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May 08, 2012 6:00 am ET
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
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
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.