HSBC Bank Canada Full Year and Fourth Quarter 2023 Results
Another year of record1 results
"Our 2023 profit before tax and total operating income improved, continuing a trend begun in 2020. In fact, they are the highest recorded1 in our history. This is a testament to the commitment of our teams and the very strong relationships they have built with our clients over the years.
"We expect our sale to RBC to be completed in just a few weeks, on
Highlights3 2023 financial performance (vs 2022)
-
Profit before income tax expense was at a record1
$1,121m , up$41m or 3.8%. The increase was largely due to our highest recorded1 total operating income of$2,654m , up$106m or 4.2%, and lower charges in expected credit losses ('ECL'). Operating expenses were up$112m or 8.2% mainly due to the agreed sale4 ofHSBC Bank Canada , partly offset by lower investment spend in 2023. - All business segments were profitable with increases in profit before income tax expense across three of our four business segments.
-
Total assets were
$119.7bn , down$8.6bn or 6.7% mainly due to reduced trading activities and market movements in our markets and trading book. - Common equity tier 1 capital ratio5 of 14.2%, up 260 bps from 2022.
- Return on average common equity5 of 14.1%, down 90 bps from 2022.
Highlights3 4Q23 financial performance (vs 4Q22)
-
Profit before income tax expense was
$228m , down$64m or 22% mainly due to lower net interest income and net fee income. These decreases were primarily driven by higher cost of liabilities due to rising interest rates and change in deposit mix while asset yields increased; and the continued challenging market conditions, resulting in lower credit facility fees and fees from investment funds under management. This was partly offset by higher trading income, lower operating expenses and lower charges in ECL.
1. |
Record profit before income tax expense and total operating income for the year, surpassing the highest previously reported in 2022. |
|
2. |
|
|
3. |
For the quarter and year ended |
|
4. |
On |
|
5. |
For further information on these financial measures refer to the ‘Use of supplementary financial measures’ and 'Financial highlights' sections of this document. |
Analysis of consolidated financial results for the quarter and year ended
Net interest income for the quarter was
Net fee income was
Net fee income was
Net income from financial instruments held for trading for the quarter was
Net income from financial instruments held for trading was
The change in ECL for the quarter was a charge of
ECL for the year was a charge of
Total operating expensesfor the quarter were
Total operating expenses were
Income tax expense: the effective tax rate for the quarter was 19.0%, compared with 26.7% for the same period in the prior year. The difference in the effective tax rate was primarily due to a decrease in our future tax liabilities and a refund of taxes related to prior years.
The effective tax rate for the year was 26.1%, compared with 26.7% in 2022. The tax rate for the year is effectively the bank’s statutory tax rate, adjusted for a decrease in tax liabilities. The statutory tax rate was 27.8% in 2023, compared to 26.5% in 2022. The 2023 rates incorporate the additional 1.5% tax announced in
1. |
For the quarter and year ended |
|
2. |
On |
Movement in financial position
Assets
Total assets at
Liabilities
Total liabilities at
Equity
Total equity at
Dividends
Dividends declared in 2023
During the year, the bank declared
Dividends declared in 2024
At this time, no dividends have been declared on
Business performance for the quarter and year ended
Commercial Banking ('CMB')
Profit before income tax for the quarter was
Total operating income was
Wealth and Personal Banking ('WPB')
WPB delivered record2 operating income and profit before income tax for the year, surpassing the highest results previously reported in 2022.
Profit before income tax for the quarter was
Total operating income for the quarter was
Global Banking ('GB')
Profit before income tax for the quarter was
Total operating income for the quarter was
Markets and Securities Services ('MSS')
Profit before income tax for the quarter was a loss of
Total operating income for the quarter was
Corporate Centre3
Profit before income tax for the quarter was a loss of
1. |
For the quarter and year ended |
|
2. |
Record year since inception of WPB (previously Retail Banking and Wealth Management ('RBWM')) as a single global business in 2011. |
|
3. |
Corporate Centre is not an operating segment of the bank. The numbers included above provide a reconciliation between operating segments and the entity results. |
|
4. |
On |
In evaluating our performance, we use supplementary financial measures which have been calculated from International Financial Reporting Standards issued by the
Return on average common shareholder’s equity is calculated as annualized profit attributable to the common shareholder for the period divided by average1 common equity.
