From Breakingviews - HSBC invites shy investors to turnaround party
boss declared his strategy is working and upped his targets for the bank. His next challenge is to convince shareholders that the recent improvements in performance by the $160 billion lender after a decade of disappointments are sustainable.
For this year, Quinn is now targeting more than $35 billion of net interest income - the revenue it makes from loans and bonds after deducting money it pays to depositors and others - in line with its annualised performance from the first half. He’s catching up with market expectations, too, aiming for a return on tangible equity in the mid-teens and echoing Visible Alpha’s consensus numbers for 15% this year, and almost 14% next.
taking its discussions with the bank back behind closed doors after failing in May to muster support from other shareholders for a separation of the Asia business. Adjusting for gains of $3.6 billion during the first quarter from buying Silicon Valley Bank’s UK unit and from reversing an earlier impairment relating to the sale of its French division, the London-headquartered bank logged an adjusted annualised 18.5% return on tangible equity for the first six months of the year.
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