HSBC Holdings PLC (HSBA.L)
17 May 2019
* Intu slumps after poor forecast (Adds company news items, updates to closing prices)
HONG KONG/LONDON HSBC Holdings PLC smashed forecasts with a 31 percent rise in first quarter profit, bolstered by a surge in income from its core Asian business and lower costs that outweighed a poor performance from investment banking.
* U.S. business turnaround is most challenging priority (Adds details, investor quote)
LONDON (Reuters Breakingviews) - HSBC’s first-quarter results shore up its rich valuation. The global bank reported a robust 10.6 percent return on tangible equity in the first three months of the year, buoyed by a lending spike. Investors were already assuming that the bank hits its 2020 return targets. Potential for more buybacks in the second half provide additional firepower.
* Hang Seng +0.5 pct, H-shares +0.2 pct; China closed for holiday
May 3 Britain's main index inched up on Friday, after three sessions in the red, as a profit beat lifted HSBC and miners jumped after Tesla said it expects global shortages of copper. Intu Properties weighed down midcaps after an annual target cut.
HONG KONG/LONDON, May 3 HSBC Holdings PLC posted on Friday a 31 percent rise in first-quarter profit, beating estimates, bolstered by a surge in income in its core Asian business and as the London-headquartered bank managed to rein in costs.
LONDON HSBC has reshuffled its global banking division as former JP Morgan banker Greg Guyett put his stamp on the business, which has been under pressure in recent years.
BIRMINGHAM, England HSBC has so far moved only a "tiny" number of jobs to Paris in order to deal with Brexit, Chief Executive John Flint said on Friday, in the bank's most detailed comments yet on its plans.
* Bank under fire over financing of coal power projects (Recasts, adds CEO comment)