Return on average risk-weighted assets is calculated as the profit before income tax expense divided by the average1 risk-weighted assets.
Cost efficiency ratio is calculated as total operating expenses as a percentage of total operating income.
Operating leverage ratio is calculated as the difference between the rates of change for operating income and operating expenses.
Net interest margin is net interest income expressed as an annualized percentage of average1 interest earning assets.
Change in expected credit losses to average gross loans and advances and acceptances is calculated as the annualized change in expected credit losses2 as a percentage of average1 gross loans and advances to customers and customers' liabilities under acceptances.
Change in expected credit losses on stage 3 loans and advances and acceptances to average gross loans and advances and acceptances is calculated as the annualized change in expected credit losses2 on stage 3 assets as a percentage of average1 gross loans and advances to customers and customers' liabilities under acceptances.
Total stage 3 allowance for expected credit losses to gross stage 3 loans and advances and acceptances is calculated as the total allowance for expected credit losses2 relating to stage 3 loans and advances to customers, and customers' liabilities under acceptances as a percentage of stage 3 loans and advances to customers and customers' liabilities under acceptances.
Net write-offs as a percentage of average customer advances and acceptances is calculated as annualized net write-offs as a percentage of average1 net customer advances and customers' liabilities under acceptances.
Ratio of customer advances to customer accounts is calculated as loans and advances to customers as a percentage of customer accounts.
1. |
The net interest margin is calculated using daily average balances. All other financial measures use average balances that are calculated using quarter-end balances. |
|
2. |
Change in expected credit losses relates primarily to loans, acceptances and commitments. |
|
Financial highlights |
|||||||||||
(Figures in $m, except where otherwise stated) |
||||||||||||
Financial performance and position |
||||||||||||
|
Quarter ended |
Year ended |
||||||||||
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Financial performance for the period |
|
|
|
|
||||||||
Total operating income |
636 |
|
714 |
|
2,654 |
|
2,548 |
|
||||
Profit before income tax expense |
228 |
|
292 |
|
1,121 |
|
1,080 |
|
||||
Profit attributable to the common shareholder |
163 |
|
199 |
|
750 |
|
741 |
|
||||
Change in expected credit losses and other credit impairment charges - (charge) |
(22 |
) |
(28 |
) |
(63 |
) |
(110 |
) |
||||
Operating expenses |
(386 |
) |
(394 |
) |
(1,470 |
) |
(1,358 |
) |
||||
Basic and diluted earnings per common share ($) |
0.30 |
|
0.36 |
|
1.37 |
|
1.35 |
|
||||
|
|
|
|
|
||||||||
Financial ratios%1 |
|
|
|
|
||||||||
Return on average common shareholder’s equity |
11.4 |
|
16.7 |
|
14.1 |
|
15.0 |
|
||||
Return on average risk-weighted assets |
2.1 |
|
2.6 |
|
2.5 |
|
2.5 |
|
||||
Cost efficiency ratio |
60.7 |
|
55.2 |
|
55.4 |
|
53.3 |
|
||||
Operating leverage ratio2 |
1.3 |
|
8.8 |
|
n/a |
|
11.2 |
|
||||
Net interest margin |
1.46 |
|
1.70 |
|
1.58 |
|
1.50 |
|
||||
Change in expected credit losses to average gross loans and advances and acceptances |
0.11 |
