HSBC pre-tax profit falls, dismisses calls for split
HongwKong,wChinaw- –SuvKbank onKMondayKsaidKpreYtaxKprofitKfell inKtheKfirstKhalfWKandKappearedKto rebuffKcallsKtoKspinKoffKitsKtsian activitiesKonKtheKeveKofKaKkey shareholderKmeetinga
PreYtaxKearningsKsankKdhKper centKtoKUSOlaebnKafterKitKtookKa USOdadbnKhitKonKpossibleKcredit lossesKMtoKreflectKheightened economicKuncertaintyKandKinflaY tionMWK–SuvKsaida
TheKresultKMreflectedKaKmore normalisedKlevelKofKexpected creditKlossesKcomparedKwithKthe vovidYdlKreleasesKmadeKlast yearWKasKwellKasKtheKmacroecoY nomicKimpactKofKtheKRussiaY UkraineKwarMWKaddedKchief executiveKNoelKQuinna
–oweverWKnetKprofitKroseKdg perKcentKtoKUSOkafbnKinKtheKreY portingKperiodKpartlyKonKaKlarge oneYoffKtaxKcredita
TheKannualKrevenueKoutlook wasKpositiveWKQuinnKnotedWKwith netKinterestKincomeKexpectedKto reachKatKleastKUSOfdbnKthisKyear andKUSOfjbnKnextKyearKasKinterY estKratesKrisea
TheKgroupKwasKconfidentKof achievingKitsKbestKreturnsKinKa decadeKinKecefaKMWeKalsoKintend toKrevertKtoKquarterlyKdividendsKin ecefWMKheKaddeda
LondonYheadquarteredK–Suv wasKamongKaKnumberKofKmajor banksKtoKcancelKdividendsKearly inKtheKpandemicKafterKaKdeKfacto orderKfromKtheKuankKofKxnglandK– aKmoveKthatKupsetKsomeK–ong KongKinvestorsa
MondayRsKresultsKcomeKone dayKbeforeK–SuvKexecutivesRKfirst faceYtoYfaceKmeetingKwithKshareY holdersKfromKtheKtsianKfinancial hubKinKthreeKyearsa
xxecutivesKareKexpectedKto fieldKquestionsKaboutKaKrestrucY turingKbidKfromKitsKbiggestKshareY holderKPingKtnKInsuranceKzroupa
TheKlenderKisKunderKpressure fromKPingKtnWKwhichKhasKaKlaeY perKcentKstakeWKtoKspinKoffKits tsianKoperationsWKinKaKbidKtoKunY lockKshareholderKvalueKamidKtenY sionsKbetweenKvhinaKandKthe Westa
TheKbankKhasKpreviously hintedKitKwantsKtoKkeepKitsKcurY rentKstructureKwhileKcontinuingKa pivotKtoKtsiaaKQuinnWKspeaking laterKonKMondayWKsuggestedKsuch anKMalternativeKstructureMKwould haveKaKMnegativeMKimpactKon –Suva
MItKhasKbeenKourKjudgmentKthat alternativeKstructuralKoptionsKwill notKdeliverKincreasedKvalueKfor shareholdersWMKQuinnKtoldKanaY lystsKonKaKconferenceKcalla
MRatherWKtheyKwouldKhaveKa materialKnegativeKimpactKon valueaMK–SuvKhadKMconsidered manyKofKtheseKoptionsKoverKreY centKyearsMWKandKrecentlyKupY datedKitsKanalysisKwith thirdYpartyKfinancialKandKlegalKadY viceWKheKaddeda
–ongKKongKpoliticianKvhrisY tineKyongKsaidKonKSundayKthat –SuvKseparatingKitsKtsianKbusiY nessKandKbringingKbackKitsKpriY maryKlistingKtoKtheKcityKisKthe MbestKwayKtoKprotectKStheKinterY estsKofTKminorityKshareholdersMa
yongWKwhoKreportedlyKrepreY sentsKhccKsmallKinvestorsKin –SuvKstockWKalsoKvoicedKsupport forKPingKtnKgettingKseatsKon –SuvRsKboardWKcitingKtheKcanY celledKdividendsKinKececKasKa reasona
LastKyearWK–SuvKvowedKtoKacY celerateKaKmultiYyearKpivotKto tsiaKandKtheKMiddleKxastWKwith ambitionsKtoKleadKtsiaRsKwealth managementKmarketa
TheKbankKsaidKitKwouldKinvest USOibnKinK–ongKKongWKvhina andKSingaporeKandKhireKmore thanKhWcccKwealthKadvisersK– whileKslashingKfhWcccKjobsKand cuttingKitsKretailKoperationsKinKthe UnitedKStatesKandKyrancea