In June 2015 HSBC announced a significant reshaping of its business to capture future growth opportunities and adapt to structural changes in the operating environment. It has itemised 10 action points to do this and aims to achieve an ROE greater than 10% by 2017, revenue growth greater than cost growth and a progressive dividend. H115 results demonstrate the task facing HSBC and some early signs of progress. H115 PBT increased 10.4% year-on-year on a reported basis and 2.2% on an adjusted basis. HSBC shares have felt the influence of concerns about a slowdown in Chinese growth and its volatile equity markets, and declined 9% in the last three months. Management remains confident about the underlying resilience of Chinese growth. The dividend was maintained at $0.2/share.