|
0.14 |
|
0.08 |
|
0.14 |
|
||||
Change in expected credit losses on stage 3 loans and advances and acceptances to average gross loans and advances and acceptances |
0.10 |
|
0.05 |
|
0.11 |
|
0.12 |
|
||||
Total stage 3 allowance for expected credit losses to gross stage 3 loans and advances and acceptances |
21.8 |
|
26.8 |
|
21.8 |
|
26.8 |
|
||||
Net write-offs as a percentage of average loans and advances and acceptances |
0.30 |
|
0.05 |
|
0.13 |
|
0.19 |
|
||||
|
|
|
|
|
||||||||
Financial and capital measures |
|
|
|
|
||||||||
|
|
At |
||||||||||
|
|
|
|
|
||||||||
Financial position at period end |
|
|
|
|
||||||||
Total assets |
119,710 |
|
128,302 |
|
||||||||
Loans and advances to customers |
74,093 |
|
74,862 |
|
||||||||
Customer accounts |
83,236 |
|
82,253 |
|
||||||||
Ratio of customer advances to customer accounts(%)1 |
89.0 |
|
91.0 |
|
||||||||
Common shareholder's equity |
5,935 |
|
4,818 |
|
||||||||
|
|
|
|
|
||||||||
Capital, leverage and liquidity measures |
|
|
|
|
||||||||
Common equity tier 1 capital ratio (%)3 |
14.2 |
|
11.6 |
|
||||||||
Tier 1 ratio (%)3 |
16.8 |
|
14.1 |
|
||||||||
Total capital ratio (%)3 |
18.6 |
|
16.4 |
|
||||||||
Leverage ratio (%)3 |
5.5 |
|
4.7 |
|
||||||||
Risk-weighted assets ($m)3 |
43,416 |
|
44,656 |
|
||||||||
Liquidity coverage ratio (%)4 |
170 |
|
164 |
|
1. |
Refer to the ‘Use of supplementary financial measures’ section of this document for a glossary of the measures used. |
|
2. |
n/a is shown where the ratio has resulted in a negative ratio. |
|
3. |
Capital ratios and risk weighted assets are calculated using the Office of the Superintendent |
|
4. |
The Liquidity coverage ratio is calculated using OSFI's Liquidity Adequacy Requirements ('LAR') guideline, which incorporates the |
|
Consolidated income statement |
|||||||||||||||
(Figures in $m, except per share amounts) |
|
Quarter ended |
|
Year ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
1,365 |
|
|
|
1,184 |
|
|
|
5,234 |
|
|
|
3,219 |
|
Interest expense |
|
|
(966 |
) |
|
|
(705 |
) |
|
|
(3,513 |
) |
|
|
(1,585 |
) |
Net interest income |
|
|
399 |
|
|
|
479 |
|
|
|
1,721 |
|
|
|
1,634 |
|
|
|
|
|
|
|
|
|
|
||||||||
Fee income |
|
|
222 |
|
|
|
222 |
|
|
|
886 |
|
|
|
891 |
|
Fee expense |
|
|
(39 |
) |
|
|
(30 |
) |
|
|
(133 |
) |
|
|
(112 |
) |
Net fee income |
|
|
183 |
|
|
|
192 |
|
|
|
753 |
|
|
|
779 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income from financial instruments held for trading |
|
|
45 |
|
|
|
33 |
|
|
|
149 |
|
|
|
99 |
|
Changes in fair value of other financial instruments mandatorily measured at fair value through profit and loss |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(2 |
) |
Gains less losses from financial investments |
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
2 |
|
Other operating income |
|
|
9 |
|
|
|
11 |
|
|
|
25 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total operating income |
|
|
636 |
|
|
|
714 |
|
|
|
2,654 |
|
|
|
2,548 |
|
|
|
|
|
|
|
|
|
|
||||||||
Change in expected credit losses and other credit impairment charges - (charge) |
|
|
(22 |
) |
|
|
(28 |
) |
|
|
(63 |
) |
|
|
(110 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net operating income |
|
|
614 |
|
|
|
686 |
|
|
|
2,591 |
|
|
|
2,438 |
|
|
|
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
|
|
(196 |
) |
|
|
(156 |
) |
|
|
(700 |
) |
|
|
(607 |
) |
