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HSBC Holdings PLC ADR HSBC

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HSBC's Q2 Result Boosted by ECL Reversal

Michael Wu, CAIA Senior Equity Analyst

Analyst Note

| Michael Wu, CAIA |

HSBC’s second quarter was ahead of consensus estimate, mainly on an expected credit loss reversal of USD 284 million. Adjusted profit before tax for the second quarter was USD 5.06 billion, compared with USD 2.59 billion the same period last year. Revenue was 10% lower against the same period last year at USD 12.5 billion but the focus should be the quarterly comparison.

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Company Profile

Business Description

Established in 1865 in Hong Kong, London-based HSBC is one of the largest banks in the world with assets of USD 3 trillion and 40 million customers worldwide. It operates across 64 countries globally with around 222,500 full time staff. Key regions include Asia, Europe, the Middle East and North Africa, and North America. United Kingdom and Hong Kong are the two largest markets for the bank. The bank offers retail, commercial and institutional banking, global banking and markets, wealth management, and private banking.

Contact
8 Canada Square
London, E14 5HQ, United Kingdom
T +44 2079918888
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type
Employees 3,500

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