25 OCTOBER 2021
HSBC HOLDINGS PLC
3Q21 EARNINGS RELEASE
Noel Quinn, Group Chief Executive, said:
"We had a good third-quarter performance, with strong growth in profits supported by additional credit provision releases. Our strategy remains on track, with good delivery in all areas. This was reflected in more consistent top-line growth, robust lending pipelines across our businesses, and rising trade and mortgage balances.
While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us. This confidence, together with our strong capital position, enables us to announce a share buyback of up to $2bn, which we expect to commence shortly."
Financial performance (vs. 3Q20)
- Reported profit after tax up $2.2bn to $4.2bn and reported profit before tax up $2.3bn to $5.4bn. The increase was driven by a release of expected credit losses and other credit impairment charges ('ECL') and a higher share of profit from our associates.
- All regions profitable in 3Q21, demonstrating continued earnings diversity. Asia contributed $3.3bn to Group reported profit before tax, while in HSBC UK reported profit before tax increased by $1.0bn to $1.5bn.
- Reported revenue up 1% to $12.0bn, including a favourable foreign currency translation movement. Adjusted revenue down 1% to $12.2bn, primarily reflecting unfavourable market impacts in life insurance manufacturing in Wealth and Personal Banking ('WPB') and lower revenue in Markets and Securities Services ('MSS'). Notwithstanding these factors, we have seen continued good performances in areas of strategic focus, including wealth and trade finance products.
- Net interest margin ('NIM') of 1.19% was broadly stable compared with 3Q20 and 2Q21.
- Reported ECL were a net release of $0.7bn, compared with a $0.8bn ECL charge in 3Q20, reflecting continued stability in economic conditions and better than expected levels of credit performance.
- Reported and adjusted operating expenses were broadly unchanged as increases, including growth in technology investment, were offset by the impact of our cost-savinginitiatives.
- Reported customer lending balances down $20bn in the quarter, including adverse foreign currency translation movements. On a constant currency basis, customer lending balances down $6bn, mainly from the repayment of $14bn of short-term borrowing to fund investments in initial public offerings in Hong Kong, partly offset by continued growth in mortgage balances of $7bn.
- Common equity tier 1 ('CET1') capital ratio of 15.9%, up 30 basis points ('bps') from 2Q21, reflecting a reduction in risk- weighted assets ('RWAs'), partly offset by a decrease in CET1 capital, net of foreseeable dividends.
Financial performance (vs. 9M20)
- Reported profit after tax up $7.5bn to $12.7bn and reported profit before tax up $8.9bn to $16.2bn. Lower revenue was more than offset by net releases in ECL. Reported profit in 9M20 included an impairment of software intangibles of $1.3bn, mainly in Europe, and our share of an impairment of goodwill recorded by an associate.
- Reported revenue down 3% to $37.6bn, primarily reflecting 2020 interest rate reductions and lower revenue in MSS in Global Banking and Markets ('GBM'). These reductions were partly offset by net favourable movements in market impacts in life insurance manufacturing and valuation adjustments in GBM.
- Reported ECL were a net release of $1.4bn, compared with a $7.6bn ECL charge in 9M20. The net release in 9M21 primarily reflected an improvement in the economic outlook since 2020. The reduction also reflected low levels of stage 3 charges in 9M21, as well as the non-recurrenceof a large charge in 9M20 related to a corporate exposure in Singapore.
- Reported operating expenses up 2% as a higher performance-related pay accrual and increased investment in technology were in part mitigated by the impact of our cost-saving initiatives.
- Return on average tangible equity ('RoTE') (annualised) of 9.1%, up 5.6 percentage points from 9M20.
Outlook
- We continue to make progress on our environmental, social and governance ('ESG') agenda, including our climate commitments announced in October 2020, and work is ongoing to deliver on the commitments in the special resolution on climate change that was passed at the AGM in May 2021.
- The revenue outlook is becoming more positive, with fee growth across many of our businesses and a stabilisation of net interest income, which we expect to begin to increase in the coming quarters from lending growth and earlier than anticipated policy rate rises.
