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30 Apr 2014

Grupo Financiero HSBC, S.A. de C.V. first quarter 2014 financial results highlights

  • Net income before tax for the first quarter of 2014 was MXN1,553m, a decrease of MXN477m or 23.5% compared with MXN2,030m for the first quarter of 2013.
  • Net income for the first quarter of 2014 was MXN1,460m, a decrease of MXN24m or 1.6% compared with MXN1,484m for the first quarter of 2013.
  • Total operating income, net of loan impairment charges, for the first quarter of 2014 was MXN6,925m, a decrease of MXN181m or 2.5% compared with MXN7,106m for the first quarter of 2013.
  • Loan impairment charges for the first quarter of 2014 were MXN1,525m, a decrease of MXN43m or 2.7% compared with MXN1,568m for the first quarter of 2013.
  • Administrative and personnel expenses for the first quarter of 2014 were MXN5,382m, an increase of MXN299m or 5.9% compared with MXN5,083m for the first quarter of 2013.
  • The cost efficiency ratio was 63.7% for the first quarter of 2014, compared with 58.6% for the first quarter of 2013.
  • Net loans and advances to customers were MXN194.4bn at 31 March 2014, an increase of MXN5.8bn or 3.1 % compared with MXN188.6bn at 31 March 2013. Total impaired loans as a percentage of gross loans and advances as at 31 March 2014 increased to 6.2% compared with 2.2% at 31 March 2013.
  • At 31 March 2014, deposits were MXN269.0bn, an increase of MXN4.0bn or 1.5% compared with MXN265.0bn at 31 March 2013.
  • Return on equity was 10.7% for the first quarter of 2014 compared with 11.2% for the first quarter of 2013.
  • At 31 March 2014, the bank’s total capital adequacy ratio was 14.4% and the tier 1 capital ratio was 11.9% compared with 16.8% and 13.7% respectively at 31 March 2013.
  • In the first quarter of 2014, the bank paid a dividend of MXN576m, representing MXN0.30 per share, and Grupo Financiero HSBC paid a dividend of MXN3,781m, representing MXN1.34 per share.

2013 results have been restated to reflect HSBC Fianzas, the bonding company which has been sold, as a discontinued operation.

HSBC Mexico S.A. (the bank) is a subsidiary of Grupo Financiero HSBC, S.A. de C.V.’s (Grupo Financiero HSBC) and is subject to supervision by the Mexican Banking and Securities Commission. The bank is required to file financial information on a quarterly basis (in this case for the quarter ended 31 March 2014) and this information is publicly available. Given that this information is available in the public domain, Grupo Financiero HSBC, S.A. de C.V. has elected to file this release. HSBC Seguros, S.A. de C.V. Grupo Financiero HSBC (HSBC Seguros) is Grupo Financiero HSBC’s insurance group.

Results are prepared in accordance with Mexican GAAP (Generally Accepted Accounting Principles).

About HSBC

Grupo Financiero HSBC is one of the leading financial groups in Mexico with 987 branches, 6,045 ATMs and approximately 17,500 employees.

Grupo Financiero HSBC is a 99.99% directly owned subsidiary of HSBC Latin America Holdings (UK) Limited, which is a wholly owned subsidiary of HSBC Holdings plc, and a member of the HSBC Group. With around 6,300 offices in 75 countries and territories in Europe, Hong Kong, Rest of Asia-Pacific, North and Latin America, the Middle East and North Africa and with assets of US$2,671bn at 31 December 2013, the HSBC Group is one of the world’s largest banking and financial services organisations.

For further information contact:
Mexico City
Lyssette Bravo
Public Affairs
Telephone: +52 (55) 5721 2888

Rafael Toro
Investor Relations
Telephone: +52 (55) 5721 2864

London
Donal McCarthy
Corporate Media Relations
Telephone: +44 (0)20 7992 1631

Guy Lewis
Investor Relations
Telephone: +44 (0)20 7992 1938

Read the full media release.

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