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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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HSBC : 2019 Net Profit Plunges 53%

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02/17/2020 | 11:55pm EDT

By Yifan Wang

HSBC Holdings PLC's 2019 net profit plunged 53% due to a substantial amount of goodwill impairment, the bank said Tuesday, as it plans to introduce a slew of measures to cut down costs and restructure the company.

Net profit for the year was $5.97 billion, compared with $12.61 billion in 2018, the bank said in a stock exchange filing.

Revenue edged up 4.3% to $56.10 billion, it added.

HSBC notched a goodwill impairment of $7.3 billion for 2019, primarily related to global banking and markets, and European commercial banking.

For the fourth quarter, the bank swung to a loss of $5.51 billion.

HSBC said it plans to reduce its gross risk-weighted asset by $100 billion in the next two years, as well as trim its sales and research coverage in Europe and exit G-10 long-term derivative market making in the U.K.

The bank said it will consolidate select fixed income activity in London to maximize global scale and reduce U.S. global markets risk-weighted assets by $5 billion.

HSBC added that it plans to suspend share buybacks for 2020 and 2021, due to the high level of restructuring expected to be undertaken over the next two years.

"To achieve our targets, we expect to incur restructuring costs of around $6 billion and asset disposal costs of around $1.2 billion during the period to 2022, with the majority of restructuring costs incurred in 2020 and 2021," HSBC said.

 

Write to Yifan Wang at yifan.wang@wsj.com

 

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Financials (USD)
Sales 2020 52 078 M
EBIT 2020 19 810 M
Net income 2020 9 358 M
Debt 2020 -
Yield 2020 8,27%
P/E ratio 2020 15,1x
P/E ratio 2021 10,8x
Capi. / Sales2020 2,19x
Capi. / Sales2021 2,15x
Capitalization 114 B
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Mean consensus UNDERPERFORM
Number of Analysts 23
Average target price 6,73  $
Last Close Price 5,63  $
Spread / Highest target 82,5%
Spread / Average Target 19,5%
Spread / Lowest Target -24,4%
EPS Revisions
Managers
NameTitle
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
John M. Hinshaw Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
Darryl West Chief Information Officer
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