- Given current consensus economics and default experience, we expect a net release of ECL for 2021, with the potential for a further small net release of ECL in 4Q21, dependent on offsetting levels of stage 3 charges. We now have around $1.2bn remaining of the stage 1 and stage 2 ECL allowance uplift we made during 2020. We do not currently expect ECL charges to normalise towards our medium-termrange of 30bps to 40bps of average loans until the second half of 2022.
- We continued to demonstrate strong cost control over the course of the year. Given inflationary pressures, continued investment and the impact and timing of recently announced acquisitions and disposals, we now expect adjusted costs of approximately $32bn for 2021 and 2022, excluding the estimated UK bank levy charge of $0.3bn. With an improved revenue outlook and the prospect of rising policy rates, we remain committed to achieving a RoTE of greater than or equal to 10% over the medium term.
- We remain well placed to fund growth and step up capital returns, and now intend to normalise our CET1 position to be within our 14% to 14.5% target operating range by the end of 2022. We intend to achieve this through a combination of growth and capital returns, as well as from an expected $20bn to $35bn uplift in RWAs in 2022 due to regulatory developments. Given our strong capital position and notwithstanding growth opportunities available to us, we intend to initiate a share buyback of up to $2bn, which we expect to commence shortly.
HSBC Holdings plc Earnings Release 3Q21 | 1 |
Earnings Release - 3Q21
Key financial metrics
Nine months ended | Quarter ended | |||||
30 Sep | 30 Sep | 30 Sep | 30 Jun | 30 Sep | ||
2021 | 2020 | 2021 | 2021 | 2020 | ||
Reported results | ||||||
Reported revenue ($m) | 37,563 | 38,672 | 12,012 | 12,565 | 11,927 | |
Reported profit before tax ($m) | 16,242 | 7,392 | 5,403 | 5,060 | 3,074 | |
Reported profit after tax ($m) | 12,664 | 5,164 | 4,242 | 3,854 | 2,039 | |
Profit attributable to the ordinary shareholders of the parent company ($m) | 10,819 | 3,336 | 3,543 | 3,396 | 1,359 | |
Cost efficiency ratio (%) | 66.8 | 63.5 | 66.5 | 68.1 | 67.4 | |
Basic earnings per share ($) | 0.54 | 0.17 | 0.18 | 0.17 | 0.07 | |
Diluted earnings per share ($) | 0.53 | 0.16 | 0.17 | 0.17 | 0.07 | |
Net interest margin (%) | 1.20 | 1.35 | 1.19 | 1.20 | 1.20 | |
Alternative performance measures | ||||||
Adjusted revenue ($m) | 37,998 | 39,971 | 12,201 | 12,395 | 12,374 | |
Adjusted profit before tax ($m) | 17,946 | 10,053 | 5,996 | 5,508 | 4,398 | |
Adjusted cost efficiency ratio (%) | 62.7 | 58.3 | 62.2 | 64.0 | 61.5 | |
Expected credit losses and other credit impairment charges ('ECL') (annualised) as | (0.18) | (0.25) | ||||
% of average gross loans and advances to customers (%) | 1.01 | (0.11) | 0.31 | |||
Return on average ordinary shareholders' equity (annualised) (%) | 8.2 | 2.7 | 8.0 | 7.8 | 3.2 | |
Return on average tangible equity (annualised) (%)1 | 9.1 | 3.5 | 8.7 | 8.6 | 2.9 | |
At | ||||||
30 Sep | 30 Jun | 31 Dec | ||||
2021 | 2021 | 2020 | ||||
Balance sheet | ||||||
Total assets ($m) | 2,968,791 | 2,976,005 | 2,984,164 | |||
Net loans and advances to customers ($m) | 1,039,677 | 1,059,511 | 1,037,987 | |||
Customer accounts ($m) | 1,687,982 | 1,669,091 | 1,642,780 | |||
Average interest-earning assets, year to date ($m) | 2,195,384 | 2,188,991 | 2,092,900 | |||
Loans and advances to customers as % of customer accounts (%) | 61.6 | 63.5 | 63.2 | |||
Total shareholders' equity ($m) | 198,144 | 198,218 | 196,443 | |||
Tangible ordinary shareholders' equity ($m) | 157,711 | 157,985 | 156,423 | |||
Net asset value per ordinary share at period end ($)2 | 8.70 | 8.69 | 8.62 | |||
Tangible net asset value per ordinary share at period end ($) | 7.81 | 7.81 | 7.75 | |||
Capital, leverage and liquidity | ||||||
Common equity tier 1 capital ratio (%)3 | 15.9 | 15.6 | 15.9 | |||
Risk-weighted assets ($m)3 | 839,184 | 862,292 | 857,520 | |||
