The fourth quarter results came in above expectations, driven by stronger revenues and tax gains. On the other hand, the upgraded 2023 RoTE guidance not only does not come as a surprise but stands below consensus expectations, due to higher-than-expected cost inflation. We are not in the same position as we set (too) cautious forecasts.
21 Feb 2023
Management more cautious than consensus
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Management more cautious than consensus
HSBC Holdings Plc (HSBA:LON) | 623 48.6 1.3% | Mkt Cap: 118,231m
- Published:
21 Feb 2023 -
Author:
David Grinsztajn -
Pages:
2
The fourth quarter results came in above expectations, driven by stronger revenues and tax gains. On the other hand, the upgraded 2023 RoTE guidance not only does not come as a surprise but stands below consensus expectations, due to higher-than-expected cost inflation. We are not in the same position as we set (too) cautious forecasts.