May 4, 2017

HSBC: off the scale

The bank aims to be "Consistently above" that: the ratio grew from 13.6 per cent a year ago to 14.3 per cent in the first quarter. HSBC is meant to widen its lending returns, assisted by sticky Asian savers and a low loan-to-deposit ratio. Central bankers have so far failed to oblige HSBC with sequential rate rises. If they do, and a Chinese expansion pays off, HSBC will further resemble the population of Lake Wobegon in being good-looking and strong. Investors would then kick themselves for failing to buy shares that owe their above-average 13.4 times forward earnings ratio as much to sterling weakness as HSBC's intrinsic qualities.

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