Total capital ratio (%)3 | 21.3 | 21.0 | 21.5 | |||
Leverage ratio (%)3 | 5.2 | 5.3 | 5.5 | |||
High-quality liquid assets (liquidity value) ($bn) | 664 | 659 | 678 | |||
Liquidity coverage ratio (%) | 135 | 134 | 139 | |||
Share count | ||||||
Period end basic number of $0.50 ordinary shares outstanding (millions) | 20,201 | 20,223 | 20,184 | |||
Period end basic number of $0.50 ordinary shares outstanding and dilutive potential ordinary shares (millions) | 20,296 | 20,315 | 20,272 | |||
Average basic number of $0.50 ordinary shares outstanding (millions) | 20,212 | 20,211 | 20,169 | |||
Dividend per ordinary share (in respect of the period) ($) | - | 0.07 | 0.15 |
For reconciliation of our reported results to an adjusted basis, including lists of significant items, see page 35. Definitions and calculations of other alternative performance measures are included in 'Alternative performance measures' on page 32.
- Profit attributable to ordinary shareholders, excluding impairment of goodwill and other intangible assets and changes in present value of in-force insurance contracts ('PVIF') (net of tax), divided by average ordinary shareholders' equity excluding goodwill, PVIF and other intangible assets (net of deferred tax).
- The definition of net asset value per ordinary share is total shareholders' equity less non-cumulative preference shares and capital securities, divided by the number of ordinary shares in issue excluding shares the company has purchased and are held in treasury.
- Unless otherwise stated, regulatory capital ratios and requirements are based on the transitional arrangements of the Capital Requirements Regulation in force at the time. These include the regulatory transitional arrangements for IFRS 9 'Financial Instruments', which are explained further on page 29. Leverage ratios are calculated using the end point definition of capital and the IFRS 9 regulatory transitional arrangements. Following the end of the transition period after the UK's withdrawal from the EU, any reference to EU regulations and directives (including technical standards) should be read as a reference to the version onshored into UK law under the European Union (Withdrawal) Act 2018, as amended.
- HSBC Holdings plc Earnings Release 3Q21
Contents
Page | ||
Highlights | 1 | |
- | Key financial metrics | 2 |
- | Business highlights | 3 |
Financial summary | 4 | |
- Adjusted performance | 4 | |
- Summary consolidated income statement | 5 | |
- | Distribution of results by global business and geographical region | 5 |
- Income statement commentary | 6 | |
- Summary consolidated balance sheet | 11 | |
- Balance sheet commentary | 11 | |
- | Global businesses | 12 |
Notes | 15 | |
Risk | 16 | |
- Approach to risk management | 16 |
Page | ||
- | Risks related to Covid-19 | 16 |
- | Geopolitical and macroeconomic risks | 16 |
- | Ibor transition | 17 |
- | Credit risk | 17 |
- | Capital adequacy | 29 |
- Leverage | 30 | |
- | Risk-weighted assets | 30 |
- Regulatory developments | 31 | |
Alternative performance measures | 32 | |
Additional information | 46 | |
- | Dividend on preference shares | 46 |
- | Investor relations / media relations contacts | 46 |
- | Cautionary statement regarding forward-looking statements | 46 |
- | Terms and abbreviations | 48 |
HSBC Holdings plc will be conducting a trading update conference call with analysts and investors today to coincide with the publication of its Earnings Release. The call will take place at 07.30am BST. Details of how to participate in the call and the live audio webcast can be found at www.hsbc.com/investors.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). This announcement is made pursuant to the Inside Information Provisions (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the 'Hong Kong Listing Rules') under Part XIVA of the Securities and Futures Ordinance (Cap. 571) and Rule 13.09(2)(a) of the Hong Kong Listing Rules.
About HSBC
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in
64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world's largest banking and financial services organisations.
Business highlights
In February 2021, we refreshed our strategy, in recognition of the fundamental shifts in the operating environment.
Our strategy centres around four key pillars:
- focusing on our strengths and investing in the areas where we see significant opportunities for growth;
- digitising at scale by increasing our investment in technology to improve how we serve customers and increase efficiency;
- energising for growth through a strong culture, simple ways of working, and by equipping staff with the future skills they need; and
- helping our customers and communities to capture the opportunities presented by the transition to a low-carbon economy.
In 3Q21, we entered into an agreement to buy AXA Insurance Pte Limited (AXA Singapore). The proposed acquisition, which is subject to regulatory approval, is a key step in our ambition to becoming a leading wealth manager in Asia by expanding our insurance and wealth franchise in Singapore, a major hub for our wealth business in the ASEAN region.
To help our people to develop the skills for the changing world around us, we launched Future Skills in September 2021, which invited colleagues to explore new personal, digital, data and sustainability skills through a series of learning activities and events.
We continue to make progress on our ESG agenda, including our climate commitments announced in October 2020. Our new Group Chief Sustainability Officer, Celine Herweijer, joined in July 2021 to lead the net zero and wider sustainability agenda. Celine, who reports to the Group Chief Executive, is a Group Executive Committee member and chairs the Group ESG Steering Committee.
Work is ongoing to deliver on the special resolution on climate change backed by 99.7% of our shareholders at the AGM in May 2021. In addition, our Group Chief Executive, Noel Quinn, chairs the Financial Services Task Force, part of HRH The Prince of Wales' Sustainable Markets Initiative. We took a leading role in the formation of the Net-Zero Banking Alliance, and Noel is a principal of the Glasgow Financial Alliance for Net Zero group, an initiative founded by Mark Carney in his role as UN special envoy on climate and adviser for the UK's presidency of COP26, the United Nations Climate Change Conference of the Parties being held in Glasgow. Recognising the emerging importance of nature, we have also been appointed as a member of the Taskforce on Nature-related Financial Disclosures.
Our cost-reduction programme continues to progress. Cumulatively, since the start of the programme in 2020, we have now delivered savings of $2.6bn, with costs to achieve of $3.1bn. We now expect adjusted costs of approximately $32bn for both 2021 and 2022, excluding the UK bank levy. This compares with our previous guidance for 2022 of $31.3bn (based on average September 2021 foreign exchange rates, including the UK bank levy), with the increase in guidance reflecting inflationary pressures and continued investment, as well as costs due to the impact and timing of recently announced acquisitions and disposals.
At 30 September 2021, the Group had delivered cumulative gross RWA reductions of $93bn and we remain on track to achieve our $110bn targeted gross reduction by the end of 2022.
We maintain a strong capital position, with a CET1 ratio of 15.9% at 30 September 2021, and we intend to normalise this to be within our 14% to 14.5% target operating range by the end of 2022. We intend to achieve this through a combination of growth and capital returns, as well as from an expected $20bn to $35bn uplift in RWAs in 2022 due to regulatory developments. As signalled at our interim results in August, we now expect to move to within our target dividend payout ratio range of 40% to 55% of reported earnings per ordinary share in 2021.
HSBC Holdings plc Earnings Release 3Q21 | 3 |
Earnings Release - 3Q21
Financial summary
Adjusted performance
Adjusted performance is computed by adjusting reported results for the effects of foreign currency translation differences and significant items, which both distort period-on-period comparisons.
We consider adjusted performance to provide useful information for investors by aligning internal and external reporting, identifying and quantifying items management believes to be significant, and providing insight into how management assesses period-on-period performance.
Foreign currency translation differences
Foreign currency translation differences reflect the movements of the US dollar against most major currencies during 2021. We exclude them to derive constant currency data, allowing us to assess balance sheet and income statement performance on a like-for-like basis and understand better the underlying trends in the business.
