The following is a summary of the HSBC Holdings Plc. (HSBC) Q4 2023 Earnings Call Transcript:

Financial Performance:

• HSBC reported a pre-tax profit of $30 billion in 2023, a first-time record.

• The bank distributed $19 billion of capital returns to shareholders in 2023, which included a full-year dividend of $0.61 per share, the highest since 2008, and $7 billion of share buybacks.

• Profit before tax for Q4, excluding special items and hyperinflation effects in Argentina, was $7.3 billion.

• HSBC concluded 2023 with an impressive CET 1 ratio of 14.8%, which will be further increased by the Canada deal's proceeds.

• Reported pre-tax profit for Q4 was impacted by $5.8 billion of exceptional items and was at $1 billion, falling $4 billion from Q4 of 2022.

• Revenue for Q4 decreased due to exceptional items and hyperinflation, but excluding these elements, HSBC's revenue saw an increase of $1.5 billion.

• The bank targets cost growth of around 5% in 2024 and expects a banking NII of at least $41 billion in 2024.

Business Progress:

• HSBC announced an additional share buyback of $2 billion and is considering a special dividend.

• The bank remains committed to reinvesting in growth opportunities and implementing digitization to enhance efficiency.

• HSBC facilitated over $850 billion worth of trade, processed around $500 trillion of electronic payments, and attracted $84 billion of net new invested assets in 2023.

• Strong growth and stability opportunities are seen in HSBC's home markets, Hong Kong and UK.

• HSBC plans to focus on digital innovations outside of traditional business models and positions itself as the preferred bank for innovative companies.

• The bank is transitioning to a growth-focused strategy after completing the majority of its transformation phase.

• -HSBC plans an ongoing series of share buybacks, subject to capital support and regulatory approval.

• The focus for future M&A activities will be on strategic and accretive acquisitions compared to a share buyback.

More details: HSBC Holdings IR

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