25 October 2022
If you are covering HSBC’s results, please see the following comment from Will Howlett, equity analyst at Quilter Cheviot:
"HSBC’s results show clearly the benefits of higher interest rates supporting net interest income and decent cost control given the inflationary environment.
"Despite this, the outlook for net interest income in FY23 has been rowed back slightly in dollar terms due to continued sterling weakness. On top of this, it has been announced that Georges Elhedery has been appointed as Group Chief Financial Officer replacing the outgoing and well-regarded Ewen Stevenson who is stepping down at the end of the year.
"Global geopolitical concerns and worries around the Asian economy specifically as reflected in the sharp fall in the Hang Seng also weigh on the outlook. While these results generally are cause for optimism it is certainly operating in challenging financial markets and the future remains unpredictable to say the least."
