Annual Results 2022 Presentation To Investors and Analysts

HSBC Holdings plc 4Q22 Results
Presentation to Investors and Analysts

Strategic
progress
Noel Quinn
Group Chief Executive
Strategy 4Q22 results Summary Appendix
Our purpose, values and ambition support the execution of our strategy
Our purpose Opening up a world of opportunity

Our ambition To be the preferred international financial partner for our clients
Our values We value difference We succeed together We take responsibility We get it done
Our strategy Focus on our strengths Digitise at scale Energise for growth Transition to net zero
Strategy 4Q22 results Appendix
We have made good progress but there’s so much more we can achieve
Transformation journey Delivery in 2022 Growth and returns
 First phase of our strategy execution  Good set of results  Value from international
complete connectivity and customer
 Revenue growth centricity
 Improved financial performance
 Strong cost discipline  Multiple growth engines
 Strong foundation
 Enhanced returns  Strong capital position
 Drive value creation
A reconciliation of reported results to adjusted results can be found on slide 36, where FY22 reported PBT of $17.5bn is reconciled to adjusted PBT of $19.7bn. The remainder of the presentation unless otherwise
stated, is presented on an adjusted basis. Figures throughout this presentation may be subject to rounding adjustments and therefore may not sum precisely to totals given in charts, tables or commentary
3
Transformation journey
Our transformation journey: Six components
International  Grown and protected our market leading position in international connectivity
connectivity
Portfolio  Whilst repositioning unprofitable and non-strategic portfolios, particularly in US and Europe
repositioning
Broad base of
 Which has resulted in an internationally connected client proposition underpinned by a broad base of geographically diverse
profit profit generation
generation
Cost
 Supported by strong cost discipline, evidenced by an improving cost efficiency ratio
discipline
Dividend
 Supported by a sustainable dividend policy with strong capital and liquidity
policy
Platform for  Resulting in a strong platform for growth and returns

growth  Upon which we will build new value creation opportunities
4
International connectivity: We continue to maintain our market-leading position…
Leading positions in Trade, Payments and FX
1st Top 3 3rd

Processor of SWIFT
Trade Finance FX globally
payments2 (excl. Commodities)1
globally1
(>$600tn payments processed in FY22*)
International connectivity is core to who we serve
6m
~45% (+7% YoY growth) ~2x
of wholesale client WPB clients are WPB international clients
business is cross-border3 international4 revenue vs. domestic clients5
* Total payments 5
International connectivity: …and drive growth in revenue and market share
Growth in revenue within payments franchise Growth in our trade business Strong momentum within FX
Global Payments Solutions (GPS) revenue, $bn Global Trade and Receivables Finance revenue, $bn Global Foreign Exchange (Wholesale) revenue6, $bn
CAGR CAGR
+6% 10.0 +5% 2.8 CAGR 5.1
+12%
8.4 2.5
3.7
2019 2022 2019 2022 2019 2022
Recorded Wholesale Transaction Banking7 revenue of $20.0bn, +7% CAGR since 2019
6
Portfolio repositioned: Exited markets and reduced RWAs while reallocating

capital towards higher growth and more profitable opportunities
RWA saves in excess of target8 Capital reallocation to Asia
$bn Asia as a % of Group tangible equity9, %
24 128
Target: 2019 2022
43 >110
43% 47%
61
Invested in bolt-on acquisitions

2020 2021 2022 2020-22
AXA Singapore HSBC Life China
Reshaped portfolio with exits  4th largest health insurer in  Increased stake from 50% to
Singapore post acquisition10 100%
 US mass market retail  Planned sale of France retail

L&T Investment Management HSBC Qianhai
 Planned sale of Canada banking  Planned sale of Russia and  14th largest fund house in India  Increased stake from 51% to
business Greece operations post acquisition11 90%
7
Broad base of profit generation: We have multiple engines of growth and

profitability
 #1 market share in deposits12,  #1 Trade Finance Bank14; 26.9%
Hong $6.8bn PBT; insurance13 UK $5.0bn PBT; receivables finance market share23
Kong (44)% vs. 2019
 #1 Trade Finance Bank14 (UK RFB) +78% vs. 2019  7.7% (stock) / 8.9% (gross) market share
in mortgages24
Mainland $1.0bn PBT  #1 foreign bank by revenue15

 c.35% of Wholesale client business
Europe
China excl. BoCom;
+13% vs. 2019
 c.1.3k Pinnacle wealth planners $2.1bn PBT; booked outside of Europe (excl. UK RFB)3
(NRFB) +181% vs. 2019
 Top 3 in EMEA ECM22; #1 in IPO22
India, ($0.9n PBT17; +36% vs. 2019)

 Facilitate 9% of India’s exports18
Asia
 Facilitate 9% of traded FX19  c.65% of wholesale client business
(excluding
Hong Kong $4.2bn PBT 16;
South East Asia (SEA), ($0.8bn PBT in US $1.0bn PBT; booked outside of the US3
and mainland +23% vs. 2019 +64% vs. 2019
Singapore; +69% vs. 2019)  #1 Trade Finance Bank14
China)
 PBT >$100m in 5 out of 6 SEA20 markets
 Best Cash Management and Trade
Finance bank21
 18.0% RoTE25
 8.5% WPB loans market share26
 #1 in Capital Markets (DCM, ECM, Mexico $0.7bn PBT;
Middle $1.8bn PBT; Syndicated Loans)22 +9% vs. 2019
 c.60% of WPB client acquisition
through Wholesale to Personal
East +20% vs. 2019  #1 underwriter in GSSS bonds22 referrals27; referrals up 200k net
Red PBT figures relate to FY22 8

Cost management: We have maintained cost discipline and improved operational

efficiency
Managed costs whilst increasing tech spend Achieved improved operational efficiency
2019-22 adjusted cost movements, % Adjusted cost efficiency ratio

%
2019 2022
Global 59.2% 55.0%

(3)%
businesses28
Office real estate
sq. ft, m (37)%
Technology29 +19% 18.7
11.8
Operations30 (19)% 2019 2022 Ambition

Branches globally
Other31 # (21)%
(3)%
3,224 2,563
Total costs
excl. UK bank levy (0)%
2019 2022 Ambition
Operations FTE32
(11)%
'000s
CTA programme (2020-22) Further c.$1bn of cost saves are
expected to flow through in FY23 31.4 28.1
Spend $6.5bn Saves $5.6bn 2019 2022 Ambition
9
Building platform for growth: Leveraging our balance sheet growth and driving fee
income revenue streams…
Balance sheet growth Building our wealth franchise
Deposits Wealth revenue

$bn Global, $bn
CAGR
+4% Total Wealth revenue 7.7 8.1
1,570 Insurance
1,380 manufacturing market 0.1
impacts (1.0)
CAGR
+9%
Wealth revenue 7.6 9.1
(excl. insurance
manufacturing market
impacts)
2019 2022 2020 2022
Assets Insurance
$bn CAGR Hong Kong market share34, %
+5%
2,967 $116bn
+7ppts
2,598 Held-for-sale33
24.7
17.5
2019 2022 2019 2022
10
Building platform for growth: …while investing in technology to scale-up our

digital propositions and launch new propositions
Growth in technology spend29 Scaling up our digital propositions Launched new propositions
$bn, P&L basis
+19% Mobile X; global multi-market mobile platform HSBC Orion
6.1  Present in 24 markets with around 13m active  Launched proprietary tokenisation platform to issue
5.6 customers digital bonds based on distributed ledger technology
5.3
5.1
HSBC Kinetic; digital business banking mobile channel International Credit

for SMEs in the UK
 Launched in Singapore: customers can gain access to
 Now with c.53k customers credit in a new country based on credit history in
home country
Global Wallet; cloud enabled digital wallet Embedded Banking
 Now in six markets (UK, SG, MY, US, HK, CA) and  Launched an industry-leading native bank account
transaction turnover of over $3bn service with Oracle Netsuite Enterprise Resource
Planning
2019 2020 2021 2022
Tech spend % of total Group adjusted Global Money; multi-market mobile proposition to Pentagreen
operating expenses29 manage, spend, send and receive in major currencies
 Launched a sustainable infrastructure debt financing
 Live in eight markets and enabled for 19 currencies platform, in a joint venture with Temasek, based in
16% 17% 19% 20% South East Asia
11
Delivery in 2022
Summary of our performance in 2022 (vs. 2021)
Reported PBT of $17.5bn, down $1.4bn (7%); adjusted PBT of $24.0bn, up $3.4bn (17%)
Adjusted revenue of $55.3bn, up $8.3bn (18%). NII of $32.6bn, up $7.7bn (31%). Non-NII of $22.7bn,
up $0.6bn (3%)
Adjusted costs contained to c.1%, adjusted cost efficiency ratio of 55.0%
ECL charge of $3.6bn, with $1.3bn associated with our mainland China commercial real estate (CRE)
portfolio
Dividend per share of $0.32; payout ratio of 44%
CET1 ratio35 of 14.2%
Reported RoTE of 9.9%36; RoTE excluding significant items of 11.6%
12
Delivery in 2022
Focus on our strengths – CMB
Revenue growth driven by Transaction With growth momentum in fee Strong growth delivered across
Banking income all regions
Revenue, $bn Fee income, $bn Geographical revenue breakdown, $bn
+29% +8% +29%
16.2 3.7 16.2
14% 3.4
36%
12.5 12.5
Trade
104% Hong Kong
27%
GPS
HSBC UK
35%
Asia excl.
Credit &
1% Hong Kong 17%
Lending
MENA
Markets
Rest of 24%
products
(7)% World
and other
2021 2022 2021 2022 2021 2022
13
Delivery in 2022
Focus on our strengths – WPB
Double-digit revenue growth across Continued traction in NNIA following 21% All regions delivered robust
Wealth and Personal banking growth in 2021 growth
Revenue, $bn Net new invested assets, $bn Geographical revenue breakdown, $bn
+16% +25% +16% YoY, %
Total Revenue 21.0 24.4 80 24.4
Insurance 64 21
manufacturing 0.5
market impacts
(1.0) Rest of 21.0
28
25.4 World 9%
20.5
Personal 59
12.2 16.3 36
banking & Other Asia
Hong Kong
Wealth 8.3 9.1
2021 2022 2021 2022
19%
Lending balances growth Strong growth in Asia insurance VNB Asia ex.
Hong Kong
Lending balances, $bn Asia insurance VNB, $m 28%
+3% +24% HSBC UK
463 476
Held-for- 1,130 17%
2 52 sale33 909 Mexico
MENA 33%
461 424 Rest of 12%
World
2021 2022 2021 2022 2021 2022
14
Delivery in 2022
Focus on our strengths – GBM
Double-digit revenue growth across MSS Good momentum from cross-sell of GBM Growth in client business booked in the East
and Banking products to WPB and CMB clients from clients managed in the West39
Revenue, $bn Collaboration revenue, $bn Client business3 booked in the East, $bn
+10% +6% +c.30%

15.4 3.7 c.2.6
3.5
14.0 Product
revenue
between 7% c.2.0
GBM and
14%
Markets and WPB37
Clients
Securities
managed
Services (MSS)
in Americas
Product
revenue
between 5%
GBM and Clients
17% CMB38
Banking managed
in Europe
Other 2021 2022 2021 2022

2021 2022
15
Delivery in 2022
Digitise - Speed, Scale, Resilience
Improvement in product release frequency, and more to come Mobile active WPB customers approaching half of our client base
Product release frequency per year40, # Mobile active WPB customers42, %
+6.1ppts
+42%
42.7% 48.8%
142
100
2021 2022
Digital WPB retail sales approaching 50%

Digital WPB retail sales43, %
2021 2022 +2.2ppts
Cloud adoption increasing in a controlled manner 46.2% 48.4%
Cloud adoption41, %
2021 2022
+8.0ppts
Digitally active CMB customers more than 75% of our client base
35%
27% Digitally active CMB customers44,%
+6.1ppts
71.0% 77.1%
2021 2022 2021 2022
16
Delivery in 2022
Energise - Inspiring a dynamic culture
Key highlights Employee engagement index48 Female leaders50

% In senior leadership roles, %
 Simplification – through delayering and de-duplication of
management structures; focus on improving employee +1.0ppts +1.6ppts
efficiency by rewiring work processes (+6% vs. sector
72.0 73.0 31.7% 33.3%
benchmark45)
 Diversity – we are delivering on our commitments but striving

for more; 36% of enterprise critical roles46 are now held in Asia
 Learning – significant focus on sustainability, digital, and data 2021 2022 2021 2022
Total learning hours – Future Skills49 Black heritage leaders51