General and administrative expenses |
|
|
(151 |
) |
|
|
(174 |
) |
|
|
(586 |
) |
|
|
(600 |
) |
Depreciation and impairment of property, plant and equipment |
|
|
(14 |
) |
|
|
(14 |
) |
|
|
(56 |
) |
|
|
(63 |
) |
Amortization and impairment of intangible assets |
|
|
(25 |
) |
|
|
(50 |
) |
|
|
(128 |
) |
|
|
(88 |
) |
Total operating expenses |
|
|
(386 |
) |
|
|
(394 |
) |
|
|
(1,470 |
) |
|
|
(1,358 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Profit before income tax expense |
|
|
228 |
|
|
|
292 |
|
|
|
1,121 |
|
|
|
1,080 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense |
|
|
(44 |
) |
|
|
(78 |
) |
|
|
(293 |
) |
|
|
(288 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Profit for the period |
|
|
184 |
|
|
|
214 |
|
|
|
828 |
|
|
|
792 |
|
|
|
|
|
|
|
|
|
|
||||||||
Profit attributable to the common shareholder |
|
|
163 |
|
|
|
199 |
|
|
|
750 |
|
|
|
741 |
|
Profit attributable to the preferred shareholder |
|
|
21 |
|
|
|
15 |
|
|
|
78 |
|
|
|
51 |
|
Profit attributable to shareholders |
|
|
184 |
|
|
|
214 |
|
|
|
828 |
|
|
|
792 |
|
|
|
|
|
|
|
|
|
|
||||||||
Average number of common shares outstanding (000’s) |
|
|
548,668 |
|
|
|
548,668 |
|
|
|
548,668 |
|
|
|
548,668 |
|
Basic and diluted earnings per common share ($) |
|
$ |
0.30 |
|
|
$ |
0.36 |
|
|
$ |
1.37 |
|
|
$ |
1.35 |
|
|
Consolidated balance sheet |
|||||
(Figures in $m) |
|
At |
||||
|
|
|
|
|
||
|
|
|
|
|
||
ASSETS |
|
|
|
|
||
Cash and balances at central banks |
|
7,089 |
|
|
6,326 |
|
Items in the course of collection from other banks |
|
12 |
|
|
9 |
|
Trading assets |
|
3,253 |
|
|
4,296 |
|
Other financial assets mandatorily measured at fair value through profit or loss |
|
20 |
|
|
18 |
|
Derivatives |
|
3,964 |
|
|
6,220 |
|
Loans and advances to banks |
|
393 |
|
|
344 |
|
Loans and advances to customers |
|
74,093 |
|
|
74,862 |
|
Reverse repurchase agreements – non-trading |
|
3,595 |
|
|
6,003 |
|
Financial investments |
|
22,420 |
|
|
23,400 |
|
Other assets |
|
1,422 |
|
|
2,591 |
|
Prepayments and accrued income |
|
367 |
|
|
351 |
|
Customers’ liability under acceptances |
|
2,595 |
|
|
3,147 |
|
Current tax assets |
|
41 |
|
|
172 |
|
Property, plant and equipment |
|
325 |
|
|
332 |
|
|
|
32 |
|
|
160 |
|
Deferred tax assets |
|
89 |
|
|
71 |
|
Total assets |
|
119,710 |
|
|
128,302 |
|
|
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
|
||
Liabilities |
|
|
|
|
||
Deposits by banks |
|
360 |
|
|
712 |
|
Customer accounts |
|
83,236 |
|
|
82,253 |
|
Repurchase agreements – non-trading |
|
3,654 |
|
|
4,435 |
|
Items in the course of transmission to other banks |
|
524 |
|
|
227 |
|
Trading liabilities |
|
1,870 |
|
|
3,732 |
|
Derivatives |
|
4,095 |
|
|
6,575 |
|
Debt securities in issue |
|
10,174 |
|
|
15,735 |
|
Other liabilities |
|
3,616 |
|
|
3,577 |
|
Acceptances |
|
2,599 |
|
|
3,156 |
|
Accruals and deferred income |
|
1,180 |
|
|
713 |
|
Retirement benefit liabilities |
|
210 |
|
|
203 |
|
Subordinated liabilities |
|
1,011 |
|
|
1,011 |
|
Provisions |
|
46 |
|
|
54 |
|
Current tax liabilities |
|
100 |
|
|
— |
|
Deferred tax liability |
|
— |
|
|
1 |
|
Total liabilities |
|
112,675 |
|
|
122,384 |
|
|
|
|
|
|
||
Equity |
|
|
|
|
||
Common shares |
|
1,125 |
|
|
1,125 |
|
Preferred shares |
|
1,100 |
|
|
1,100 |
|
Other reserves |
|
(424 |
) |
|
(786 |
) |
Retained earnings |
|
5,234 |
|
|
4,479 |
|
Total equity |
