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HSBC Holdings plc's (HSBC) CEO Noel Quinn on Q2 2021 Results - Earnings Call Transcript

Aug. 02, 2021 11:39 AM ETHSBC Holdings plc (HSBC), HBCYF
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HSBC Holdings plc (NYSE:HSBC) Q2 2021 Earnings Conference Call August 2, 2021 2:30 AM ET

Company Participants

Noel Quinn - Group CEO

Ewen Stevenson - Group CFO

Conference Call Participants

Martin Leitgeb - Goldman Sachs

Raul Sinha - JPMorgan

Tom Rayner - Numis

Omar Keenan - Crédit Suisse

Aman Rakkar - Barclays

Andrew Coombs - Citi

Guy Stebbings - Exane BNP Paribas

Manus Costello - Autonomous

Noel Quinn

Good morning in London, and good afternoon in Hong Kong. I've got Ewen with me today, and I'll hand over to him shortly to go through the detail of our Q2 performance.

First, though, I'll start with a summary of the key highlights, our progress against our transformation plans, and in particular, what we're seeing with respect to growth. For the second quarter, a good operating performance, supported by a net release of expected credit losses delivered reported pretax profits of $5.1 billion, up $4 billion on last year's second quarter.

We saw a return to profitability in all our regions in the first half, including good performances in both Europe and the U.S. Our UK business performed well with a record quarter for mortgages in Q2. We've generated good momentum behind our growth and transformation plans and made important decisions on exiting our mass market retail business in the U.S. and our retail business in France. Our RWA and cost reduction programs are both on track.

Our Asia Wealth strategy is gaining traction with strong growth in Wealth balances. We're seeing promising signs of early growth in both lending volumes and fee income, particularly in Asia. And we retained a strong capital ratio of 15.6%, which enables us to declare an interim dividend of $0.07 per share for the first half of the year.

The next 2 slides look at the

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