 4 Ju n 1 5 De c 1 5
Cash Taxes Paid, Supplemental 4,696.0 1,358.0 3,573.0 1,351.0 3,852.0 ($ Millions)
Source Document ARS 6-K 20-F 6-K ARS
Fiscal Period 4 2 4 2 4 Is s u e o f De b t
1260
1020
790
560
330
100
De c 1 3 Ju n 1 4 De c 1 4 Ju n 1 5 De c 1 5
($ Millions)

Ne t Ch a n ge in Ca s h
60000
31000
2000
- 28000
- 57000
- 87000
De c 1 3 Ju n 1 4 De c 1 4 Ju n 1 5 De c 1 5
($ Millions)

Data Source: Reuters Fundamentals 11

HSBC HSBC HOLDINGS PLC
(NEW YORK STOCK EXCHANGE)

Further Information

Internet Information
Home Page: http://www.hsbc.com/

Officers
Mark Tucker Independent Non-Executive Group Chairman of the Board
Noel Quinn Interim Group Chief Executive, Group Managing Director, Executive Director
Ewen Stevenson Group Chief Financial Officer, Executive Director
Barry O'Byrne Interim Chief Executive Officer - Global Commercial Banking
Elaine Arden Group Chief Human Resource Officer, Group Managing Director
Colin Bell Group Chief Compliance Officer, Group Managing Director
Malvin Kaur Group Chief Risk Officer, Managing Director
Samir Assaf Group Managing Director, Chief Executive Officer - Global Banking and Markets
Jonathan Calvert-Davies Group Managing Director, Group Head of Internal Audit
John Hinshaw Group Managing Director, Group Chief Operating Officer
Stuart Levey Chief Legal Officer, Group Managing Director
Paulo Maia Group Managing Director, Chief Executive - Latin America
Stephen Moss Group Managing Director, Group Chief of Staff
Charlie Nunn Group Managing Director, Chief Executive Officer - Retail Banking and Wealth Management
Michael Roberts Group Managing Director, President and Chief Executive Officer - HSBC USA
Antonio Simoes Group Managing Director; Chief Executive Officer - Global Private Banking
Ian Stuart Group Managing Director; Chief Executive Officer - HSBC UK Bank plc
Peter Wong Group Managing Director; Deputy Chairman and Chief Executive Officer - The Hongkong and Shanghai Banking
Corporation Limited
Aileen Taylor Group Company Secretary and Chief Governance Officer
Kathleen Casey Independent Non-Executive Director

HSBC Holdings PLC Group Headquarters: 8 Canada Square, LONDON, E14 5HQ, United Kingdom,

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Data Source: Reuters Fundamentals 12