 Strategy and values – confidence amongst our colleagues in Across Sustainability, Digital, and Data, '000s In senior leadership roles in the UK and US, %
our future has increased by 3 ppts since 2021 to 77%47
+13% +0.3ppts
 Hybrid working – getting the balance right for our people and 378 2.5%
335 2.2%
businesses
 Colleague engagement – more opportunities for two-way

dialogue due to our new social intranet live in 27 markets
2021 2022 2021 2022
17
Delivery in 2022
Transitioning to net zero - Continuing to build a leading position through active

client engagement
Supporting our customers in the transition to net zero Becoming a net zero bank
Ambition to provide and facilitate $750bn to $1tn of sustainable finance Ambition to be net zero in our operations and supply chain by 2030 or sooner
and investments by 203052, cumulative $bn Greenhouse gas emissions, '000 tonnes CO2e
211 (58.5)%
28 686
52 Travel emissions 272

126 444
Social 21 81
56 341
Sustainable
12
31 285
42
Sustainability Linked 28 Energy emissions 414
363 329
75 243
Green 46
2021 2022 2019 2020 2021 2022
Sustainable finance and

82 84
investments, $bn per year
18
Growth and returns
We are focused on driving value creation and delivering sustainable growth
Next phase of strategy execution will focus on our …while continuing to deliver on improved performance and
strengths… higher returns
Higher growth and returns 12%+ RoTE guidance from FY23 onwards
 Build on our areas of strength, leveraging our international Substantial distribution capacity:
connectivity and geographical diversification spanning
every region  Establishing a 50% dividend payout ratio for FY23 and FY2453
 Continue to drive our transaction banking, wealth and digital  Returning to quarterly dividends from 1Q23
platforms in order to grow fee income
 Consideration of buybacks brought forward to 1Q23
 Retain strong cost discipline while driving investment in
technology to increase productivity and growth  Incremental special dividend of $0.21 per share in FY24, subject to
completion of our Canada transaction and necessary approvals*
* Any remaining additional surplus capital is expected to be allocated towards opportunities for organic growth and investment alongside share buybacks, which would be in addition to any existing share buyback programme 19
4Q22 results
update
Georges Elhedery
Group Chief Financial Officer
4Q22 results summary
$m 4Q22 4Q21 Δ
 Reported PBT of $5.2bn (up 95%); adjusted PBT of $6.8bn, up
NII 9,573 6,255 53%
$3.3bn (92%) vs. 4Q21, reflecting strong NII growth (up $3.3bn, 53%)
Non-NII 5,779 4,835 20% and higher non-NII in Corporate Centre related to revenue earned from
Revenue 15,352 11,090 38% GBM to fund their trading books, partly offset by lower fees
ECL (1,427) (482) >(100)%
 ECL charge of $1.4bn, up $0.9bn vs. 4Q21, primarily relating to our
Costs (7,790) (7,658) (2)% mainland China CRE portfolio and a more normalised charge in the UK
Associates 693 608 14% RFB
Adjusted PBT 6,828 3,558 92%
 Costs of $7.8bn, up 2% vs. 4Q21 due to higher technology spend and
Significant items and FX translation (1,623) (894) (82)% higher performance-related pay
Reported PBT 5,205 2,664 95%
Tax  Customer lending down $80bn (8%) vs. 3Q22, largely due to $55bn
(311) (635) 51%
of Canada loans moved to HFS. Excl. this impact, lending was down
Profit attributable to ordinary shareholders 4,620 1,788 >100% $25bn (2%) primarily due to softer economic conditions in Hong Kong
Reported earnings per share, $ 0.23 0.09 $0.14
 Customer deposits down $58bn (4%) vs. 3Q22 due to $61bn of
Impact of sig items on reported EPS, $ (0.04) (0.06) $(0.02) Canada deposits moved to HFS. Excl. this impact, deposits up $2bn
FY DPS 0.32 0.25 $0.07
Reported RoTE36 (YTD), % 1.6ppts  FY22 dividend per share of $0.32, with a second interim dividend of
9.9 8.3
$0.23 per share
 CET1 ratio of 14.2%, up 0.8ppts vs. 3Q22 due to higher capital
$bn 4Q22 3Q22 Δ generation and lower currency adjusted RWAs
Customer loans 925 1,005 (8)%  FY22 effective tax rate of 5%, including $2.5bn of tax credits,
Customer deposits 1,570 1,629 (4)% primarily DTAs; expect a normalised effective tax rate of c.20% going
Reported RWAs 840 828 1% forward
CET1 ratio35, % 14.2 13.4 0.8ppts  TNAV per share of $7.57, up $0.44 vs. 3Q22 due to profits and
TNAV per share, $ 7.57 7.13 $0.44 favourable FX
21
Adjusted revenue performance
Revenue by global business, $m Net fee income by global business, $m
+38% (11)%
15,352 (6)%
(55) 2,920
516 2,766
2,604 Growth since
1,587
4Q21
11,090 2,214 7,159 1,282
1,264 1,143
WPB (11)% WPB
4,945 CMB
CMB
4,689 GBM 853 GBM
903 863 1%
3,102 Corporate Corporate
Centre
Centre 791
3,179 3,695 621 610 (23)%
(136) (191) (6) (22) (12)
4Q21 WPB CMB GBM Corporate 4Q22 4Q21 3Q22 4Q22
Centre
 WPB up $2.2bn (45%). Personal Banking up $2.1bn (72%) primarily due to  Group net fee income down 11% vs. 4Q21, mainly due to reductions
higher interest rates and balance sheet growth in most regions. Wealth up in broader market activity levels
$0.1bn (7%), due to higher Private Banking NII
 WPB fees down 11% vs. 4Q21, mainly lower equity and mutual
 CMB up $1.6bn (51%); Global Payments Solutions (GPS) up $1.7bn, fund sales due to muted customer sentiment
primarily due to higher interest rates
 CMB fees up 1% vs. 4Q21 due to repricing initiatives in GPS
 GBM up $0.5bn (16%). Banking up $0.5bn (34%); GPS up $0.7bn, Capital
 GBM fees down 23% vs. 4Q21, predominantly driven by lower
Markets & Advisory down $0.2bn. MSS up $0.3bn (18%), benefitting from
Capital Markets & Advisory activity
continued market volatility
22
Net interest income and margin
Reported NIM progression, bps
 4Q22 reported NII of $9.6bn, up $2.8bn (41%)

88 (71) 174 vs. 4Q21 (up $3.3bn / 53% adjusted) and $1.0bn
157 (12%) vs. 3Q22 (up $1.1bn / 13% adjusted), primarily
due to interest rate rises
 4Q22 reported NIM of 1.74%, up 17bps vs. 3Q22
3Q22 Asset yields Liability costs 4Q22  We continue to guide to FY23 NII of ≥$36bn54,
which we view as conservative given current FX
Reported NIM trend rates and the strong 4Q22 performance. Guidance
considers:
+17bps
 Lagged deposit pass through impacts and
Discrete quarterly 174bps migration to time deposits
157bps
reported NIM
119bps 126bps 135bps
Reported NII, $m  Volume of trading book assets funded by liabilities
o/w: 9,578 accounted for in interest expense
significant items 8,581  Cautious outlook on loan growth in the short term;
Average interest 6,997 7,454
6,781 continue to expect mid-single digit percentage
earning assets
annual loan growth in the medium to long term
(AIEAs), $bn
(7) (2) (12) 17 5
4Q21 1Q22 2Q22 3Q22 4Q22  We have taken and continue to take action to
improve our NII stability
2,251 2,259 2,208 2,171 2,178
 Further NII analysis is included on slide 40
23
Credit performance
Adjusted ECL charge trend, $m
4Q21 and 1Q22 benefitted from releases 1,427

of Covid-19 related provisions ECL
1,071
598 o/w: mainland
482* 621 363 China CRE
424
196 ECL charge as a
628 151 % of average  FY22 ECL charge of $3.6bn was 35bps of
gross loans and average gross loans and advances55
advances55
4Q21 1Q22 2Q22 3Q22 4Q22
 4Q22 ECL charge of $1.4bn:
0.19 0.25 0.17 0.41 0.55
 This includes $0.6bn for mainland China
CRE exposures
ECL charge / (release) by geography, $m 4Q22 ECL charge by stage, $bn
 The remaining $0.8bn charge represents
4Q22 3Q22 c.30bps of average loans, comprised of a
Stage 1-2 Stage 3 Total $0.5bn Wholesale charge and $0.3bn
Hong Kong‡ 758 505 Personal charge
Mainland China 100 87 Wholesale 0.2 0.9 1.1
Other Asia 36 71  Given current macroeconomic headwinds,
Personal 0.1 0.2 0.3 whilst we retain our through-the-cycle planning
UK RFB 236 278
range of 30-40bps, we expect a FY23 ECL
HSBC Bank plc 55 (14)
charge of around 40bps55
Total 0.3 1.1 1.4
Mexico 173 94
Other 69 50
Total 1,427 1,071
* Total charge was $482m. China CRE ECL charge of $628m was partly offset by the release of Covid-19 related provisions
‡ Charges largely relate to offshore China CRE exposures booked on Hong Kong balance sheets 24
Mainland China commercial real estate update
Mainland China CRE exposures by booking location and credit quality

At 31 December 2022  Total mainland China CRE exposure $16.8bn, down $3.0bn vs.
2Q22, primarily due to repayments in the Hong Kong booked
Memo: portfolio
Mainland
$m Hong Kong Hong Kong RoW Total
China
at 2Q22 Hong Kong booked exposures:
Total 11,734 9,378 6,507 878 16,763
Strong 2,095 1,425 2,118 220 3,763  $9.4bn, down $2.4bn vs. 2Q22 primarily due to repayments;
Good 2,429 697 1,087 370 2,154 $9.1bn drawn loans & advances
Satisfactory 3,104 1,269 2,248 77 3,594
Sub-standard 1,946 2,887 779 193 3,859  $6bn (c.60%) is classed as sub-standard and credit impaired:
Credit impaired 2,160 3,100 275 18 3,393  $4.9bn not secured; $1.1bn secured
Allowance for ECL (884) (1,746) (241) (4) (1,991)
 Total ECL allowance of $1.7bn, substantially all against the
$4.9bn of not secured exposures; ECL allowance on secured
Hong Kong booked sub-standard and credit exposures is minimal due to the nature of security held
impaired exposures  Our coverage ratio against not secured, credit impaired (Stage 3)
exposures is c.50-55%
Total Of which ECL
$m  Management assessed a plausible downside scenario for the Hong
exposure not secured allowance
Kong booked exposure to be around $1bn of additional ECL at 31
Sub-standard 2,887 2,581 (458) December 2022
Credit impaired 3,100 2,347 (1,268)  We have seen recent positive policy developments in mainland
Total 5,987 4,928 (1,726) China’s commercial real estate sector and continue to monitor
developments closely
25
Adjusted costs
Operating expenses trend, $m

69% 63%  4Q22 costs of $7.8bn, up $0.1bn (2%) vs. 4Q21. $0.7bn of cost saves
57% 51% 51% were offset by $0.3bn higher technology spend and $0.3bn higher
performance-related pay (PRP) due to accrual timing differences
7,658 7,790
116 7,255 7,187 7,217 13  FY22 costs of $30.5bn, up $0.4bn (1%) vs. FY21*
1,389 1,484
1,464 1,461 1,434
5,623  UK bank levy lower than guided due to credits relating to previous years;
expect c.$0.2bn for FY23
6,153 5,791 5,726 5,783 6,293
 Delivered FY20-22 cost savings of $5.6bn, with an associated CTA of
$6.5bn. A further c.$1bn of cost saves are expected to flow through in FY23
4Q21 1Q22 2Q22 3Q22 4Q22  Targeting c.3% adjusted cost growth in FY2357, including up to $0.3bn
Adjusted cost UK bank levy Technology29 Other Group severance costs that are expected to generate efficiencies into 2024
efficiency ratio costs
4Q22 vs. 3Q22, $m 4Q22 vs. 4Q21, $m
+8% +2%
$190m PRP, $41m
288 266
marketing, $21m T&E
82 260
88 (654) Includes $64m of
Includes $31m
(137) 252 of hyperinflation 7,790 260 hyperinflation 7,790
7,356
7,658
7,217 6,926 6,926
3Q22 Cost Discretionary Tech BAU Other items 4Q22 4Q21 Cost PRP Tech Other items‡ 4Q22
Saves spending spend56 litigation saves spend56
* Impact of retranslating prior year costs of hyperinflationary economies at constant currency $(0.2)bn
‡ Other items includes $0.1bn inflation and $0.1bn business and volume growth 26
Capital adequacy
CET1 ratio, %
0.0 0.1 14.2

