G Sachs: HSBC HOLDINGS 1Q Results In Line; Wealth Management Drives Strong Non-interest Income
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G Sachs reported that HSBC HOLDINGSachieved an underlying profit before tax of USD10.1 billion in Q1, exceeding expectations by 3%. This was driven by strong non-interest income from wealth management, with a 15% YoY increase in fee income. However, higher costs and provisions offset some positives. Credit costs were better than expected at 52 bps, with full-year guidance raised to 45 bps. G Sachs rates the stock as Buy with a target price of HKD160.
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