Company: HBCYF
Filing Date: 2025-05-02
Form Type: 6-K
Source: 0001654954-25-005028
Chunk: 3

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-02
Form: 6-K
Chunk 3
---
 - both excluding notable items.

We had a strong performance in Transaction Banking, in particular in Foreign Exchange, and in our Equities and Debt trading businesses, both of which benefitted from higher client activity on the back of higher volatility.

In Wealth, we had our fifth consecutive quarter of double-digit growth, attracting net new invested assets of US$22bn.

We have momentum in our earnings, discipline in the execution of our strategy and confidence in our ability to deliver our targets.

This confidence enabled us to announce an up to US$3bn share buy-back alongside a US$0.10 interim dividend per share.

Let me briefly set out where we began when I became CEO last September, where we are now and where we're going next.

I inherited a bank built on firm foundations. We were clear on what we do. It was the right time to address how we do it.

In October, I announced the simplification of the organisation, with the objective to align our structure with our strategy. In short, we are creating a simple, more agile HSBC, with a greater focus on our customers, driving higher levels of satisfaction and delivering attractive returns to you, our shareholders.

In February, we set out our targets.

We're targeting a mid-teens teens return on tangible equity for 2025, 2026 and 2027, excluding notable items. And we reaffirmed this guidance on Tuesday.

In particular, in Hong Kong and the UK - our home markets - we will invest in wealth centres, increase the number of our relationship managers and enhance our digital capabilities to improve customer experience.

For UK SMEs, we will enhance our coverage efforts and improve our product proposition, alongside our customer service capabilities.

A core enabler of all of these efforts is technology.

This includes the use of AI, generative AI, data and analytics to improve process efficiency and help protect customers against fraud and cybercrime.

As I said on Tuesday, we are focused on executing our strategy with discipline and remain on track to deliver the actions we have set out.

Clearly the external macroeconomic environment is less favourable and more uncertain now than in February.

Our balance sheet and capital positions are strong, we have a fantastic deposit franchise and a high-quality credit portfolio, our earnings are resilient, diversified and of high quality, and we know that during times of both predictability and unpredictability, our customers look for the strength, stability and expertise we bring as their trusted partner.

That's what gives us the confidence to reaffirm the guidance we gave in February