|
7,035 |
|
|
5,918 |
|
Total liabilities and equity |
|
119,710 |
|
|
128,302 |
|
|
Consolidated statement of cash flows |
|||||
(Figures in $m) |
|
Year ended |
||||
|
|
|
|
|
||
|
|
|
|
|
||
Profit before tax |
|
1,121 |
|
|
1,080 |
|
Adjustments for: |
|
|
|
|
||
– non-cash items included in profit before tax |
|
277 |
|
|
277 |
|
Changes in operating assets and liabilities |
|
|
|
|
||
– change in operating assets |
|
3,030 |
|
|
(9,051 |
) |
– change in operating liabilities |
|
(5,872 |
) |
|
5,789 |
|
– tax paid |
|
(222 |
) |
|
(27 |
) |
Net cash from operating activities |
|
(1,666 |
) |
|
(1,932 |
) |
|
|
|
|
|
||
Purchase of financial investments |
|
(4,379 |
) |
|
(10,747 |
) |
Proceeds from the sale and maturity of financial investments |
|
5,511 |
|
|
2,008 |
|
Purchase of intangibles and property, plant and equipment |
|
(11 |
) |
|
(117 |
) |
Net cash from investing activities |
|
1,121 |
|
|
(8,856 |
) |
|
|
|
|
|
||
Return of capital to parent |
|
— |
|
|
(600 |
) |
Dividends paid to shareholder |
|
(58 |
) |
|
(416 |
) |
Lease principal payments |
|
(42 |
) |
|
(48 |
) |
Net cash from financing activities |
|
(100 |
) |
|
(1,064 |
) |
|
|
|
|
|
||
Net increase in cash and cash equivalents |
|
(645 |
) |
|
(11,852 |
) |
|
|
|
|
|
||
Cash and cash equivalents at 1 Jan |
|
7,907 |
|
|
19,759 |
|
Cash and cash equivalents at 31 Dec |
|
7,262 |
|
|
7,907 |
|
Interest |
|
|
|
|
||
Interest paid |
|
(3,084 |
) |
|
(1,250 |
) |
Interest received |
|
5,207 |
|
|
3,056 |
|
|
Business segmentation (unaudited) |
|||||||||||
(Figures in $m) |
|
Quarter ended |
|
Year ended |
||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Commercial Banking |
|
|
|
|
|
|
|
|
||||
Net interest income |
|
191 |
|
|
190 |
|
|
747 |
|
|
712 |
|
Non-interest income |
|
119 |
|
|
126 |
|
|
488 |
|
|
485 |
|
Total operating income |
|
310 |
|
|
316 |
|
|
1,235 |
|
|
1,197 |
|
Change in expected credit losses - (charge) |
|
(12 |
) |
|
(22 |
) |
|
(33 |
) |
|
(73 |
) |
Net operating income |
|
298 |
|
|
294 |
|
|
1,202 |
|
|
1,124 |
|
Total operating expenses |
|
(128 |
) |
|
(109 |
) |
|
(445 |
) |
|
(411 |
) |
Profit before income tax expense |
|
170 |
|
|
185 |
|
|
757 |
|
|
713 |
|
|
|
|
|
|
|
|
|
|
||||
Wealth and Personal Banking |
|
|
|
|
|
|
|
|
||||
Net interest income |
|
183 |
|
|
210 |
|
|
800 |
|
|
709 |
|
Non-interest income |
|
76 |
|
|
81 |
|
|
314 |
|
|
301 |
|
Total operating income |
|
259 |
|
|
291 |
|
|
1,114 |
|
|
1,010 |
|
Change in expected credit losses - (charge) |
|
(10 |
) |
|
(11 |
) |
|
(39 |
) |
|
(33 |
) |
Net operating income |
|
249 |
|
|
280 |
|
|
1,075 |
|
|
977 |
|
Total operating expenses |
|
(192 |
) |
|
(174 |
) |
|
(711 |
) |
|
(663 |
) |
Profit before income tax expense |
|
57 |
|
|
106 |
|
|
364 |
|
|
314 |
|
|
|
|
|
|
|
|
|
|
||||
Global Banking |
|
|
|
|
|
|
|
|
||||
Net interest income |
|
31 |
|
|
61 |
|
|
143 |
|
|
160 |
|
Non-interest income |
|
17 |
|
|
18 |
|
|
63 |
|
|
63 |
|
Total operating income |
|
48 |
|
|
79 |
|
|
206 |
|
|
223 |
|
Change in expected credit losses - release/(charge) |
|
— |
|
|
5 |
|
|
9 |
|
|
(4 |
) |
Net operating income |
|
48 |
|
|
84 |
|
|
215 |
|
|
219 |
|
Total operating expenses |
|
(22 |
) |
|
(23 |
) |
|
(82 |
) |
|
(88 |
) |
Profit before income tax expense |
|
26 |
|
|
61 |
|
|
133 |
|
|
131 |
|
|
|
|
|
|
|
|
|
|
||||
Markets and Securities Services |
|
|
|
|
|
|
|
|
