HSBC Holdings PLC (XBUL:HBC1)

лв 7.569 0 (0%) Market Cap: 323.81 Bil Enterprise Value: 69.99 Bil PE Ratio: 7.97 PB Ratio: 0.95 GF Score: 63/100

Half Year 2022 HSBC Holdings PLC Fixed Income Earnings Call Transcript

Aug 02, 2022 / 01:00PM GMT

Transcript

Carlo Pellerani

HSBC Holdings plc - Group Treasurer

(technical difficulty)

Richard O'Connor, the Global Head of Investor Relations, who is actually in Hong Kong; and Greg Case, Head of Investor Relations, who is with me in London.

I'll start by mentioning a couple of highlights from the results. Then I'll do a quick update, as usual, of financial resources and then straight into Q&A. I will not be referring to any slides as I go through.

So 3 highlights from the results. First of all, 9.9% royalty for the half year, largely driven by higher NII and good cost control, more than offsetting higher ECL charge. Importantly, we are now expecting to improve our royalty to about 12% in 2023, which is well ahead of our cost of capital.

Second, in terms of balance sheet dynamics, $33 billion of adjusted loan growth in the half year, largely in mortgages and trade, alongside $24 billion growth in adjusted deposits. And lastly, on the results, credit quality remains quite good. ECL charge is equivalent to 21 basis points of gross loans for the half year. Stage 3 loans

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