Aug 6, 2018
Opening Quote: HSBC — Donald J who?
These expenses came in at $16.4bn in the first six months of the year, 8 per cent higher than the same period in 2017. As a result, adjusted pre-tax profit in the period was down about 2 per cent to $12.1bn. Taking the second quarter alone, HSBC generated about $6bn in reported pre-tax profit, just below the level analysts had forecast. Its adjusted revenue was $27.5bn, 2 per cent higher than a year ago. Return on average shareholder equity fell to 8.7 per cent from 8.8 per cent a year ago. Mr Flint has set out a target of hitting a return on tangible equity above 11 per cent for the first time in a decade.
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