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BRIEF-HSBC Posts Q1 Adjusted Profit Before Tax $3.04 Bln

"Damien Gault" (2020-04-28)


April 28 (Reuters) - HSBC: * AS AT MARCH END, COMMON EQUITY TIER 1 CAPITAL ('CET1') RATIO OF 14.6% (4Q19: 14.7%) * Q1 REPORTED PROFIT BEFORE TAX DOWN 48% TO $3.2BN * Q1 REPORTED REVENUE $ 13,686 MILLION VERSUS $14,428 MILLION * EXPECT RESTRUCTURING COSTS FOR 2020 TO BE LOWER THAN INDICATED IN 2019 ANNUAL RESULTS * QTRLY ADJUSTED REVENUE $13,327 MILLION VERSUS $14,149 MILLION * QTRLY NET INTEREST INCOME $7,612 MILLION VERSUS $7,468 MILLION A YEAR AGO * QTRLY NET INTEREST MARGIN OF 1.54% WAS DOWN 2BPS FROM 4Q19 * WILL REVIEW DIVIDEND POLICY AT, OR AHEAD OF, YEAR-END RESULTS FOR 2020 * Q1 REPORTED OPERATING EXPENSES $7,852 MILLION VERSUS $8,222 MILLION * IMPACT & DURATION OF COVID-19 LIKELY LEAD TO HIGHER ECL AND ADD PRESSURE ON REVENUE DUE TO LOWER CUSTOMER ACTIVITY AND REDUCED GLOBAL INTEREST RATES * QTRLY ADJUSTED PROFIT BEFORE TAX $ 3,042 MILLION VERSUS $ 6,246 MILLION * CBANK, GOVERNMENT SUPPORT MEASURES MAY LIMIT FLEXIBILITY IN MANAGING BUSINESS AND TAKING ACTION ON CAPITAL DISTRIBUTION & CAPITAL ALLOCATION * PLAN TO REDUCE OPERATING EXPENSES TO PARTLY MITIGATE REDUCTION IN REVENUE; EXPECTED TO LEAD TO MATERIALLY LOWER PROFITABILITY IN 2020, VERSUS 2019 * ALLOWANCE FOR ECL INCREASED FROM $9.2 BILLION AT DEC 31, 2019 TO $11.1 BILLION AT 31 MARCH 2020. * Q1 REPORTED ECL UP BY $2.4BLN TO $3BLN DUE TO COVID-19 AND LOW OIL PRICES ON ECONOMIC OUTLOOK & CHARGE FROM CORPORATE EXPOSURE IN SINGAPORE * Q1 ECL INCLUDES SIGNIFICANT CHARGE RELATED TO CORPORATE EXPOSURE IN SINGAPORE, WHICH WAS PRIMARY DRIVER OF $0.7BLN INCREASE IN CMB IN ASIA * IN SEVERE ECL SCENARIO WITH HISTORICAL LOSS EXPERIENCE FOR REMAINING QTRS COULD RESULT IN 2020 ECL CHARGE OF $7BLN TO $11BLN * NUMBER OF EMPLOYEES IN FULL-TIME EQUIVALENT STAFF AT MARCH 31, 2020 WAS 235,047, DECREASE OF 304 FROM DEC 31 2019 Source: website Further company coverage: Advertisement

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