UBS: HSBC Holdings (00005.HK) reported second-quarter results slightly above expectations, but the buyback size fell short of expectations.

According to the Zhichun Finance APP, UBS has released a research report stating that HSBC Holdings (00005.HK) reported a 13% year-on-year increase in adjusted pre-tax profit for the second quarter, reaching USD 10.34 billion, which is 5% higher than market expectations, mainly driven by better-than-expected revenue. In the second quarter, the bank's net interest income exceeded market expectations by 1%, while fees and other income were 4% higher, and operating expenses were in line with expectations, leading to a pre-provision profit that was 4% higher than market estimates. The bank maintains a "Neutral" rating on HSBC, with a target price of 1,520 pence, equivalent to a projected price-to-earnings ratio of 11.5 times and a tangible book value ratio of 2.2 times for 2027.