HSBC Q1 Results Up on Loan Loss Reversals; 2021 Cost Of Risk Revised Positively
HSBC Holdings plc (HSBC or the Group) reported net attributable profit of USD 3.9 billion in Q1 2021 compared to USD 1.8 billion in Q1 2020 and USD 562 million in Q4 2020. The improvement in Q1 results primarily reflects net expected credit loss (ECL) releases of USD 0.4 billion driven by improving economic outlook in credit models, compared to a charge of USD 3.0 billion in Q1 2020 and of USD 1.2 billion in Q4 2020. The Group reported a Return on Tangible Equity (RoTE) of 10.2% in Q1 2021, which is in line with its RoTE target of 10-12% for 2022.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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