HSBC said it grew $4.6 billion (£3.7 billion) from a year ago, thus increasing its share in its mortgage market.
High Street Bank has increased its UK home loans from 8% and 8% to 8.1% and added “opportunities to continue building our mortgage franchise” in its annual report.
The UK is the bank’s largest mortgage market, accounting for 46.7% of its global mortgage portfolio, other major housing loan markets in Hong Kong and the United States.
The average loan-to-value ratio for new loans in the UK is 69%, while the average loan ratio for the overall mortgage portfolio is 53%.
The bank said that at the end of last year, the total gross amount of its UK mortgage loans was £163.5 billion.
It added: “The number of people observed in the market has increased due to rising housing prices, higher interest rates and cost of living, although the average lifespan of HSBC mortgage loans is about five to five due to refinancing. In eight years.”
Overall, the bank’s pre-tax profit rose 8.7% to $32.3 billion in 2024, due to higher sales of its wealth and market businesses.
However, its net profit margin – Differences in interest obtained by banks through loans and interest rates paid to depositors – Leaning 10 basis points to 1.56%.
It also cuts its staff worldwide by 3% to 211,304 this year, adding that it plans to save $300 million in 2025 and cuts a $1.5 billion cost base by the end of next year.
Last October, new CEO Georges Elhedery (pictured) divided the lender into four broad divisions: UK, Hong Kong, corporate and institutional banking and International Wealth and International Wealth and Prime Minister’s banking to simplify the group.
The UK unit led by CEO Ian Stuart contains personal banking operations – including First Direct and M&S Bank. It also includes commercial banking, including innovative banking.
Elhedery said: “Since becoming CEO, I have been working to simplify how we operate and inject energy and intend to get into the way we provide our strategy. We are building a simpler, more agile, focused bank based on our core strengths.” .”