||||
Net interest income |
|
(2 |
) |
|
18 |
|
|
41 |
|
|
49 |
|
Non-interest income |
|
15 |
|
|
3 |
|
|
38 |
|
|
55 |
|
Total operating income |
|
13 |
|
|
21 |
|
|
79 |
|
|
104 |
|
Total operating expenses |
|
(14 |
) |
|
(12 |
) |
|
(50 |
) |
|
(51 |
) |
Profit/(loss) before income tax expense |
|
(1 |
) |
|
9 |
|
|
29 |
|
|
53 |
|
|
|
|
|
|
|
|
|
|
||||
Corporate Centre1 |
|
|
|
|
|
|
|
|
||||
Net interest income |
|
(4 |
) |
|
— |
|
|
(10 |
) |
|
4 |
|
Non-interest income |
|
10 |
|
|
7 |
|
|
30 |
|
|
10 |
|
Net operating income |
|
6 |
|
|
7 |
|
|
20 |
|
|
14 |
|
Total operating expenses |
|
(30 |
) |
|
(76 |
) |
|
(182 |
) |
|
(145 |
) |
Profit/(loss) before income tax expense |
|
(24 |
) |
|
(69 |
) |
|
(162 |
) |
|
(131 |
) |
1. |
Corporate Centre is not an operating segment of the bank. The numbers included above provide a reconciliation between operating segments and the entity results. |
Agreed sale of
On
1. |
|
About
For more information visit www.hsbc.ca or follow us on X: @HSBC_CA or Facebook: @HSBCCanada
Caution regarding forward-looking statements
This document contains forward-looking information, including statements regarding the business and anticipated actions of the bank. These statements can be identified by the fact that they do not pertain strictly to historical or current facts. Forward-looking statements often include words such as 'anticipates', 'estimates', 'expects', 'projects', 'intends', 'plans', 'believes' and words and terms of similar substance in connection with discussions of future operating or financial performance. By their very nature, these statements require us to make a number of assumptions and are subject to a number of inherent risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. We caution you to not place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. The 'Risk' section in the Management's Discussion and Analysis in our Annual Report and Accounts 2023 describes the most significant risks to which the bank is exposed and, if not managed appropriately, could have a material impact on our future financial results. These risk factors include: credit risk, treasury risk (inclusive of capital management, liquidity and funding risk and interest rate risk), market risk, resilience risk, climate risk (inclusive of transition and physical risk impacts), regulatory compliance risk, financial crime risk, model risk and pension risk. Additional factors that may cause our actual results to differ materially from the expectations expressed in such forward-looking statements include: general economic and market conditions, inflation, fiscal and monetary policies, changes in laws, regulations and approach to supervision, level of competition and disruptive technology, cyber threat and unauthorized access to systems, changes to our credit rating, interbank offered rate ('IBOR') including Canadian Dollar Offered Rate ('CDOR') transition, and other risks such as changes in accounting standards, changes in tax rates, tax law and policy, and its interpretation of tax authorities, risk of fraud by employees or others, unauthorized transactions by employees and human error. Furthermore, on
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220404525/en/
Media enquiries:
647-388-1202
sharon_wilks@hsbc.ca
647-880-5406
caroline.x.creighton@hsbc.ca
Investor relations enquiries:
investor_relations@hsbc.ca
Source: