The following is a summary of the HSBC Holdings PLC (HSBC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• HSBC reported a profit before tax of $12.7 billion in Q1 2024, excluding notable items, the profit was $9 billion.

• The return on tangible equity was 16.4%, excluding notable items.

• HSBC executed further capital distributions of $8.8 billion, bringing the total distributed capital to almost $28 billion over 15 months.

• The press release reported a CET 1 ratio of 15.2%, increasing 40 basis points compared to the previous quarter.

• HSBC experienced a decrease of about $16 billion in deposits in Q1 this year.

• The bank forecasts a banking NII of at least $41 billion and mid-teens return on tangible equity.

Business Progress:

• Noel Quinn, Group CEO, announced his intention to retire; ensuring a smooth shift, he will remain in his role during the transition period.

• HSBC is focusing on continuing momentum and further executing the strategy, with specific attention to maintaining a smooth and orderly transition.

• The bank completed the $2 billion share buyback in two months and announced a new share buyback of up to $3 billion starting after the AGM and to be completed within three months.

• HSBC sees positive trends with China corporations expanding across Asia.

• Focus is continuing on wealth and transaction banking, with investments in technology to support these areas.

• The bank has reported stable conditions for loans and deposits, with an increasing market share in mortgages and SME lending in the U.K.

• HSBC is optimistic about the UK outlook, citing economic resilience; the bank continues to invest in the UK market.

• HSBC aims to maintain its economic activities in the U.K. market despite the economic volatility in Argentina.

More details: HSBC Holdings IR

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