0.2
0.6
(0.1)
13.4
 CET1 ratio of 14.2%, up 0.8ppts vs. 3Q22

 CET1 capital increased by $8.5bn, mainly due to profits
and favourable FX moves, partly offset by the dividend
3Q22 Profits58 Dividend Change FX Other 4Q22 accrual
accrual in RWAs translation
differences  Reported RWAs of $840bn, up $11bn (1%) vs. 3Q22;
FX translation differences of $20bn were partly offset by
CET1, $bn 110.8 4.7 (0.5) 3.3 1.0 119.3
lower lending in CMB and GBM
RWAs, $bn 828.3 (8.4) 19.8 839.7
 CET1 ratio target range remains 14–14.5% in the
medium term, with the intention of managing this range
Capital progression35 down further longer term
4Q22 3Q22 4Q21  Establishing a dividend payout ratio of 50% for 2023
Common equity tier 1 capital, $bn 119 111 133 and 202453; consideration of buybacks brought forward
Reported risk-weighted assets, $bn 840 828 838 to 1Q23
CET1 ratio, % 14.2 13.4 15.8

Leverage exposure, $bn 2,417 2,415 2,963
Leverage ratio, % 5.8 5.4 5.2
27
Guidance summary
FY22 Guidance
NII $32.6bn FY23 NII ≥$36bn54; intend to update target for IFRS 17 at or before 1Q23
Cautious outlook on loan growth in the short term; expect mid-single digit percentage annual loan
Lending +1%55
growth in the medium to long term
Costs $30.5bn Approximately 3% adjusted cost growth in FY2357, including up to $300m severance costs
35bps of average gross loans & FY23 ECL charge of around 40bps55, increase of 4-5bps due to HFS assets; through-the-cycle
ECL advances55 planning range of 30-40bps
RoTE 9.9% Targeting 12%+ from FY23
Asia as a % of Group TE9 47% c.50% medium to long term59
Manage in 14-14.5% target range in the medium term; aim to manage range down further longer
CET1 14.2%
term
Capital and Establishing a dividend payout ratio of 50% for 2023 and 202453; intend to reinstate quarterly
Dividends 44% payout ratio
distributions dividends from 1Q23
Buybacks N/A Consideration of buybacks brought forward to 1Q23
Increasing fee-based revenue and growing our WPB franchise remain important priorities for the Group. However, given the changes to the macroeconomic environment, together
with the implementation of IFRS 17, ‘insurance and fees as a % of Group adjusted revenue’ and ‘WPB as a % of Group tangible equity’ are no longer appropriate to measure our progress in these areas
28
Summary
4Q22 revenue up $4.3bn (38%), PBT up $3.3bn (92%) vs.

1 4Q21; FY22 revenue up $8.3bn and PBT up $3.4bn vs. FY21 12%+ RoTE from FY23
Substantial distribution capacity:

FY22 ECL charge $3.6bn. Expect a charge of around  $0.32 FY22 dividend per share
2 40bps of loans in FY2355  Establishing a 50% payout ratio for FY23
and FY2453
 Returning to quarterly dividends from
Continued cost control. FY22 costs were up 1% vs. 1Q23
3 FY21, despite the inflationary environment. Targeting 3%  Consideration of buybacks brought
adjusted cost growth in FY2357 forward to 1Q23
 Incremental special dividend of $0.21
per share in FY24, subject to completion of
our Canada transaction and necessary
4 Strong capital and liquidity; CET1 ratio of 14.2%
approvals*
* Any remaining additional surplus capital is expected to be allocated towards opportunities for organic growth and investment alongside share buybacks, which would be in addition to any existing share buyback programme 29
Appendix
International connectivity is our core value proposition for clients and employees;
it’s the foundation of our strategy and a driver behind improving returns
~45% of wholesale client business is cross-border3 In WPB, International is the most attractive client segment
2022 Wholesale client business, $bn International WPB customers4, #m
+7%
c.$24bn c.$11bn
6.0
MENA 5.6
Americas
Domestic Multi-Country
Europe
Non-Resident
Resident Foreigner
Cross-border ~45% ~45% Asia
2021 2022
2022 2022
International customer revenue60
booking c.2x
vs. domestic customers
location3
 Business booked domestically includes the home market of international clients New-to-bank international customers
c.650k
31
Changes to presentation of financial results from 1Q23
Current New
Reported performance (IFRS) Reported performance (IFRS) Key changes
We are making several changes to the presentation of the

Group’s financial results with effect from 1 January 2023:
Adjust for FX, significant items Adjust for FX
 Changing definition of ‘adjusted performance’:
we will no longer exclude the impact of significant
items when deriving ‘adjusted performance’
Adjusted performance61 Adjusted performance61
 Notable items: we will separately disclose 'notable
items’, those components of our income statement
Memo: Notable items
which would be considered as outside the normal
course of business and generally non-recurring in
Entity WPB CMB GBM CC Total
Region WPB CMB GBM CC Total nature
The Hongkong and Shanghai Banking
Asia X X X X X Corporation (Asia)
X X X X X  Reporting by legal entity: we will replace reporting
by geographical region with reporting by main legal
o/w HK X X X X X
entity, to better reflect to better reflect the Group's
MENA X X X X X
Grupo Financiero HSBC (Mexico) X X X X X structure
Europe62 X X X X X HSBC UK Bank plc (UK) X X X X X
HSBC Bank plc (UK / Europe) X X X X X Impact on targets and guidance
North America X X X X X
HSBC N. America Holdings (USA) X X X X X As part of our 1Q23 results, we intend to recalibrate
Latin America X X X X X HSBC Bank Canada X X X X X financial targets and guidance to reflect the impact of:
HSBC Middle East (UAE) X X X X X  the above changes, and
Total X X X X X
Other Trading Entities* X X X X X  the implementation of IFRS 17 ‘Insurance Contracts’
Holding companies, shared service with effect from 1 January 2023
X X X X X
centres and intra-group eliminations
Total X X X X X
* Including "of which Other Middle East Entities (Oman, Turkey, Egypt and Saudi Arabia)" and "of which SABB" 32
ESG update
Environmental Social Governance
Our net zero transition will be challenging but is an opportunity

to make an impact. Our percentage of female leaders 4/6 WPB markets and 5/6
was 33.3%, up 1.6ppts vs. FY2150 CMB markets sustained top
We plan to publish our transition plan in FY23, bringing 3 rank and/or improved in
together how we intend to embed net zero targets into our customer satisfaction
strategy, processes, policies and governance.
We continue to invest in our climate resources and skills. To
deliver on our ambition, we require enhanced processes, 37% increase in Black colleagues in 98% of employees
systems, controls, governance and new sources of data senior leadership roles from 2020 completed conduct
baseline51 training63
Net zero in our operations by 2030
Cumulatively reduced absolute greenhouse gas

emissions by 58.5% vs. 2019 baseline Employee engagement increased 36% of enterprise critical
6ppts vs. FY19 to 73%48 roles are based in Asia46
Net zero in our financed emissions by 2050
 Published an updated energy policy and

Review of salient human
thermal coal phase-out policy
Launched $1bn Female rights issues following the
Entrepreneur Fund methodology set out in the
 Set on-balance sheet financed emissions UNGPs
targets for 8 high-emitting sectors
33
Sustainable finance update
Sustainable finance Global GSSS bond issuance22, $bn
 We have provided and facilitated a cumulative 941

$211bn of sustainable finance and investment 751
against our 2030 ambition of $750bn - $1tn 519
34
Financing by type 2015 2020 2021 2022
211
Global Green Global Sustainability
78 Global Social Global Sustainability-linked
126
36
44 132  HSBC was a top 5 underwriter of GSSS bonds globally in FY22, taking a
10 90 4.3% market share (5.0% market share in FY21)64
34
2020 2021 2022  Apportioned volume of $32.4bn vs. $46.8bn in FY2164
 Global GSSS bond issuance was down 20% in 2022 vs. 2021 in the context of a
On balance sheet Off balance sheet broader 30% decline in overall DCM issuance
34
Key financial metrics
Reported results, $m 4Q22 3Q22 4Q21 Alternative performance measures, $m 4Q22 3Q22 4Q21
NII 9,578 8,581 6,781 Adjusted NII 9,573 8,455 6,255
Other Income 5,297 3,035 5,208 Adjusted other income 5,779 5,698 4,835
Revenue 14,875 11,616 11,989 Adjusted revenue 15,352 14,153 11,090
ECL (1,427) (1,075) (450) Adjusted ECL (1,427) (1,071) (482)
Costs (8,936) (7,975) (9,544) Adjusted costs (7,790) (7,217) (7,658)
Associate income 693 581 669 Adjusted associate income 693 563 608
Profit before tax 5,205 3,147 2,664 Adjusted profit before tax 6,828 6,428 3,558
Tax (311) (586) (635) PAOS excl. goodwill and other intangible impairment and PVIF 4,590 2,865 2,373
Profit after tax 4,894 2,561 2,029 Return on average tangible equity (annualised), % 12.6 7.8 6.0
Profit attributable to ordinary shareholders (‘PAOS’) 4,620 1,913 1,788 Return on average equity (annualised), % 11.3 4.7 4.0
Basic EPS, $ 0.23 0.10 0.09 Adjusted net loans and advances to customers, $bn 925 1,005 991
Diluted EPS, $ 0.23 0.10 0.09 Adjusted customer accounts, $bn 1,570 1,629 1,623
DPS (in respect of the period), $ 0.23 — 0.18 Adjusted cost efficiency ratio, % 50.7 51.0 69.1
Net interest margin (annualised), % 1.74 1.57 1.19 ECL charge as a % of average gross loans and advances to
0.58 (0.55) 0.41 (0.41) 0.19 (0.19)
customers, annualised (including held-for-sale balances)
Capital, leverage and liquidity35 4Q22 3Q22 4Q21

Reported risk-weighted assets, $bn 840 828 838
CET1 ratio, % 14.2 13.4 15.8
Total capital ratio (transitional), % 19.3 18.1 21.2
Reported balance sheet, $bn 4Q22 3Q22 4Q21
Leverage ratio, % 5.8 5.4 5.2
Total assets 2,967 2,992 2,958
High-quality liquid assets (liquidity value), $bn 644 606 717
Net loans and advances to customers 925 968 1,046
Liquidity coverage ratio, % 132 127 139
Customer accounts 1,570 1,567 1,711
Quarterly average interest-earning assets 2,178 2,171 2,251
Share count, m 4Q22 3Q22 4Q21
Reported loan/deposit ratio 58.9 61.7 61.1
Basic number of ordinary shares outstanding 19,739 19,738 20,073
Total shareholders’ equity (NAV) 187 178 198
Tangible ordinary shareholders’ equity (TNAV) 149 141 158 Basic number of ordinary shares outstanding and dilutive
19,876 19,857 20,189
potential ordinary shares
NAV per share, $ 8.50 8.00 8.76
TNAV per share, $ 7.57 7.13 7.88 Quarterly average basic number of ordinary shares outstanding 19,738 19,752 20,152
35
Reconciliation of reported PBT and adjusted profit after tax

$m 4Q22 3Q22 4Q21 FY22 FY21
Reported PBT (B) 5,205 3,147 2,664 17,528 18,906
Currency translation — (174) (1,004) — (3,074)
Customer redress programmes (5) (17) 7 (8) (11)
Disposal, acquisitions and investment in new businesses 71 2,440 — 2,799 —
Revenue
Fair value movements on financial instruments 127 232 (16) 579 242
Restructuring and other related costs* 284 32 112 248 307
Currency translation of significant items — 24 2 — 4
ECL Currency translation — 4 (32) — (174)
Currency translation — 87 727 — 2,181
Customer redress programmes (10) (15) 25 (31) 49
Disposals, acquisitions and investment in new businesses 9 9 — 18 —
Operating expenses Impairment of goodwill and other intangibles (13) — 587 (4) 587
Restructuring and other related costs 1,160 681 591 2,881 1,836
o/w: costs to achieve 1,159 676 574 2,853 1,782
Currency translation of significant items — (4) (44) — (137)
Share of profit in associates
Currency translation — (18) (61) — (113)
and JVs
Adjusted PBT 6,828 6,428 3,558 24,010 20,603
Currency translation — 22 58 — 279
Reported tax charge (311) (586) (635) (858) (4,213)
Tax
Tax significant items (961) (645) (104) (3,429) (324)
Currency translation on significant items — (5) 6 — 17
Adjusted profit after tax (A) 5,556 5,214 2,883 19,723 16,362
Total tax, currency translation and significant items (A-B) 351 2,067 219 2,195 (2,544)
* Primarily comprises losses associated with our RWA reduction programme 36

Certain items included in adjusted revenue
Certain items included in adjusted revenue

4Q22 3Q22 2Q22 1Q22 4Q21 FY22 FY21
highlighted in management commentary, $m
Insurance manufacturing market impacts in WPB 107 (421) (382) (279) 126 (964) 479
of which: Asia WPB insurance manufacturing market
(18) (443) (402) (361) 88 (1,228) 224
impacts
Gain on Insurance policyholder funds on deposit in WPB — — 294 — — 294 —
Credit and funding valuation adjustments in GBM 10 3 24 (29) 38 6 32
Legacy Credit in Corporate Centre (15) (6) 23 (18) (12) (17) (31)
Valuation differences on long-term debt and associated
(1) (48) (32) 5 (10) (77) (99)
swaps in Corporate Centre
Türkiye hyperinflation65 (20) (27) (113) — — (161) —
Argentina hyperinflation65 (119) (106) (86) (69) (18) (380) (130)
Total (38) (605) (272) (390) 124 (1,299) 251
37
4Q22 adjusted revenue performance
4Q22 revenue 4Q22 vs. 4Q21 Revenue by global business, $bn
o/w: insurance market

Wealth $2,078m 144 impacts: $(19)m +38%
WPB $7,159m 45% Personal Banking $4,991m 2,097 15.4
Other $90m (27)
14.2
3.7
GTRF $488m 17
11.1 3.8
Credit and Lending $1,344m (97)
CMB $4,689m 51% 3.2
GPS $2,571m 1,710 4.7
4.3
Other $286m (43)
3.1
MSS $2,017m 303 o/w: XVAs: $(28)m
Banking $2,057m 517

7.2
6.2
GBM $3,695m 16% of which: GPS $1,108m 666 4.9
Principal Investments $(3)m (53)

(0.1) (0.1) (0.2)
Other $(376)m (251) 4Q21 3Q22 4Q22
Corp. Centre $(191)m (55)
o/w: valuation
differences: $9m GBM
CMB
Group $15,352m 38% (162) 4,262
WPB
Impact of certain items Corporate Centre
38
Net interest margin supporting information
1 year NII sensitivity Quarterly NIM by key legal entity

At 31 December 2022, assumes a static balance sheet (no assumed migration from current account to % of 4Q22 % of 4Q22
4Q21 1Q22 2Q22 3Q22 4Q22
time deposits), no management actions from Global Treasury and a simplified 50% pass-through Group NII Group AIEA
Currency The Hongkong and
Shanghai Banking 1.35% 1.39% 1.46% 1.79% 2.05% 52% 44%
USD HKD GBP EUR Other Total Corporation (HBAP)
$m $m $m $m $m $m
+25bps (66) 107 245 167 431 884 HSBC Bank plc 0.52% 0.55% 0.57% 0.41% 0.52% 6% 21%
-25bps 64 (115) (289) (194) (439) (973) HSBC UK Bank plc
+100bps (267) 413 1,026 674 1,689 3,535 1.48% 1.63% 1.77% 1.99% 2.19% 22% 17%
(UK RFB)
-100bps 236 (476) (1,177) (765) (1,787) (3,969)
HSBC North America
0.87% 0.90% 1.05% 1.16% 1.16% 5% 8%
Holdings, Inc
5 year NII sensitivity
At 31 December 2022, assumes a static balance sheet (no assumed migration from current account to
time deposits), no management actions from Global Treasury and a simplified 50% pass-through Key rates (quarter averages), bps
Currency
1M HIBOR
442
USD HKD GBP EUR Other Total Fed effective rate
368 366 368
$m $m $m $m $m $m BoE Bank rate
283 292
+25bps 192 668 2,315 924 2,500 6,599
219
-25bps (282) (688) (2,336) (1,044) (2,498) (6,848) 164 162
+100bps 673 2,401 9,254 3,764 9,765 25,857 77 95
20 12 45 31
-100bps (1,522) (3,004) (9,454) (4,173) (10,317) (28,470) 11 8 13
4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 QTD*
Source: Bloomberg * At 20 Feb 2023
39
Further NII analysis
Reported NII trend, $bn

IFRS 17
32.6  NII in our insurance manufacturing business* ($2.6bn in FY22) will reduce under
IFRS 17 which came into force on 1st January 2023 as a result of related asset
26.5
reclassifications. Associated income will now be reported in other income
8.6 9.6
6.8 7.0 7.5  1H22 insurance NII, if reported on an IFRS 17 basis, would have fallen from
$1.3bn to $0.2bn, with an offsetting credit to non-NII due to asset
0.6 0.6 0.6 0.7 0.7 2.5 2.6 reclassifications
4Q21 1Q22 2Q22 3Q22 4Q22 FY21 FY22 Funding of the trading book
o/w: Insurance NII  Included within FY22 NII was a $2.5bn interest expense representing centrally
allocated funding costs associated with generating trading income‡, offset by
$2.5bn of trading income reported in Corporate Centre
Central costs of funding trading income, $bn  Up $2.1bn vs. FY21, primarily due to higher interest rates
2.5
 Our NII guidance for 2023 incorporates the annualised run-rate of this
1.3 expense ($1.3bn in 4Q22) reflecting higher average interest rates than in
0.8 FY22 and our net trading assets funding position
0.1 0.3 0.4
0.1
 FY22 Group AIEAs of $2.2tn, of which insurance AIEAs $73bn. Average
4Q21 1Q22 2Q22 3Q22 4Q22 FY21 FY22 trading assets and financial assets designated and otherwise mandatorily
measured at fair value through profit or loss $151bn
* Primarily interest earned on investment portfolios, e.g. government and corporate bonds, other securities and cash
 Estimate based on certain judgements and is subject to change
40
‡ Net income from financial instruments held for trading or managed on a fair value basis
Net fee income by global business
$m FY22 FY21 ∆ $m FY22 FY21 ∆

Personal Banking 1,259 1,277 (1)% MSS 468 931 (50)%
Wealth Management 3,648 4,281 (15)% o/w: Securities Services 1,201 1,257 (4)%
WPB
Other WPB 123 91 35% o/w: Other MSS (733) (326) >(100)%
Total WPB 5,030 5,649 (11)% Banking 2,318 2,560 (9)%
GBM o/w: GPS 670 601 11%
GTRF 989 947 4%
o/w: GTRF 452 431 5%
Credit & Lending 708 700 1%
o/w: Other Banking 1,196 1,528 (22)%
CMB GPS 1,375 1,156 19%
Other GBM (26) (31) 16%
Other CMB 621 611 2%
Total GBM 2,760 3,460 (20)%
Total CMB 3,693 3,414 8%
Corporate Centre (32) (35) 9% Group net fee income 11,451 12,488 (8)%
41
Wealth and Personal Banking
4Q22 financial highlights Balance sheet, $bn 4Q22 vs. 4Q21
Revenue $7.2bn 45% 828 830 836  Revenue up $2.2bn (45%). Personal Banking up $2.1bn (72%)
(4Q21: $4.9bn)
9 24 57 primarily due to interest rate rises and balance sheet growth in the
>(100)% UK, Asia, Mexico and MENA. Wealth up $144m primarily due to
ECL $(0.3)bn (4Q21: $(0.0)bn)
463 476 476
higher Private Banking and Insurance
2 26 52
819 806 779  Customer lending and accounts of $424bn and $779bn were
Costs $(3.7)bn 0%
461 450 down 8% and 5% respectively due to HFS transfers, excl. impact of
(4Q21: $(3.7)bn) 424
HFS and disposed portfolios:
PBT $3.2bn >100%  Lending up $15bn (3%). Mortgages up $15bn (4%), unsecured
(4Q21: $1.2bn) 4Q21 3Q22 4Q22
up $2bn (5%), partly offset by the run-off of the $1bn John Lewis
Customer lending HFS
3.3ppts card portfolio
RoTE66 18.5% (FY21: 15.2%) Customer accounts Portfolio67
 Deposits up $17bn (2%) with growth particularly in the UK,
Asia, Mexico and MENA
Revenue performance, $m Reported Wealth Balances, $bn
 Wealth balances down 9%. Excl. HFS, down $78bn (5%). FY
+45% NNIA of $80bn was more than offset by lower market levels
1,670 1,592
($116bn) and adverse FX and other impacts of $42bn
+15% 1,492
73 4Q22 vs. 3Q22
18
551
4,945 4,895 5,497 6,245 7,159 506 503  Revenue up $914m (15%). Personal Banking up $751m (18%)
126 (279) (382) (421) 107 primarily due to rate rises. Wealth up $185m due to favourable
90
movement in market impacts $528m, partly offset by lower
112 Investment distribution and Insurance VNB
117 84 1,119
3,352 4,240 4,991 968 1,016  Customer lending and accounts were down 6% and 3%
2,894 2,972
respectively due to HFS transfers, excl. which:
1,808 2,118 2,532 2,314 1,971
(5)  Lending stable; Personal Banking up, offset by GPB deleveraging
4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 3Q22 4Q22 and seasonal reduction in balances
 Deposits up $6bn, mainly in Hong Kong
Wealth excl. market impacts Other Wealth deposits68 HFS  Wealth balances up 3%. Excl. HFS, up $100bn (7%) due to NNIA
Personal banking Insurance manufacturing Invested assets Portfolio67 of $9bn, higher market levels ($29bn) and $62bn favourable FX and
market impacts
other impacts
42
Commercial Banking
4Q22 financial highlights Balance sheet, $bn 4Q22 vs. 4Q21
Revenue $4.7bn 51%  Revenue up $1.6bn (51%) with double digit growth in all regions
(4Q21: $3.1bn) Customer lending
notably in Asia and the UK. GPS revenue up 199% driven by
347 higher rates, higher average balances and 12% fee growth;
ECL $(0.9)bn >(100)% 331 333
(4Q21: $(0.2)bn) 0 coupled with growth in GBM collaboration income (up 7%)
25
Costs $(1.7)bn (5)%  ECLs up $0.7bn due to the impact of stage 3 charges in Hong
(4Q21: $(1.6)bn) Kong (mainland China CRE exposures) and the UK
347 308
PBT $2.1bn 69%  Customer lending and accounts of $308bn and $459bn are
(4Q21: $1.2bn)
down 7% and 4% respectively due to Canada HFS transfer,
RoTE66 14.2% 3.4ppts excluding which:
(FY21: 10.8%)
4Q21 3Q22 4Q22  Lending up $2.5bn (1%), driven by Credit & Lending, growth
Revenue performance, $m in Asia excluding Hong Kong, North America and the UK
 Deposits broadly stable
+51%
Customer accounts
+10%
4Q22 vs. 3Q22
4,689 480 479 481  Revenue up $0.4bn (10%) with growth across all regions notably
4,263 286 1 22 in Asia, continued growth in GPS (up 37%) partly offset by lower
476 488
3,258
3,522 Trade (down 5%) and Credit & Lending (down 4%) notably in
3,102 302 511
329 433 512
1,344 Hong Kong
471 500 1,393
1,415 479 459  Customer lending and accounts were down 11% and 4%
1,441 1,381 respectively due to Canada HFS transfer, excluding which:
2,571
1,883
861 944 1,293  Lending down $14bn (4%), reflecting softer economic
4Q21 1Q22 2Q22 3Q22 4Q22
conditions notably in Hong Kong and the UK in both Credit &
4Q21 3Q22 4Q22
Lending and Trade
GPS (formerly GLCM) GTRF
HFS portfolio69  Deposits up $2bn, with growth in Hong Kong and the USA,
Credit & Lending Markets products, Insurance
and Investments and Other partly offset by a market wide reduction in the UK
43
Global Banking and Markets
4Q22 financial highlights View of adjusted revenue 4Q22 vs. 4Q21

16% $m 4Q22 ∆4Q21  Revenue of $3.7bn up $0.5bn (16%)
Revenue $3.7bn (4Q21: $3.2bn)
MSS 2,017 18%  MSS revenue of $2.0bn up $0.3bn (18%):
(19)% Securities Services 574 32% • Continued strong Global FX performance due to elevated client
ECL $(0.3)bn Global Debt Markets 158 >100%
(4Q21: $(0.2)bn) flows and disciplined risk management
Global FX 934 13%
(2)% • Global Debt Markets up substantially due to G10 rates and a
Costs $(2.4)bn Equities 132 (39)%
(4Q21: $(2.4)bn)
Securities Financing 209 4% better trading performance compared to a weak 4Q21
100% XVAs 10 (74)% • Equities down due to reduced client derivative activity
PBT $1.0bn (4Q21: $0.5bn) Banking 2,057 34% compared to a strong 4Q21 and continued muted primary
GTRF 184 13% market
RoTE66 10.7% 2.1ppts GPS (formerly GLCM) 1,108 >100%
(FY21: 8.6%) Credit & Lending 559 (9)%
• Global interest rate increases, partially offset by the effect of
Capital Markets & lower market levels, drove good Securities Services
Revenue performance, $m Advisory
124 (57)% performance
Other 82 >100%  Banking revenue of $2.1bn up $0.5bn (34%):
+16% (2)% GBM Other (379) >(100)%
• GPS growth, reflecting higher global interest rates and fees
Principal Investments (3) >(100)%
3,653 3,776 3,695 • Capital Markets & Advisory down $0.2bn in line with industry
3,680 Other (376) >(100)%
3,179 Net operating income 3,695 16% fee pool
1,541 1,681 1,801 2,057
1,540 Adjusted RWAs70, $bn
+3% (4)%
1,714
2,211 2,237 2,188 2,017 4Q22 vs. 3Q22
227 243 234
(75) (72)
 Revenue down 2%
(265) (213) (379)
• MSS down 8% against a strong 3Q22
4Q21 1Q22 2Q22 3Q22 4Q22
• Banking up 14%, as rising interest rates supported strong GPS
results
MSS Banking Other
4Q21 3Q22 4Q22
44
Corporate Centre
4Q22 financial highlights Revenue performance, $m
Revenue $(191)m (40)%

(4Q21: $(136)m)
4Q21 1Q22 2Q22 3Q22 4Q22
>(100)% Central Treasury (10) 5 (32) (48) (1)

ECL $(8)m (4Q21: $(3)m)
Legacy Credit (12) (18) 23 (6) (15)
Costs $47m (70)%
(4Q21: $156m)
Other (114) (234) (85) (77) (175)
15% Total (136) (247) (94) (131) (191)

Associates $686m (4Q21: $598m)
Not included in Corporate Centre revenue: Markets
448 464 348 353 312
PBT $534m (13)% Treasury revenue allocated to global businesses
(4Q21: $615m)
(0.2)ppts Adjusted RWAs70, $bn 4Q22 vs. 4Q21

RoTE66 5.4% (FY21: 5.6%)
(1)% +12%  Revenue down $55m (40%), primarily due to higher funding
costs on Group assets, an increase in hedging costs and adverse
Associate income detail, $m 89 89
valuations on investment properties
79
+25%
 Associates up $88m (15%), primarily SABB and BoCom
36 38
745
686 32 4Q22 vs. 3Q22
2
598 578 119
12 550 133  Revenue down $60m (46%), primarily due to FX movements and
70
93 higher funding costs on Group assets, partly offset by favourable
valuation differences in Central Treasury
600 624 53 47 51
516 556
460  Associates up $136m (25%), primarily BoCom and SABB
(3) (3)  RWAs up $10bn; primarily $4bn relating to the FX hedges on the
(2) (20)
4Q21 3Q22 4Q22 planned sale of our Canada business and $3bn due to changes in
4Q21 1Q22 2Q22 3Q22 4Q22 threshold amounts
BoCom SABB Others Associates Other
45
Insurance
Key financial metrics* Reported Embedded Value, $bn Strategic highlights

+4%
Adjusted income statement, $m FY22 FY21 FY20
Revenue 2,006 2,683 1,934 17.0 17.7
Of which: NII 2,595 2,430 2,352  #1 ranked with a market share of 25%13 in Hong
7.5 7.8 Kong for 9M22, up 2.4ppts vs. 9M21
Market impacts (988) 491 86
Funds on deposit 294 — —  Pinnacle has been expanded to cover 6 major
9.5 9.9
PVIF 324 69 377 cities in mainland China with c.1,300 Personal Wealth
ECL (18) (22) (72) Planners and 1m registered users of our Pinnacle River
4Q21 4Q22 App (HSBC 汇选)
Operating expenses (918) (590) (492)
Other net assets PVIF
Associates 18 17 —  c.190k member registrations on our digital health
Profit before tax 1,088 2,088 1,370 and wellness platforms in Hong Kong71
Memo: distribution income‡ 823 795 781 FY22 VNB & ANP, $m
 Successfully integrated AXA Singapore with our
existing Singapore business and commenced
FY22 financial highlights: ANP VNB VNB margin combined operations
 VNB of $1.3bn, up $0.3bn (24%) vs. FY21
38% 56%  Increased ownership in mainland China from 50% to
 Adverse market impacts of $1.0bn (FY21: $0.5bn favourable)
100%, established BrokerCo in mainland China to
 Revenue included a $0.3bn gain from a policyholder funds on +24% support Pinnacle expansion
deposit pricing update, to reflect the cost of provision of these 2,830
services and a $0.1bn gain on completion of our acquisition of 2,354  Extended partnerships with Allianz in six key Asian
AXA Singapore markets for 15 years
1,322
 Costs of $0.9bn, up $0.3bn (56%) vs. FY21 reflected the 1,070
acquisition of AXA Singapore and investment in Pinnacle
 Reduction in ANP and increase in VNB margin reflected high
1H22 sales of single premium products in Hong Kong FY21 FY22
* Financial results for the Insurance business are prepared on the current IFRS 4 basis and, as such, do not reflect any potential impacts of IFRS 17 ‘Insurance Contracts’, which is effective from 1 January 2023
‡ Distribution income (HSBC Life and partnerships) through HSBC bank channels
46
Wealth and Personal Banking: Global invested assets

Global reported invested assets Asia reported invested assets Reported invested assets managed by AM
$bn $bn $bn
+2% (6)%
(9)%
1,119 472 484 630 595
968 1,016 437 567
32 58
334 43
306 340 147 141
127 450 391 399
351
291 312
293 268 285
434 370 364 180 176 196
4Q21 3Q22 4Q22 4Q21 3Q22 4Q22 4Q21 3Q22 4Q22

Retail GPB AM 3rd party distribution Retail GPB AM 3rd party distribution Asia Rest of World
Global reported invested assets evolution Asia reported invested assets evolution GPB reported client balances
$bn 80 $bn 59 $bn
26 26 (9)%
18 15 (57) 484
1,119 36 (116) 472 18 10 423
359 383
(36)
(31) 1,016
(67) 351 312
291
4Q21 NNIA Net market FX and 4Q22 4Q21 NNIA Net market FX and 4Q22 73 68 71
movements other movements other
4Q21 3Q22 4Q22
Retail AM 3rd party distribution Retail GPB AM 3rd party distribution GPB deposits GPB invested assets
GPB HFS
47
Balance sheet – customer lending
Balances by global business, $bn Balances by region

Growth since 3Q22
1,005 $(6)bn
1,031 Europe $344bn
994 81 (2)%
2 26 Adjusted customer lending of $925bn, down
o/w: UK $286bn
$(3)bn $80bn (8%) vs. 3Q22, primarily due to the
(1)% reclassification of $55bn of Canada loans to held-
991 1,005
for-sale (HFS). Including HFS balances, lending
925 $(14)bn
Asia $475bn down $25bn (2%)
199 207 (3)%
193
o/w: Hong $(10)bn  WPB down $27bn (6%) due to $27bn of
$296bn
Kong (3)% Canada loans moved to HFS. Including HFS
331 347
308 balances, lending stable
$(1)bn
MENA $26bn
(3)%
 CMB down $39bn (11%), of which $25bn of
North $(58)bn
Canada loans moved to HFS. Including HFS
$56bn
461 450 424 America (51)%
balances, lending down $14bn (4%) driven by
$(3)bn softer economic activity in Hong Kong
o/w: US $54bn
1 0 0 (5)%
4Q21 3Q22 4Q22  GBM down $15bn (7%) due to seasonality in
Latin $(0)bn
$24bn Europe
America (2)%
Held for sale WPB
GBM Corporate Centre $(80)bn
Total $925bn
(8)%
CMB
48
Balance sheet – customer accounts
Balances by global business, $bn Balances by region

Growth since 3Q22
1,656 Adjusted customer accounts of $1,570bn,

1,631 1,655 $(18)bn
85 Europe $601bn
9 26 (3)% down $58bn (4%) vs. 3Q22 primarily due to the
reclassification of $61bn of Canada deposits to
$(17)bn
1,623 1,629 o/w: UK $493bn held-for-sale (HFS). Including HFS balances,
1,570 (3)%
deposits stable
322 343 $15bn
332 Asia $784bn
2%  WPB down $27bn (3%) due to $33bn of
Canada deposits moved to HFS. Including HFS
o/w: Hong $11bn
480 479 459
$543bn balances, deposits up $6bn
Kong 2%
$1bn  CMB down $20bn (4%) due to $22bn of Canada

MENA $44bn
3% deposits moved to HFS. Including HFS
North $(58)bn balances, deposits up $2bn
819 806 779 $109bn
America (35)%
 GBM down $11bn (3%)
$2bn
o/w: US $100bn
1 0 0 2%
 Average GPS balances of $753bn were down
4Q21 3Q22 4Q22 $4bn vs. 3Q22 (up $2bn vs. 4Q21)
Latin $1bn
$32bn
GBM Corporate Centre America 3%
CMB Held for sale $(58)bn
WPB
Total $1,570bn
(4)%
49
Balance sheet analysis
Group customer accounts by type, $bn* Group loans, deposits and RWAs by currency
Average balances
1,056 1,024 $1,570bn $925bn $840bn
15% 16%
898 4% 25%
823 840 7% 5%
795 6% 6%
20% 7%
24%
18%
27%
29% 17%
290 323 315

279 272 255 263 27% 20% 27%
202 204 213 229 230
Customer Loans and RWAs‡
68 70 75 66 51 55
accounts advances to
customers
2017 2018 2019 2020 2021 2022
USD GBP HKD EUR CNY Others
Demand & other - non-interest bearing Savings

Hong Kong system deposits by currency at 31 December 2022: 48%
Demand - interest bearing Time and other HKD; 38% USD; 13% Non-US foreign currencies. Source: HKMA
* As reported in our SEC specific disclosures. Does not include held-for-sale balances
 Loans and advances and customer accounts do not include held-for-sale balances. RWAs represent the functional currency of the entity
‡ RWAs of $840bn includes credit risk, market risk and operational risk RWAs
50
4Q22 vs. 3Q22 equity drivers
Shareholders’ Tangible equity, TNAV per share, Basic number of ordinary

equity, $bn $bn $ shares, millions
At 30 September 2022 177.7 140.7 7.13 19,738

Profit attributable to: 4.7 5.1 0.26 —
Ordinary shareholders72 4.6 5.1 0.26 —
Other equity holders 0.1 — — —
Dividends (0.1) — — —
On ordinary shares — — — —
On other equity instruments (0.1) — — —
FX72 4.9 4.4 0.22 —
Actuarial gains/(losses) on defined benefit plans (0.7) (0.7) (0.03) —
Cash flow hedge reserves 1.1 1.1 0.06 —
Fair value movements through ‘Other Comprehensive Income’ (0.7) (0.7) (0.04) —
Of which: changes in fair value arising from changes in own credit risk (1.1) (1.1) (0.06) —
Of which: Debt and Equity instruments at fair value through OCI 0.4 0.4 0.02 —
Other72 0.6 (0.5) (0.03) 1
At 31 December 2022 187.5 149.4 7.57 19,739
 Average basic number of shares outstanding during 4Q22: 19,738

$7.51 on a fully diluted 19,876 million on a
 4Q22 TNAV per share increased by $0.44 to $7.57 per share, mainly due to higher profits and basis fully diluted basis
favourable FX impacts
 At 31 December 2022, tangible equity included financial investments at FVOCI reserve of $(6.0)bn
and cash flow hedging reserve of $(3.8)bn
51
FY22 vs. FY21 equity drivers
Shareholders’ Tangible equity, TNAV per share, Basic number of ordinary

equity, $bn $bn $ shares, millions
At 31 December 2021 198.3 158.2 7.88 20,073

Profit attributable to: 16.0 16.1 0.80 —
Ordinary shareholders72 14.8 16.1 0.80 —
Other equity holders 1.2 — — —
Dividends (6.5) (5.3) (0.27) —
On ordinary shares (5.3) (5.3) (0.27) —
On other equity instruments (1.2) — — —
FX72 (9.8) (9.2) (0.46) —
Cancellation of shares / buybacks (1.0) (1.0) 0.09 (348)
Actuarial gains/(losses) on defined benefit plans (1.0) (1.0) (0.05) —
Cash flow hedge reserves (3.6) (3.6) (0.18) —
Fair value movements through ‘Other Comprehensive Income’ (3.4) (3.4) (0.17) —
Of which: changes in fair value arising from changes in own credit risk 1.9 1.9 0.10 —
Of which: Debt and Equity instruments at fair value through OCI (5.3) (5.3) (0.27) —
Other72 (1.5) (1.4) (0.07) 14
At 31 December 2022 187.5 149.4 7.57 19,739
 Average basic number of shares outstanding during FY22: 19,849

 FY22 TNAV per share decreased by $0.31 to $7.57 per share; mainly due to adverse FX $7.51 on a fully diluted 19,876 million on a
basis fully diluted basis
impacts, cash flow hedge reserve movements and dividends paid, partly offset by higher profit
 At 31 December 2022, tangible equity included financial investments at FVOCI reserve of $(6.0)bn
and cash flow hedging reserve of $(3.8)bn
52
Total shareholders’ equity to CET1 capital
Total equity to CET1 capital, at 31 December 2022, $m Total equity to CET1 capital walk, $m
4Q22 3Q22 2Q22 4Q21