Foreign currency translation differences
Foreign currency translation differences for 9M21 and 3Q21 are computed by retranslating into US dollars for non-US dollar branches, subsidiaries, joint ventures and associates:
- the income statement for 9M20 at the average rate of exchange for 9M21;
- the income statement for quarterly periods at the average rate of exchange for 3Q21; and
- the closing prior period balance sheets at the prevailing rates of exchange at 30 September 2021.
No adjustment has been made to the exchange rates used to translate foreign currency-denominated assets and liabilities into the functional currencies of any HSBC branches, subsidiaries, joint ventures or associates. The constant currency data of HSBC's Argentinian subsidiaries have not been adjusted further for the impacts of hyperinflation. When reference is made to foreign currency translation differences in tables or commentaries, comparative data reported in the functional currencies of HSBC's operations have been translated at the appropriate exchange rates applied in the current period on the basis described above.
Significant items
'Significant items' refers collectively to the items that management and investors would ordinarily identify and consider separately to improve the understanding of the underlying trends in the business.
The tables on pages 36 to 45 detail the effects of significant items on each of our global business segments and geographical regions during 9M21, 9M20, 3Q21, 2Q21 and 3Q20.
Adjusted performance - foreign currency translation of significant items
The foreign currency translation differences related to significant items are presented as a separate component of significant items. This is considered a more meaningful presentation as it allows better comparison of period-on-period movements in performance.
Global business performance
The Group Chief Executive, supported by the rest of the Group Executive Committee ('GEC') is considered to be the Chief Operating Decision Maker ('CODM') for the purposes of identifying the Group's reportable segments.
The Group Chief Executive and the rest of the GEC review operating activity on a number of bases, including by global business and geographical region. Our global businesses - Wealth and Personal Banking, Commercial Banking and Global Banking and Markets - along with the Corporate Centre are our reportable segments under IFRS 8 'Operating Segments'. Global business results are assessed by the CODM on the basis of adjusted performance, which removes the effects of significant items and currency translation from reported results. We therefore present these results on an adjusted basis as required by IFRSs.
A reconciliation of the Group's adjusted results to the Group's reported results is presented on page 35. Supplementary reconciliations of adjusted to reported results by global business are presented on pages 36 to 40 for information purposes.
Management view of adjusted revenue
Our global business segment commentary includes tables that provide breakdowns of adjusted revenue by major product. These reflect the basis on which revenue performance of the businesses is assessed and managed.
With effect from the first quarter of 2021, the Global Banking and Markets management view of adjusted revenue has been revised to align with changes to the management responsibilities of the business and how we assess business performance. Comparative data have been re-presented accordingly. Refer to page 14 for the updated financial performance summary.
- HSBC Holdings plc Earnings Release 3Q21
Summary consolidated income statement
Nine months ended | Quarter ended | |||||
30 Sep | 30 Sep | 30 Sep | 30 Jun | 30 Sep | ||
2021 | 2020 | 2021 | 2021 | 2020 | ||
$m | $m | $m | $m | $m | ||
Net interest income | 19,708 | 20,959 | 6,610 | 6,584 | 6,450 | |
Net fee income | 9,996 | 8,907 | 3,322 | 3,211 | 2,981 | |
Net income from financial instruments held for trading or managed on a fair value basis | 5,909 | 7,768 | 1,725 | 1,775 | 2,000 | |
Net income/(expense) from assets and liabilities of insurance businesses, including | 2,825 | 30 | ||||
