HSBC Posts Strong Q2 Results Driven by Loan Loss Reversals For Second Consecutive Quarter
HSBC Holdings plc (HSBC or the Group) reported a net attributable profit of USD 3.396 billion in Q2 2021 compared to USD 192 million in Q2 2020. Similar to the previous quarter, the improvement in the Q2 results was driven by net expected credit losses (ECL) releases of USD 0.3 billion, driven by the improving economic outlook in credit models, compared to a charge of USD 3.8 billion in Q2 2020. H1 2021 net attributable profit was USD 7.3 billion, compared to USD 2.0 billion in H1 2020. The Group reported a Return on Tangible Equity (RoTE) of 9.4% in H1 2021, slightly below the RoTE target of over 10% for 2022, but improved from 3.8% in H1 2020.HSBC Holdings is a financial services holding company. Through its subsidiaries, Co. operates four businesses: Retail Banking and Wealth Management, which serves customers through four businesses: Retail Banking, Wealth Management, Asset Management, and Insurance; Commercial Banking, which provides working capital, term loans, payment services, and international trade facilitation; Global Banking and Markets, which delivers a range of transaction banking, financing, advisory, capital markets, and risk management services; and Global Private Banking, which provides a range of private banking services. At Dec 31 2017, Co. had total assets of US$2.52 trillion and deposits of US$69.92 trillion.
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