Half Year 2024 HSBC Holdings PLC Earnings Call Transcript
Key Points
- HSBC Holdings PLC (HSBC) reported a strong first half performance with revenue of $37.3 billion, up 1% year-over-year.
- Profit before tax remained stable at $21.6 billion, demonstrating consistent financial performance.
- The company announced $4.8 billion in further capital distributions, bringing the total to $34.4 billion over the last 18 months.
- Return on tangible equity was 17%, excluding notable items, indicating strong profitability.
- Wealth revenue grew by 12% in the first half, driven by significant investments in people and digitization.
- Cost growth was 7% in the first half, exceeding the target of around 5%, primarily due to timing differences.
- Foreign exchange revenue declined by 8% compared to the previous year, reflecting high volatility in the market.
- The Hong Kong corporate loan market remains subdued, impacting overall loan growth.
- Expected credit losses (ECL) were $0.3 billion in the quarter, with stage three balances increasing to 2.4% of customer loans.
- The company faces challenges in maintaining its structural hedge in the Hong Kong dollar market due to limited instruments available.
Welcome, ladies and gentlemen to the Analyst and Investor Webinar on the 2024 Interim Results for HSBC Holdings plc. For your information, this webinar is being recorded. We are now ready to start the webinar. So I will hand over to Noel Quinn, Group Chief Executive.
Good morning to everyone in London, and good afternoon to those joining from Hong Kong. Today is my last results announcement before Georges takes over in September. I'm delighted to be handing the stewardship of the bank over to him. Georges is an exceptional leader, who understand what makes HSBC special.
I'd like to thank my colleagues around the world for everything they've done over the last five years. And I wish Georges every success for the future. I have always been immensely proud of the heritage of this bank and the strategic role it plays in the world. But when I took this job on five years ago, we didn't have the financial performance to match our standing.
My aim was to change that. I
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