related derivatives, measured at fair value through profit or loss | (254) | 1,631 | 1,036 | |||
Changes in fair value of designated debt and related derivatives1 | (147) | 278 | (80) | 46 | 81 | |
Changes in fair value of other financial instruments mandatorily measured at fair value | 686 | 138 | ||||
through profit or loss | 259 | 291 | 179 | |||
Gains less losses from financial investments | 555 | 599 | 122 | 126 | 133 | |
Net insurance premium income | 8,382 | 7,798 | 2,719 | 2,786 | 2,779 | |
Other operating income | 339 | 805 | 184 | 228 | 334 | |
Total operating income | 48,253 | 47,119 | 14,770 | 16,678 | 15,973 | |
Net insurance claims and benefits paid and movement in liabilities to policyholders | (10,690) | (8,447) | (2,758) | (4,113) | (4,046) | |
Net operating income before change in expected credit losses and other | ||||||
credit impairment charges2 | 37,563 | 38,672 | 12,012 | 12,565 | 11,927 | |
Change in expected credit losses and other credit impairment charges | 1,378 | (7,643) | 659 | 284 | (785) | |
Net operating income | 38,941 | 31,029 | 12,671 | 12,849 | 11,142 | |
Total operating expenses excluding impairment of goodwill and other intangible assets | (24,954) | (23,207) | (7,909) | (8,518) | (7,968) | |
Impairment of goodwill and other intangible assets | (122) | (1,361) | (80) | (42) | (73) | |
Operating profit | 13,865 | 6,461 | 4,682 | 4,289 | 3,101 | |
Share of profit/(loss) in associates and joint ventures | 2,377 | 931 | 721 | 771 | (27) | |
Profit before tax | 16,242 | 7,392 | 5,403 | 5,060 | 3,074 | |
Tax expense | (3,578) | (2,228) | (1,161) | (1,206) | (1,035) | |
Profit after tax | 12,664 | 5,164 | 4,242 | 3,854 | 2,039 | |
Attributable to: | ||||||
- | ordinary shareholders of the parent company | 10,819 | 3,336 | 3,543 | 3,396 | 1,359 |
- preference shareholders of the parent company | 7 | 67 | - | - | 22 | |
- | other equity holders | 1,161 | 1,066 | 495 | 212 | 449 |
- | non-controlling interests | 677 | 695 | 204 | 246 | 209 |
Profit after tax | 12,664 | 5,164 | 4,242 | 3,854 | 2,039 | |
$ | $ | $ | $ | $ | ||
Basic earnings per share | 0.54 | 0.17 | 0.18 | 0.17 | 0.07 | |
Diluted earnings per share | 0.53 | 0.16 | 0.17 | 0.17 | 0.07 | |
Dividend per ordinary share (paid in the period)3 | 0.22 | - | 0.07 | 0.15 | - | |
% | % | % | % | % | ||
Return on average ordinary shareholders' equity (annualised) | 8.2 | 2.7 | 8.0 | 7.8 | 3.2 | |
Return on average tangible equity (annualised) | 9.1 | 3.5 | 8.7 | 8.6 | 2.9 | |
Cost efficiency ratio | 66.8 | 63.5 | 66.5 | 68.1 | 67.4 |
- The debt instruments, issued for funding purposes, are designated under the fair value option to reduce an accounting mismatch.
2 Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
3 Includes an interim dividend of $0.07 per ordinary share in respect of the financial year ending 31 December 2021, paid in September 2021, and an interim dividend of $0.15 per ordinary share in respect of the financial year ending 31 December 2020, paid in April 2021.
Distribution of results by global business and geographical region
Distribution of results by global business
Nine months ended | Quarter ended | ||||
30 Sep | 30 Sep | 30 Sep | 30 Jun | 30 Sep | |
2021 | 2020 | 2021 | 2021 | 2020 | |
$m | $m | $m | $m | $m | |
Adjusted revenue1 | |||||
Wealth and Personal Banking | 16,818 | 17,264 | 5,418 | 5,655 | 5,570 |
Commercial Banking | 10,026 | 10,574 | 3,374 | 3,282 | 3,247 |
Global Banking and Markets | 11,482 | 12,283 | 3,604 | 3,544 | 3,709 |
Corporate Centre | (328) | (150) | (195) | (86) | (152) |
Total | 37,998 | 39,971 | 12,201 | 12,395 | 12,374 |
Adjusted profit before tax | |||||
Wealth and Personal Banking | 5,763 | 3,101 | 1,900 | 1,934 | 1,438 |
Commercial Banking | 5,350 | 1,326 | 1,973 | 1,550 | 1,206 |
Global Banking and Markets | 4,723 | 3,814 | 1,416 | 1,360 | 1,248 |
Corporate Centre | 2,110 | 1,812 | 707 | 664 | 506 |
Total | 17,946 | 10,053 | 5,996 | 5,508 | 4,398 |
1 Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.
HSBC Holdings plc Earnings Release 3Q21 | 5 |
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HSBC Holdings plc published this content on 25 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 04:13:06 UTC.