February 21, 2017 / 5:14 AM / 6 months ago

BRIEF-HSBC Holdings FY pre-tax profit $7.11 bln

Feb 21 (Reuters) - HSBC Holdings Plc:

* FY adjusted operating expenses fell by $1.2bln or 4 pct

* "We are investing over $2 billion in digital transformation initiatives"

* FY adjusted profit before tax $19.3 billion, down 1.2 pct

* FY adjusted revenue of $50.2 billion was broadly unchanged

* Co instigating a further $1 billion buy-back programme

* Maintained FY dividend at $0.51 per ordinary share; total dividends in respect of year of $10.1 bln; confident of maintaining at this level

* As at 31 Dec 2016 common equity tier 1 ratio 13.6 pct

* FY reported PBT $7.11 billion, down 62.3 percent

* FY reported revenue of $48.0 billion was 20% lower

* Board has determined to return to shareholders up to a further $1 bln by way of a share buy-back which is expected to complete in first half of 2017

* Gulliver says "The strength of our network gives us an unrivalled ability to help clients navigate complexity and uncover new opportunities"

* "Encouraging to see the significant improvement in performance across all business units in Mexico"

* "Expect to deliver increased annualised cost savings of c. $6.0bn"

* "May need to relocate 1000 roles from London to Paris over next two years due to Brexit"

* On chairman succession "Process remains on track and an announcement will be made in due course"

* Targeted reduction of risk-weighted assets is 97 pct complete; now expect to exceed co's cost reduction target

* "US economy looks robust, growth in China has held up well, defying concerns reflected in market retrenchment seen in first quarter of 2016"

* "We anticipate new challenges in 2017 from geopolitical developments, heightened trade barriers and regulatory uncertainty"

* "By the end of this year, we are on track to have our anti-money laundering and sanctions policy framework in place"

* At forthcoming AGM, co will bid farewell to independent directors, namely, senior independent director, Rachel Lomax, and Sam Laidlaw

* HSBC has received requests for information from "various regulatory and law enforcement authorities" related to Panama papers leak

* HSBC one of 18 institutions referred to south african competition tribunal for alleged misconduct related to foreign exchange market

* Has recognised a provision of $1.2 billion for range of foreign exchange rate rigging investigations globally

* HSBC CEO Stuart Gulliver's total remuneration drops to 5.7 million pounds in 2016 from 7.3 million pounds in 2015 - Annual Report

* HSBC chairman Flint's total remuneration falls to 2.1 million pounds in 2016 from 2.5 million pounds in 2015 - Annual Report Source text for Eikon: Further company coverage:

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