HSBC earnings beat expectations increases key profitability goal

HSBC earnings beat expectations increases key profitability goal

Summary : A woman wearing a protective face mask walks past a logo of HSBC bank at the financial and business district of La Defense near Paris, France May 11, 2020. SINGAPORE, Aug 1 (Reuters) – HSBC reported a 15% dip in first-half profit as credit loss provisions rose, but the fall was not as bad as feared and Europe’s biggest bank lifted its returns guidance in the belief that rising interest rates will boost revenue. The bank has come under pressure from its largest shareholder, Ping An Insurance Group Co of China Ltd (601318.SS), to explore strategic options such as spinning off its mainstay Asian business to unlock greater shareholder value.

A Hong Kong politician has urged HSBC to spin off its Asia business and appoint representatives of Ping An to its board, as the global lender prepares to meet with Hong Kong shareholders on Tuesday.

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