HSBC Holdings plc (NYSE:HSBC) Q3 2023 Earnings Call Transcript

Second, I just need to also highlight when we talk about mid single digit loan growth, we’re not saying mid single digit RWA growth. Some of our loans specifically in the mortgage space, which is the component for our loan growth, have lower RWA density and therefore benefit from lower RWAs and therefore our RWA growth is expected to trail loan growth absent credit reviews. And therefore we don’t see that there is a competition between loan growth and buybacks. I think this is a fine balance between the two and the appropriate trade-off between the two. This is, Andrew, probably how much I can say at this stage to your question. Thank you very much. I’ll move straight to the closing remarks. Thank you, everyone, for joining us today and for your questions.

I want to end by reiterating that we’ve had a good nine months. All of our businesses have been performing well. We have delivered an annualized return on tangible equity of 17.1% when you exclude strategic transactions, and we remain committed to tight cost discipline. We’re investing in growth while we’re also supporting dividends and buybacks. And I will be looking forward to speaking with you all again soon. So have a good morning, afternoon, everyone. Thank you very much.

Noel Quinn: Thank you.

Operator: Thank you. Ladies and gentlemen, you may now disconnect.