HONG KONG (Reuters) – HSBC Holdings (NYSE:) reported a slight decline of 0.4% in first-half revenue on Wednesday however nonetheless beat analyst estimates, as its companies benefited from increased rates of interest worldwide whereas sturdy development in its wealth enterprise boosted income.
Europe’s largest financial institution posted pretax revenue of $21.6 billion for the primary six months this 12 months versus $21.7 billion a 12 months earlier.
The end result in contrast with the $20.5 billion common of dealer estimates compiled by HSBC.
“We are confident that we have the right strategy and model to grow revenue, even in a lower interest rate environment,” Chief Govt Noel Quinn mentioned in a press launch.
The financial institution gave new steering of a mid-teens return on common tangible fairness – a efficiency goal – in 2025. Beforehand it solely aimed for mid-teens return for 2024.