Total equity 196,028 Total equity (per balance sheet) 196,028 185,993 196,690 206,777
Non-controlling interests (8,544) (8,335) (8,308) (8,527)
Non-controlling interests (8,544) Total shareholders’ equity 187,484 177,658 188,382 198,250
Additional Tier 1 (19,746) (19,746) (21,691) (22,414)
Total shareholders’ 167,738 157,912 175,836
187,484 Total ordinary shareholders' equity 166,691
equity
Foreseeable dividend (4,436) (3,926) (3,548) (3,655)
Additional Tier 1 (19,746) Adjustment for insurance / SPE’s*,73 (3) 4 (12,881) (13,449)
Allowable NCI in CET1 4,444 4,272 4,392 4,186
Total ordinary CET1 before regulatory adjustments 167,743 158,262 154,654 162,918
167,738
shareholders’ equity Prudential valuation adjustment (1,171) (1,334) (1,299) (1,217)
Foreseeable Intangible assets (12,141) (11,082) (11,746) (9,123)
(4,436)
dividend Deferred tax asset deduction (4,235) (3,528) (3,274) (1,520)
Deconsolidation of Cash flow hedge adjustment 3,601 4,669 2,124 170
(3) Excess of expected loss (1,248) (1,992) (2,373) (2,020)
insurance / SPE’s
Own credit spread and debit valuation adjustment (412) (1,589) (778) 1,571
Allowable NCI in CET1 4,444 Defined benefit pension fund assets (5,448) (5,639) (6,638) (7,146)
Direct and indirect holdings of CET1 instruments (40) (40) (40) (40)
CET1 before
167,743 Other regulatory adjustments to CET1 capital
regulatory adjustments (220) (340) 766
(including IFRS 9 transitional adjustments when (235)
relevant)
Regulatory adjustments (48,452)
Threshold deductions* (27,138) (26,630) (14,615) (11,794)
Regulatory adjustments (48,452) (47,505) (38,874) (30,353)
CET1 capital 119,291 CET1 capital 119,291 110,757 115,780 132,565
* These rows include offsetting entries of $12,660m for 3Q22 and $13,200m for 4Q22 relating to the start of equity accounting for our insurance subsidiaries with effect from 3Q22 53
Hong Kong business performance
FY22 financial performance

 Rising interest rates and market share gains #1 retail NPS amongst major bank74
$m FY22 FY21 Δ drove PBT of $6.8bn, up $0.6bn (10%) vs. FY21
NII 9,928 7,216 38%
 Strong 4Q22 performance: revenue $5.1bn,
Non-NII 6,390 7,204 (11)% PBT $2.3bn #1 in card spend; market share 49%75
Revenue 16,318 14,420 13%
 ECL up, largely due to offshore mainland China
o/w: market CRE exposures booked on Hong Kong balance #1 in trade finance; 23.3% market
(1,066) 237 n.m.
impacts sheets share76
ECL (1,680) (605) >(100)%
 Customer lending down 5% vs. FY21 due to
Costs (7,882) (7,676) (3)% #1 in life insurance ANP; market share
subdued loan demand in 2H22
Associates 5 16 (69)% 24.7%13
 Customer accounts down 1% vs. FY21
PBT 6,761 6,155 10%
Balance sheet, $bn Time deposits as a % of customer accounts*
40%  CASAs are 78% of customer accounts

550 543 34%
 Time deposits are 22% of customer accounts,
312 30% 22%
296 up 16ppts vs. FY21 due to greater spread
20% 18% between CASA and TMD pricing
10%  HSBC Hong Kong up 13ppts; Hang Seng Bank
FY21 FY22 up 22ppts
0%
Customer loans Customer accounts FY20 FY21 FY22  Time deposits represent c.50% of system deposits
HSBC Hong Kong Hang Seng Bank Total77 (up 15ppts YoY)78
* As at the end of the period 54

Hong Kong loans and advances
Hong Kong loans and advances

 Total gross loans and advances to customers and banks of $322bn (4Q21: $329bn) by booking location
(wholesale: $189bn; personal: $133bn)
10% 7%  FY22 ECL charge of $1,680m (CMB: $1,276m, WPB: $139m, GBM $267m), vs. $608m in FY21 (CMB $241m,
Corporate
WPB: $112m, GBM: $255m)
Mortgages
$322bn 52%  4Q22 average LTV on new retail mortgage lending was 59% (4Q21: 62%); average LTV for the overall retail
31% Other retail mortgage portfolio was 57% (4Q21: 47%)
Banks
Gross loans and advances to customers and banks by
IFRS 9 stage, $bn Corporate lending by sector, $bn
Wholesale credit quality
3% 4Q22 4Q21
2% CRR 1-3 L&A
ECL ECL %
L&A
ECL ECL % 32.5
allowance L&A allowance L&A
31% CRR 4-6
$189bn Stage 1 283.7 0.2 0.1% 291.3 0.2 0.1% 56.2
CRR 7-8 Stage 2 32.8 1.0 3.1% 35.3 0.9 2.5% 6.3
64%
Impaired Stage 3* 5.6 2.2 39.0% 2.2 0.9 40.1% 8.7 $166bn
POCI 0.1 0.0 38.6% 0.2 0.0 13.2%
Total 322.2 3.4 328.9 1.9
17.2
Personal credit quality Stage 2 loans as a % of total L&As to customers and banks
24.6
5% 20.8
Band 1-3 20% 18%
0% 15% 15%
12% 12% Wholesale Real estate activities Transporting and storage
Band 4-6
$133bn Band 7
10% Wholesale and retail Power/utility supply
4% 4% 4% 4% 3% trade
Personal NBFI Other
0%
95% 4Q21 1Q22 2Q22 3Q22 4Q22 Manufacturing
* Stage 3 loans includes c.$3bn of exposure relating to mainland China CRE

55
Mainland China business performance
FY22 financial performance Regional highlights
$m FY22 FY21 Δ
NII 1,794 1,604 12% 1m registered users on the Pinnacle
Non-NII 2,379 1,932 23% FY22 revenue up 18% vs. FY21; PBT River app. c.1,300 wealth planners
Revenue 4,173 3,536 18% excluding associates of $1bn are now digitally enabled in mainland
China
ECL (328) (80) >(100)%
Costs (2,836) (2,622) (8)%
Associates 2,386 2,372 1%
PBT 3,395 3,206 6%
Launched $5bn GBA sustainability
Balance sheet, $bn Private Banking expansion: fund to provide financing for
launched new offices in Hangzhou businesses to capture sustainable
and Chengdu opportunities while transitioning to a
55 57
50 50 low-carbon economy
Launched Trade Connect to offer

Launched a new initiative to provide
faster, more efficient and digitised
financing to SMEs in strategic
FY21 FY22 trade financing services for
emerging industries worth RMB3
businesses trading in the Greater Bay
billion
Customer loans Customer accounts Area
56
Mainland China risk exposure
Mainland China risk exposure, $bn Wholesale lending analysis, $bn

Corporate lending by sector, $bn
178.8 178.4 176.0
176 1.9 2.1 2.2
34.7 33.9 40.1
Transportation Automotive
Wholesale 36.6 36.1 34.0 Consumer Goods & Retail
Mortgages 4.4 3.9 Other Sectors
Metals & Mining 4.7
$186bn Credit cards 4.5
and other 105.6 106.2 99.7 35.0
Public Utilities 6.4
consumer
$99.7bn
19 4Q21 2Q22 4Q22 Construction, 10.5
Materials
NBFI Sovereign & public sector & Engineering
 Mainland China risk exposure is defined as 13.5
Banks Corporates 16.8
lending booked in mainland China plus
wholesale lending booked offshore where Wholesale lending by counterparty type and CRR IT & Electronics Real Estate79
the ultimate parent and beneficial owner is
in mainland China
Customer risk
1-3 4-6 7-8 9+ Total
 Mainland China risk exposure (including rating
 c.16% of corporate lending is to foreign-owned
Sovereign and public sector, Banks and NBFI 2.1 0.1 — — 2.2 enterprises
NBFI and Corporates) of $186bn
comprising: Wholesale $176bn* (of which Banks 39.9 0.2 — — 40.1  c.38% of lending is to state-owned enterprises
52% is onshore); Retail: $10bn. These Sovereign &
34.0 — — — 34.0  c.46% of lending is to private sector owned
amounts exclude MSS financing public sector
enterprises
 Gross loans and advances to customers of Corporates 63.4 29.5 2.8 4.0 99.7
$51bn booked in mainland China
Total 139.4 29.7 2.8 4.0 176.0
(Wholesale: $41bn; Retail $10bn)
* Wholesale risk exposure of $176bn includes on balance sheet lending as well as issued off balance sheet exposures, excludes unutilised commitments 57
UK ring-fenced bank
FY22 financial performance WPB CMB

27% Personal gross mortgage balances, £bn Mortgages:
Revenue £7.9bn (FY21: £6.2bn) 90+ day delinquency trend82, %
Wholesale gross customer loans, £bn
118.1 125.5
28% 110.7
o/w: WPB £4.3bn (FY21: £3.4bn) 0.25
0.23
+2%
o/w: CMB £3.5bn 28% 0.20 0.17 70.2 67.4
(FY21: £2.7bn) FY20 FY21 FY22
66.1
>(100)% 0.15 0.17
ECL £(0.5)bn (FY21: £1.0bn) c.£24bn c.£28bn c.£28bn
0.10
Costs £(3.4)bn 1% 01/20 01/21 01/22 01/23
(FY21: £(3.5)bn)
YTD gross lending
PBT £4.0bn 7%  Continued strength in mortgage lending through  Mortgage delinquencies are in line
(FY21: £3.8bn) FY22: 7.7% mortgage stock market share80; gross with pre-pandemic levels.
o/w: WPB £1.8bn 11% new lending share80 of 8.9% Customers continue to show good
(FY21: £1.6bn)
 Buy-to-let mortgages of £3.8bn, up £0.8bn vs. FY21 resilience and notable stress has
o/w: CMB £2.2bn 3% not been observed in this portfolio
(FY21: £2.1bn)  Mortgages on a standard variable rate of £2.4bn FY20 FY21 FY22
4%  Interest-only mortgages of £18.7bn81
Customer loans £204.1bn  New originations average LTV of 67%; average
(FY21: £195.5bn)  Gross customer loans up 2%.
Reported RWAs £92.4bn 10% portfolio LTV of 50% Underlying growth more than offset
(FY21: £83.7bn)
Personal gross unsecured lending Credit cards: Covid-19 related lending repayments of
 Revenue up 27% vs. FY21, reflecting rising balances, £bn 90-179 day delinquency trend82, % c.£1.8bn during the year (FY22 Covid-19
interest rates and lending growth 0.89 lending balances are £7.4bn)
 WPB up 28% primarily due to rates and higher 1.0
5.9 6.0 5.4
7.7 7.2 7.7 0.42  Launched £15bn SME fund to provide
deposit balances 0.5 support for British businesses to grow
 CMB up 28%, primarily due to rates, re-pricing 0.57
Credit cards Other personal lending
initiatives in GPS and higher balances 0.0  Launched £250m growth lending
FY20 FY21 FY22 01/20 01/21 01/22 01/23 proposition to support high-growth,
 More normalised FY22 ECL charge of 24bps of
average loans tech scale-ups which have a clear path to
 Credit cards: despite higher spending than  Card delinquencies remain below profitability
 Costs down 1% as increased technology pre-pandemic, balances are down YoY due to pre-pandemic levels. Uptick in
investments and one-off cost of living payments the run-off of the John Lewis card portfolio and delinquencies in 2H22 due to the  HSBC Kinetic now has >50k active
made to staff were more than offset by increased repayments run-off of the relatively lower risk customers
management cost control action  Other personal lending up £0.5bn vs. FY21, John Lewis portfolio
 RWAs up 10%, primarily due to regulatory changes despite subdued loan demand in 4Q22
58
Held-for-sale businesses
FY22 Canada and France retail performance
 In 2022, we reclassified our Canada, France retail, Greece and Russia businesses as
held-for-sale. During the year we recognised a $2.4bn impairment loss on France
and a $0.4bn loss associated with Greece and Russia. All sales are expected to
France
$bn* Canada complete in 2023
retail
Revenue 1.9 0.6  The sale of HSBC Canada for a cash consideration of CAD13.5bn is expected to
ECL (0.1) — generate a pre-tax gain of $5.6bn on completion based on 4Q22 figures83
Operating expenses (1.0) (0.5)  Our Group 4Q22 CET1 ratio of 14.2% includes a c.(5)bps impact from FX hedges
relating to the proceeds from the planned sale of our Canada business;
Reported PBT 0.8 0.1 potential for a further c.(5)bps of impact as hedges move to deal contingent
Customer loans‡ 55.2 25.0
 Completion of the Canada sale is expected to generate around 1.4ppts favourable
Customer accounts‡ 60.6 22.3 impact on CET1 ratio in 2023 and the France retail sale 0.1ppts favourable
impact
RWAs 31.9 5.0
 Around $0.4bn of operating expenses from the businesses ($0.3bn Canada, $0.1bn
France) relate to Group recharges and other costs and will not transfer as part of the
planned transactions. We have plans to reduce up to 50% of these costs starting
from 2024
* On a reported basis
 Of which $1.3bn NII
‡ Balances included in held-for-sale are ‘assets held-for-sale’ and ‘liabilities of disposal groups held-for-sale’; Greece and Russia balances in HFS: loans $0.3bn, accounts $2.3bn
59
Impacts of financial investments
Hold-to-collect-and-sell (‘HTC&S’) portfolio, $bn
(27)%
 As part of our interest rate hedging strategy, we hold a debt portfolio of financial
347
investments measured at fair value through other comprehensive income (FVOCI),
which are classified as hold-to-collect-and-sell. This portfolio totalled $255bn at FY22,
down $92bn (27%) vs. FY21
255  The increase in term market yield curves in FY22 drove a $5.5bn fall in the fair value of
securities through OCI (0.7ppts of CET1). Over time, these adverse OCI movements
will unwind as the instruments reach maturity, although not all instruments will
necessarily be held to maturity
 We have taken actions in FY22 to reduce the duration risk of this portfolio and the
overall capital volatility of our hedging instruments, including decreasing the
amount of securities held under HTC&S (measured at FVOCI) and prospectively
increased those held under to hold-to-collect (measured at amortised cost)
 Risk reduction has lowered the HTC&S stressed value at risk exposure of this
portfolio from $3.6bn at the end of 2021 to $2.2bn at the end of 2022
FY21 FY22
60
PBT by region and dividends by subsidiary
Profit / (loss) before tax by region, $bn Dividends paid by subsidiary in period, $m
FY22 FY19 FY22 FY19

