HSBC (0005) and Standard Chartered (2888) announced their first-quarter results for the period ending March 31 this year on May 5 and April 30, respectively. JP Morgan released a research report predicting that HSBC's first-quarter revenue and adjusted pre-tax profit will grow by 5% and 4% year-on-year, while Standard Chartered's growth is expected to be slower, at 3% and 0%, respectively.
JP Morgan pointed out that due to the uncertain trend of interest rates, both banks are not expected to adjust their net interest income guidance at this stage; it is also anticipated that both banks will benefit from strong performance in financial markets due to foreign exchange and interest rate fluctuations. Wealth management business momentum continues, with an average year-on-year growth of 16%, benefiting from a 12% year-on-year increase in visitors to Hong Kong and a strong IPO market, although some of this is offset by weak sentiment following market pullbacks.
In terms of the macro environment, JP Morgan believes that HSBC is more favored than Standard Chartered, as the outlook for UK interest rates has become distinctly hawkish. The UK business accounts for 31% of HSBC's revenue and 18% of its pre-tax profit for the fiscal year 2025, while Standard Chartered only accounts for 8% of revenue and 3% of pre-tax profit. Considering the unclear trajectory of developments in the Middle East conflict, the bank prefers HSBC over Standard Chartered until the situation becomes clearer, assigning both banks an &#34;overweight&#34; rating

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JP Morgan expects HSBC (0005) to see a 5% increase in first-quarter revenue and a 4% increase in adjusted pre-tax profit, while Standard Chartered (2888) is expected to see increases of 3% and 0%, respectively. Due to the uncertain interest rate trend, both banks are not expected to adjust their net interest income guidance. JP Morgan believes HSBC will benefit more from the hawkish interest rate outlook in the UK, as its UK business accounts for 31% of revenue and 18% of pre-tax profit. In light of the uncertain situation in the Middle East, JP Morgan prefers HSBC and gives both banks an "overweight" rating

- HSBC and Standard Chartered announced their first-quarter results for the year ending March 31 on May 5 and April 30, respectively.  
- JPMorgan forecasts a 5% and 4% year-on-year increase in HSBC's revenue and adjusted pre-tax profit, while Standard Chartered is expected to show slower growth at 3% and 0%.  
- The report highlights strong performance in financial markets for both banks due to currency and interest rate fluctuations, with JPMorgan favoring HSBC over Standard Chartered given the more favorable UK interest rate outlook.

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JP Morgan expects HSBC to earn 4% more in adjusted pre-tax profit in the first quarter, benefiting more from the UK's hawkish monetary policy compared to Standard Chartered