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HSBC Holdings' CEO Discusses Q1 2012 Results - Interim Management Statement Call Transcript

HSBC Holdings (HBC)

Q1 2012 Interim Management Statement Call

May 08, 2012 6:00 am ET

Executives

Stuart T. Gulliver - Chairman of Group Management Board, Group Chief Executive Officer and Executive Director

Iain James Mackay - Group Finance Director, Member of Group Management Board and Director

Analysts

Raul Sinha - JP Morgan Chase & Co, Research Division

Chris Manners - Morgan Stanley, Research Division

Chintan Joshi - Nomura Securities Co. Ltd., Research Division

Rohith Chandra-Rajan - Barclays Capital, Research Division

Thomas Rayner - Exane BNP Paribas, Research Division

Ian Gordon - Investec Securities (UK), Research Division

Chirantan Barua - Sanford C. Bernstein & Co., LLC., Research Division

Ronit Ghose - Citigroup Inc, Research Division

Michael Trippitt - Oriel Securities Ltd., Research Division

Michael Helsby - BofA Merrill Lynch, Research Division

Alastair Ryan - UBS Investment Bank, Research Division

Simon Willis - Daniel Stewart Securities, Research Division

Alistair Scarff - BofA Merrill Lynch, Research Division

Sally Ng - China International Capital Corporation Limited, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the HSBC Holdings PLC Investors and Analyst Conference Call. For your information, this conference is being recorded. At this time, I would like to hand the call over to your host, Stuart Gulliver, group Chief Executive; and Iain Mackay, group Finance Director.

Stuart T. Gulliver

Thank you. Welcome, everyone. Iain together with me today, and first of all, we'll give you a quick overview and then, obviously, move to questions.

So we've had a good start to the year. Reported PBT for Q1, which includes, obviously, the adverse movements on the fair value of our own debt of $2.6 billion due to the tightening of credit spreads was USD $4.3 billion. The underlying numbers, which exclude the fair value of own debt, give a clearer picture of year-on-year performance. The underlying PBT in Q1 was USD $6.8 billion, up $1.4 billion on 2011. The estimated ROE, excluding the effect of the fair value of our own debt, is around 11%. And the main factors driving this upswing against the same period last year were increased revenues across Global Banking and Markets and Commercial Banking and in Retail Banking and Wealth Management in the faster-growing regions.

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