Europe 4.8 (0.3) HSBC UK Bank plc 2,192 424
o/w UK RFB 5.0 2.8 HSBC Bank plc* — 3,689
o/w HSBC Bank plc 2.1 0.7 The Hongkong and Shanghai
4,092 8,529
Asia 14.3 18.5 Banking Corporation Ltd
o/w Hong Kong 6.8 12.1 Other 2,362 1,755
MENA 1.8 1.5 Total ordinary dividends paid 8,646 14,397
North America 2.1 1.4 AT1 and preference dividends 832 720
o/w US 1.0 0.6 Total dividends paid to HSBC
9,478 15,117
Latin America 1.0 0.6 Holdings Plc
o/w Mexico 0.7 0.7 Memo: ordinary dividend to
6.3 6.1
Group PBT 24.0 21.7 shareholders declared, $bn84
 Asia FY22 contribution to Group adjusted profits of 60%, vs. 85% in  FY22 Asia subsidiary dividends were 47% of ordinary dividends
FY19 paid by subsidiaries, vs. 59% in FY19
 FY19 Asia subsidiary dividends paid during 2019 related to both
FY18 and FY19 reporting periods
* In 2022, HSBC Bank plc paid a special dividend of £850m to Group, recorded as a return of capital; 2019 HSBC Bank plc dividend figure includes a return of capital of £1,277m to Group classed as dividend payment 61
Glossary
AIEA Average interest earning assets IFRS International Financial Reporting Standard
AM Asset Management A portfolio of assets including securities investment conduits, asset-backed securities, trading
Legacy credit portfolios, credit correlation portfolios and derivative transactions entered into directly with
ANP Annualised new business premiums monoline insurers
AT1 Additional Tier 1 LTV Loan to value
BoCom Bank of Communications Co. Limited, an associate of HSBC MENA Middle East and North Africa, including Türkiye
Bps Basis points. One basis point is equal to one-hundredth of a percentage point MSS Markets and Securities Services
CASA Current accounts and savings accounts NAV Net asset value
CET1 Common Equity Tier 1 NBFI Non-bank financial institution
Corporate Centre Corporate Centre comprises Central Treasury, our legacy businesses, interests in our associates NCI Non-controlling interests
(CC) and joint ventures and central stewardship costs
NIM Net interest margin
CMB Commercial Banking, a global business
NNIA Net new invested assets
CRE Commercial Real Estate
NPS Net promoter score
CRR Customer risk rating
NRFB Non ring-fenced bank in Europe and the UK
CTA Costs to achieve
OCI Other Comprehensive Income
C&L Credit & Lending
PAOS Profit attributable to ordinary shareholders
DBS Digital Business Services
PBT Profit before tax
DCM Debt Capital Markets
PD Probability of default
DPS Dividend per share
Ppt Percentage points
DTA Deferred tax asset
Expected credit losses. In the income statement, ECL is recorded as a change in expected credit PRP Performance related pay
losses and other credit impairment charges. In the balance sheet, ECL is recorded as an PVIF Present value of in-force insurance contracts
ECL
allowance for financial instruments to which only the impairment requirements in IFRS 9 are
applied SABB The Saudi British Bank, an associate of HSBC
ECM Equity Capital Markets SEA Southeast Asia, includes Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam
EMEA Europe, the Middle East and Africa SPE Special purpose entity
EPS Earnings per share RoTE Return on average tangible equity
FVOCI Fair value through other comprehensive income RWA Risk-weighted asset
GBA Greater Bay Area T&E Travel and entertainment
GBM Global Banking and Markets, a global business TMD Time deposits
GPB Global Private Banking TNAV Tangible net asset value
GPS Global Payments Solutions (formerly GLCM: Global Liquidity and Cash Management) UK RFB / RFB HSBC UK, the UK ring-fenced bank, established July 2018 as part of ring fenced bank legislation
Group HSBC Holdings plc and its subsidiary undertakings UNGP United Nations Guiding Principles
GTRF Global Trade and Receivables Finance VNB Value of new business written
GSSS Green, social, sustainability and sustainability-linked WPB Wealth and Personal Banking, a global business
HFS Held-for-sale XVAs Credit and Funding Valuation Adjustments
HTC&S Hold to collect and sell
62
Footnotes
1. Source: Coalition Greenwich Competitor Analytics. Based on HSBC’s internal business structure and internal revenue 23. Trade association UK. Data as of 30 September 2022
numbers. Global Trade Finance rank at 1H22 and based on the following peer group: BAC, BARC, BNPP, CITI, DB, JPM, SG, 24. Bank of England. Data as of 31 December 2022
SCB, WF; Global Foreign Exchange rank at 3Q22 YTD and based on the following peer group: BAC, BARC, BNPP, CITI, CS, 25. Legal entity basis. HSBC Mexico
DB, GS, JPM, MS, SG, UBS 26. Comision Nacional Bancaria y de Valores. Data as of 30 November 2022
2. In respect of FY22 27. Through Employee Banking Solutions, primarily payroll lending proposition
3. Client business differs from reported revenue as it relates to certain client specific income, and excludes certain products 28. Global business cost excludes technology spend
(including Principal Investments, GBM “other” and asset management), Group allocations, recoveries and other non-client 29. Technology costs in operating expenses trends include transformation saves and are presented on a net basis
related and portfolio level revenue. It also excludes Hang Seng. GBM client business includes an estimation of client-specific 30. Operations cost within DBS
day one trade specific revenue from MSS products, which excludes ongoing mark-to-market revenue and portfolio level 31. Includes Global Functions, centrally managed costs and other DBS
revenue such as hedging. Cross-border client business represents the income earned from a client’s entity domiciled in a 32. Operations personnel within DBS
different geography than where the client group’s global relationship is managed. ‘Booking location’ represents the 33. Primarily comprises the assets relating to the planned sale of our retail banking operations in France and our banking
geography of the client’s entity or transaction booking location where this is different from where the client group’s global business in Canada reported on the Group balance sheet under “assets held for sale”
relationship is managed. Cross-border client business represents the income earned from a client’s entity domiciled in a 34. Hong Kong Insurance Authority Statistics. Includes Hang Seng. 2022 data as of 30 September 2022
different geography than where the client group’s global relationship is managed 35. Unless otherwise stated, regulatory capital ratios and requirements are based on the transitional arrangements of the Capital
4. WPB international customers comprises customers who are either multi-country, non-resident or resident foreigners within Requirements Regulation in force at the time. These include the regulatory transitional arrangements for IFRS 9 ‘Financial
International markets in the UK, Hong Kong, Canada, the US, India, Singapore, Malaysia, UAE, Australia, mainland China and Instruments’. The leverage ratio is calculated using the end point definition of capital and the IFRS 9 regulatory transitional
CIIOM. Multi-country are those customers who bank in more than one market; Non-Resident customers are those whose arrangements, in line with the UK leverage rules that were implemented on 1 January 2022, and excludes central bank
address is different from market; Resident Foreigners are customers whose nationality, or country of birth for non-resident claims. Comparatives for 2021 are reported based on the disclosure rules in force at that time, and include claims on central
Indians and overseas Chinese is different to market we bank them in. Note, customers may be counted more than once when banks. References to EU regulations and directives (including technical standards) should, as applicable, be read as
banked in multiple countries. Total WPB clients of c.38m references to the UK’s version of such regulation and/or directive, as onshored into UK law under the European Union
5. Based on 10 markets (Hong Kong excl. Hang Seng, mainland China, the UK, UAE, Malaysia, India, Singapore, Australia, (Withdrawal) Act 2018, and subsequently amended under UK law
Channel Islands and Isle of Man and the US), based on 9M22 data 36. Reported RoTE is computed by adjusting annualised reported results for PVIF and for impairment of goodwill and other
6. GFX in GBM management view of income and GFX in CMB from cross sale of FX to CMB clients includes within 'Markets intangible assets (net of tax), divided by average reported equity adjusted for goodwill, intangibles and PVIF for the period
products, Insurance and Investments and Other‘. GFX includes our emerging markets business 37. Revenue from the sale of Global Markets products to WPB customers
7. Wholesale transaction banking includes GPS, GTRF, FX and Securities Services 38. Revenue from the sale of Global Markets and Global Banking products to CMB customers
8. Cumulative RWA saves under our transformation programs includes $9.6bn of accelerated saves made over 4Q19 39. West refers to Americas and Europe. East refers to Asia and the Middle East
9. Based on tangible equity (‘TE’) of the Group’s major legal entities excluding associates, holding companies and consolidation 40. Amount of Software Releases for a Notional team of 10 People on a bank wide basis. Stats are November 2021 and
adjustments November 2022
10. 4th largest health insurer based on gross premiums. GIAS data as of September 2022 41. % of the Group’s technology services that are on the private or public cloud
11. Data at 31 December 2022. AUM source: Association of Mutual Funds in India (Average AUM) 42. % of WPB customers who have logged into a HSBC Mobile App at least once in the last 30 days
12. Hong Kong Monetary Authority system deposits. Data as of 30 November 2022 43. Total number of digital sales (# units) as a percentage of the total WPB sales (# units) across retail
13. Hong Kong Insurance Authority Statistics. Market shares and ranking based on ANP, HSBC Life Hong Kong and Hang Seng 44. % of CMB customers who are active on Internet Banking Channels in the last 3 months
Insurance combined. Data as of 30 September 2022 45. Refers to employee Snapshot survey response to the question ‘The work processes in this organisation allow employees to
14. Euromoney Trade Finance Survey, 2022 work efficiently’; the global FS benchmark includes data from a number of financial organisations and is calculated based on
15. HSBC internal analysis on 2021 annual reports of foreign banks operating in mainland China (Citi, Bank of East Asia, Siam a rolling two-year average
Commercial Bank, Deutsche Bank, DBS, United Overseas Bank, OCBC, Agricultural Bank of China) 46. Includes all Group General Managers, as well as roles meeting the following criteria: critical in delivery of business strategy;
16. Asia adjusted PBT of $14,334m excl. Hong Kong adjusted PBT of $6,761m and mainland China adjusted PBT of $3,395m regulator identified as critical; responsible for largest growth opportunities; significant impact on risk position of the Group;
17. Excludes Global Service Centres responsible for enterprise wide transformational change programmes; significant barriers to entry into the role
18. HSBC internal analysis, based on internal MI compared with data from the Ministry of Commerce. Data as of 30 November 47. Refers to employee Snapshot survey response to the question ‘I feel confident about this company’s future’
2022 48. Employee engagement index represents the average % of respondents who would recommend HSBC as a great place to
19. HSBC internal analysis, based on internal MI compared with RBI FX Market Turnover Data. Data as of 31 December 2022 work, are proud to say they work for HSBC and feel valued at HSBC
20. Includes: Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam 49. Total learning hours as recorded in Degreed (Learning Experience Platform) in terms of individual learning content
21. Corporate Treasury Awards, 2022. Countries include Indonesia, Malaysia, Philippines, Singapore and Thailand consumption across content items that are tagged with Sustainability, Digital or Data skills
22. Dealogic, as of December 2022
63
Footnotes
50. Senior leadership is classified as those at Band 3 and above in our global career band structure. Employees with an 73. A revised approach to insurance-related adjustments has been effective from 30 September 2022. This has had no impact on
‘Undeclared’ or ‘Unknown’ gender have been incorporated into the ‘Male’ category overall CET1 capital
51. Individuals at Band 3 and above in our global career band structure who identify as being of black heritage in the US and the 74. Excludes Hang Seng
UK 75. Source: HKMA. Statistics of Payment Cards issued in Hong Kong
52. The volume amounts stated include; capital markets/advisory activities, balance sheet related transactions that capture the 76. November 2022. Source: Hong Kong Monetary Authority
limit of the facility at the time it was provided and the net new flows of sustainable investments (Assets under Management); 77. Total includes HSBC Hong Kong, Hang Seng and other Hong Kong entities
Green, Social, Sustainability and Sustainability Linked labelled bonds that align to the International Capital Markets 78. Source: HKMA. December 2022 data
Association (ICMA) principles Capital markets/advisory volumes are recorded as HSBC’s proportional bookrunner value 79. Mainland China reported Real Estate exposures comprises exposures booked in mainland China and offshore where the
53. In determining our dividend payout ratio we will exclude material significant items (including the planned disposal of our retail ultimate parent is based in mainland China, and all exposures booked on mainland China balance sheets; Commercial Real
banking operations in France and the planned sale of our banking business in Canada) from reported earnings per share Estate refers to lending that focuses on commercial development and investment in real estate and covers commercial,
54. On an IFRS 4 basis and retranslated for foreign exchange movements. We intend to update our NII guidance at or before our residential and industrial assets; Real Estate for Self Use refers to lending to a corporate or financial entity for the purchase or
1Q23 results to incorporate the expected impact of IFRS 17 financing of a property which supports overall operations of a business i.e. a warehouse for an e-commerce firm
55. Includes held-for-sale balances 80. Source: Bank of England
56. Technology cost increases in quarterly walks are presented on a gross basis (excl. saves) 81. Includes offset mortgages in first direct, endowment mortgages and other products
57. On an IFRS 4 basis and retranslated for foreign exchange movements. There may also be an incremental adverse impact 82. Excludes Private Bank
from retranslating the 2022 results of hyperinflationary economies at constant currency 83. Inclusive of recycling of c.$0.5bn in foreign currency translation reserve losses. The estimated pre-tax profit on the sale will
58. Regulatory profits be recognised through a combination of the consolidation of HSBC Canada’s results into the Group’s financial statements
59. Medium term is defined as 3-4 years from 1 January 2020; long term is defined as 5-6 years from 1 January 2020 until completion, and the remaining gain on sale recognised at completion. There would be no tax on the gain recognised at
60. Based on 10 markets (Hong Kong excl. Hang Seng, mainland China, the UK, UAE, Malaysia, India, Singapore, Australia, completion
Channel Islands and Isle of Man and the US), based on 9M22 data 84. Approximate distribution for dividends declared in respect of FY22
61. Alternative Performance Measure (APM)
62. Currently includes “Holdings and Other”
63. Less than 1% of employees will not yet have completed due to new joiners to the bank being given 45 days to complete their
mandatory training
64. Source: Dealogic. Apportioned volume represents the portion of deal volume assigned to HSBC in deals where HSBC is
marked as a lender. Market shares exclude self-mandated deals
65. For accounting purposes, Argentina was deemed a hyperinflationary economy from 1 July 2018 and Türkiye from 1 June
2022
66. YTD RoTE by Global Business excludes significant items. RoTE methodology annualises Profits Attributable to Shareholders,
including ECL, in order to provide a returns metric. RoTE by Global Business considers AT1 Coupons on an accruals basis, vs.
Reported RoTE where it is treated on a cash basis
67. Included within held for sale at 4Q21 were balances associated with our US mass market retail banking business, which were
disposed of during 1Q22. Included within assets held for sale at 3Q22 were balances primarily related to our retail banking
operations in France. Included within held for sale at 4Q22 were balances primarily relating to our retail banking operations in
France and our banking business in Canada
68. Wealth deposits include Premier, Jade and Global Private Banking deposits, which include Prestige deposits in Hang Seng
Bank, and form part of the total WPB customer accounts balance
69. Included within held for sale at 4Q22 were balances relating to our banking business in Canada, as well as balances relating
to planned sale of our businesses in Greece and Russia. 3Q22 included balances relating to the planned sale of our
businesses Greece and Russia
70. A reconciliation of reported RWAs to adjusted RWAs can be found in the ‘HSBC Holdings plc 4Q 2022 Datapack’
71. Data as of 31 Dec 2022
72. Differences between shareholders’ equity and tangible equity drivers primarily reflect goodwill and other intangible
impairment, PVIF movements and amortisation expense within ‘Profit Attributable to Ordinary shareholders’, FX on goodwill
and intangibles within ‘FX’, and intangible additions and other movements within ‘Other’
64
Disclaimer
Important notice
The information, statements and opinions set out in this presentation and accompanying discussion (“this Presentation”) are for informational and reference purposes only and do not constitute a public offer for the purposes of any
applicable law or an offer to sell or solicitation of any offer to purchase any securities or other financial instruments or any advice or recommendation in respect of such securities or other financial instruments.
This Presentation, which does not purport to be comprehensive nor render any form of legal, tax, investment, accounting, financial or other advice, has been provided by HSBC Holdings plc (together with its consolidated subsidiaries,
the “Group”) and has not been independently verified by any person. You should consult your own advisers as to legal, tax investment, accounting, financial or other related matters concerning any investment in any securities. No
responsibility, liability or obligation (whether in tort, contract or otherwise) is accepted by the Group or any member of the Group or any of their affiliates or any of its or their officers, employees, agents or advisers (each an “Identified
Person”) as to or in relation to this Presentation (including the accuracy, completeness or sufficiency thereof) or any other written or oral information made available or any errors contained therein or omissions therefrom, and any such
liability is expressly disclaimed.
No representations or warranties, express or implied, are given by any Identified Person as to, and no reliance should be placed on, the accuracy or completeness of any information contained in this Presentation, any other written or
oral information provided in connection therewith or any data which such information generates. No Identified Person undertakes, or is under any obligation, to provide the recipient with access to any additional information, to update,
revise or supplement this Presentation or any additional information or to remedy any inaccuracies in or omissions from this Presentation. Past performance is not necessarily indicative of future results. Differences between past
performance and actual results may be material and adverse.
Forward-looking statements
This Presentation may contain projections, estimates, forecasts, targets, opinions, prospects, results, returns and forward-looking statements with respect to the financial condition, results of operations, capital position, strategy and
business of the Group which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “plan”, “estimate”, “seek”, “intend”, “target”, “believe”, "potential" and
"reasonably possible" or the negatives thereof or other variations thereon or comparable terminology (together, “forward-looking statements”), including the strategic priorities and any financial, investment and capital targets and any
ESG related targets, commitments and ambitions described herein. Any such forward-looking statements are not a reliable indicator of future performance, as they may involve significant stated or implied assumptions and subjective
judgements which may or may not prove to be correct. There can be no assurance that any of the matters set out in forward-looking statements are attainable, will actually occur or will be realised or are complete or accurate. The
assumptions and judgments may prove to be incorrect and involve known and unknown risks, uncertainties, contingencies and other important factors, many of which are outside the control of the Group. Actual achievements,
results, performance or other future events or conditions may differ materially from those stated, implied and/or reflected in any forward-looking statements due to a variety of risks, uncertainties and other factors (including without
limitation those which are referable to general market or economic conditions, regulatory changes, geopolitical tensions such as the Russia-Ukraine war, the impact of the Covid-19 pandemic or as a result of data limitations and
changes in applicable methodologies in relation to ESG related matters). Any such forward-looking statements are based on the beliefs, expectations and opinions of the Group at the date the statements are made, and the Group does
not assume, and hereby disclaims, any obligation or duty to update, revise or supplement them if circumstances or management’s beliefs, expectations or opinions should change. For these reasons, recipients should not place
reliance on, and are cautioned about relying on, any forward-looking statements. No representations or warranties, expressed or implied, are given by or on behalf of the Group as to the achievement or reasonableness of any
projections, estimates, forecasts, targets, commitments, ambitions, prospects or returns contained herein.
Additional detailed information concerning important factors, including but not limited to ESG related factors, that could cause actual results to differ materially from this Presentation is available in our Annual Report and Accounts for
the fiscal year ended 31 December 2021 filed with the Securities and Exchange Commission (the “SEC”) on Form 20-F on 23 February 2022 (the “2021 Form 20-F”), our 1Q 2022 Earning Release furnished to the SEC on Form 6-K on
26 April 2022 (the “1Q 2022 Earnings Release”), our Interim Financial Report for the six months ended 30 June 2022, furnished to the SEC on Form 6-K on 1 August 2022 (the “2022 Interim Report”), our 3Q 2022 Earnings Release,
furnished to the SEC on Form 6-K on 25 October 2022 (the “3Q 2022 Earnings Release”) and our Annual Report and Accounts for the fiscal year ended 31 December 2022 available at www.hsbc.com and which we expect to file with
the SEC on Form 20-F on 22 February 2023 (the “2022 Form 20-F”).
Alternative Performance Measures
This Presentation contains non-IFRS measures used by management internally that constitute alternative performance measures under European Securities and Markets Authority guidance and non-GAAP financial measures defined in
and presented in accordance with SEC rules and regulations (“Alternative Performance Measures”). The primary Alternative Performance Measures we use are presented on an “adjusted performance” basis which is computed by
adjusting reported results for the period-on-period effects of foreign currency translation differences and significant items which distort period-on-period comparisons. Significant items are those items which management and
investors would ordinarily identify and consider separately when assessing performance in order to better understand the underlying trends in the business.
Reconciliations between Alternative Performance Measures and the most directly comparable measures under IFRS are provided in our 2021 Form 20-F, our 1Q 2022 Earnings Release, our 2022 Interim Report, our 3Q 2022 Earnings
Release and our 2022 Form 20-F, when filed, each of which are available at www.hsbc.com.
Information in this Presentation was prepared as at 21 February 2023.
65

