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00005 HSBC HOLDINGS
RTNominal up64.750 +0.050 (+0.077%)
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03/08/2020 15:02

{I-bank focus}HSBC (00005) guides for wider impairments

[ET Net News Agency, 3 August 2020] Jefferies Research said HSBC Holdings' (00005) 2Q
pre-provision is higher than estimated, and the impairment charge has disappointed. The
management unhelpfully have widened the range of estimated full-year impairments to
US$8bn-13bn (from US$7-11bn).
The research house said the notable aspect is that the charge at the UK ring-fenced bank
rose to US$1.5bn in 2Q from US$550m in 1Q.
Elsewhere, the US$3bn adverse impact to NII (net interest income) from lower rates
stands for 2020 with "further negative impacts anticipated in 2021". Jefferies maintained
its "hold" rating on HSBC, with a target price of GBP4, or HK$40.48. (KL)

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