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HBSC sets out targets for Asia business as all parts "motoring"

15th May 2023 10:52

(Alliance News) - HSBC Holdings PLC on Monday said it is aiming for revenue and lending growth in Asia over the medium term.

The Asia-focused lender is holding a week-long seminar for investors and analysts in Hong Kong and Singapore.

HSBC said it is targeting mid-single-digit percentage growth in lending over the medium to long term for its Asia business but is more cautious in the short-term. It aims for mid-teens return on tangible equity.

The banks targets high-single-digit percentage growth in revenue for its Wealth arm in Asia.

For the group as a whole, HSBC targets a RoTE of at least 12% from 2023. For 2022 it had reported a return on average tangible equity of 9.9%.

"All parts of HSBC Asia are now motoring," said HSBC Chief Executive Noel Quinn. "In mainland China, we are ideally positioned to facilitate business with the rest of the world; in South and Southeast Asia, we have invested heavily in Singapore, and we have significantly bolstered our growing business in India."

HSBC shares were 1.5% higher at 608.90 pence each in London on Monday morning.

By Tom Budszus, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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