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HSBC Holdings plc 4Q22 Results

Presentation to Investors and Analysts

Our purpose Opening up a world of opportunity

Transformation journey Delivery in 2022 Growth and returns

 Drive value creation

Our transformation journey: Six components

Platform for  Resulting in a strong platform for growth and returns

International connectivity: We continue to maintain our market-leading position…

Leading positions in Trade, Payments and FX

1st Top 3 3rd

International connectivity is core to who we serve

International connectivity: …and drive growth in revenue and market share

2019 2022 2019 2022 2019 2022

Portfolio repositioned: Exited markets and reduced RWAs while reallocating

Invested in bolt-on acquisitions

 US mass market retail  Planned sale of France retail

Broad base of profit generation: We have multiple engines of growth and

Mainland $1.0bn PBT  #1 foreign bank by revenue15

India, ($0.9n PBT17; +36% vs. 2019)

Red PBT figures relate to FY22 8

Cost management: We have maintained cost discipline and improved operational

2019-22 adjusted cost movements, % Adjusted cost efficiency ratio

Global 59.2% 55.0%

Operations30 (19)% 2019 2022 Ambition

Spend $6.5bn Saves $5.6bn 2019 2022 Ambition

Deposits Wealth revenue

2019 2022 2019 2022

Building platform for growth: …while investing in technology to scale-up our

+19% Mobile X; global multi-market mobile platform HSBC Orion

HSBC Kinetic; digital business banking mobile channel International Credit

Global Wallet; cloud enabled digital wallet Embedded Banking

Summary of our performance in 2022 (vs. 2021)

Adjusted costs contained to c.1%, adjusted cost efficiency ratio of 55.0%

Dividend per share of $0.32; payout ratio of 44%

CET1 ratio35 of 14.2%

Reported RoTE of 9.9%36; RoTE excluding significant items of 11.6%

Focus on our strengths – CMB

+29% +8% +29%

16.2 3.7 16.2

Focus on our strengths – WPB

Focus on our strengths – GBM

+10% +6% +c.30%

Other 2021 2022 2021 2022

Digitise - Speed, Scale, Resilience

Digital WPB retail sales approaching 50%

Cloud adoption increasing in a controlled manner 46.2% 48.4%

2021 2022 2021 2022

Energise - Inspiring a dynamic culture

Key highlights Employee engagement index48 Female leaders50

 Diversity – we are delivering on our commitments but striving

Total learning hours – Future Skills49 Black heritage leaders51

 Colleague engagement – more opportunities for two-way

Transitioning to net zero - Continuing to build a leading position through active

52 Travel emissions 272

2021 2022 2019 2020 2021 2022

Sustainable finance and

We are focused on driving value creation and delivering sustainable growth

4Q22 results summary

Adjusted revenue performance