Lex专栏：汇丰麻烦还没完

Another day, another big provision from a UK-based bank for past misdemeanours. This time the culprit is HSBC, with an additional $1.1bn set aside, $800m of which relates to a forthcoming settlement with US authorities over money laundering.

又一天过去，又有一家英国银行因为过去的不当行为而计提巨额拨备。这次的问题银行是汇丰(HSBC)，该行增加了11亿美元的拨备，其中8亿美元用于与美国当局就洗钱指控达成和解。

It is tempting to sweep this, along with the cost of mis-sold payment protection insurance, under the carpet. After all, the total for both issues is ￡2.2bn, or 12p a share, making only a small dent in the 619p share price. But what is troubling about the money laundering allegation is that $700m had been set aside for it in July. The cost has more than doubled in three months and there could be more to come. Uncertainty rarely goes down well.

对这笔支出，以及因不当销售“付款保障保险(PPI)导致的成本，汇丰肯定希望缄口不提。毕竟，两项合计22亿英镑，折合每股12便士，只会对其每股619便士的股价造成很小的影响。但洗钱指控令人担忧之处在于，汇丰已经在今年7月为此拨备了7亿美元。三个月内拨备增加了一倍多，而且还可能增加。人们是不会欢迎不确定性的。

HSBC’s saving grace is that its global spread offers diversification from the fine-hungry regulators and moribund economies of Europe and the US. Yesterday’s results for the first nine months offered some proof. The loan book grew 6 per cent, while underlying profits were up 21 per cent thanks to falling US impairment charges. Basel III core tier one capital is comfortable at more than 10 per cent, so HSBC can keep lending while rivals cut back.

汇丰的优势在于，其全球性的业务分布为它提供了多元化，可以缓冲热衷罚款的欧美监管者们以及陷入困境的经济体给它带来的影响。汇丰昨日发布的今年前9个月业绩报告提供了一些证据。它贷款总额增长6%，同时由于美国减损支出不断下降，基础利润增长21%。汇丰的核心一级资本充足率达到10%以上，远远超过《巴塞尔协议III》(Basel III)的规定，因此该行可以在其竞争对手收缩之际继续放贷。

But, for all its emerging markets lustre, just under half of HSBC’s loan book is in Europe, with a further 16 per cent in the US. The bank makes much of its shift to quality, replacing risky lending such as credit cards with more secure (albeit lower-margin) products such as mortgages. But the result is that net income – before impairments – is falling in Europe and flat in the US.

但是，尽管其新兴市场业务表现不俗，但汇丰接近一半的贷款在欧洲，还有16%在美国。它最近将关注焦点转向贷款质量，用抵押贷款等更安全的产品（尽管收益率较低）代替信用卡等高风险贷款。但结果是，欧洲业务不计入减损支出的净利润有所下降，而美国业务的这一指标持平。

Operationally, HSBC is in a better position than most of its peers and deserves its premium stock market rating of 1.2 times book value. But from a regulatory point of view it is with the likes of Barclays and Standard Charteredin facing a nasty combination of fines and rule changes. The biggest threat to its premium lies right there.

就运营而言，汇丰相比大部分同行处于更有利地位，其高于同行的1.2倍市净率是完全合理的。但从监管角度看，它与巴克莱(Barclays)和渣打银行(Standard Chartered)一样，面临罚款和法规调整的风险。汇丰优势地位的最大威胁正在于此。

Lex专栏是由FT评论家联合撰写的短评，对全球经济与商业进行精辟分析