This comes as the group announced its Q1 results, with a £1.4bn ($1.8bn) reported profit before tax within its UK business, down from £2.5bn ($3.1bn) during the same period last year.
HSBC did not disclose a breakdown of its gross lending figures, but said there was a £798m ($1bn) growth in mortgages across its UK division when comparing Q1 2024 to the previous quarter.
Combined, its UK and Hong Kong markets saw a £7.1bn ($9bn) growth in mortgage lending balances since March 2023.
When comparing Q1 2024 to last year, HSBC UK saw a 4% or £4.7bn ($6bn) increase in mortgage balances within its wealth and personal banking division.
The wider HSBC group posted a profit before tax of £10.1bn ($12.7bn) for Q1, £159m ($200m) down on the same period last year.
It had a net interest margin (NIM) of 1.63%, which was a six basis point reduction on the same period a year earlier.
Compared to the previous quarter, this was an improvement of 11 basis points, which HSBC attributed to “hyperinflation and currency devaluation in Argentina, partly offset by higher funding costs of liabilities”.
Earlier this month, the bank increased mortgage rates.
CEO Noel Quinn retires
Following the announcement of his retirement, HSBC said it was undergoing the process to find a replacement for group chief executive Quinn.
Quinn will remain in his role during this process “to ensure a smooth and orderly transition”.
He was appointed group chief executive in 2019, originally assuming the role on an interim basis to replace John Flint, before being formally appointed in 2019.
Quinn has worked for the bank since 1987.
Mark Tucker, group chair of HSBC, said: “The board would like to pay tribute to Noel’s leadership of the company. Noel has had a long and distinguished 37-year career at the bank and we are very grateful for his significant contribution to the group over many years. He has driven our transformation strategy and created a simpler, more focused business that delivers higher returns. The bank is in a strong position as it enters the next phase of development and growth.”
Quinn added: “It has been a privilege to lead HSBC. I never imagined when I started 37 years ago that I would have the honour of becoming group chief executive of this great bank. I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC. I want to thank them wholeheartedly and wish them continued success for the next stage of the journey.
“After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward.”
