HSBC Holdings plc (HSBC) Q2 2021 Earnings Call Transcript

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HSBC earnings call for the period ending June 30, 2021.
HSBC Holdings plc (NYSE:HSBC)

Q2 2021 Earnings Call

, 2:30 a.m. ET

Contents:

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen and welcome to the Analyst and Investor Call for HSBC Holdings Plc's Interim Results 2021. For your information, this conference is being recorded. At this time, I will hand the call over to your host, Mr. Noel Quinn, Group Chief Executive.

Noel Quinn -- Group Chief Executive

Good morning in London and good afternoon in Hong Kong. I've got Ewen with me today and I'll hand over to him shortly to go through the detail of our Q2 performance. First though, I'll start with a summary of the key highlights, our progress against our transformation plans, and in particular, what we're seeing with respect to growth. For the second quarter, a good operating performance supported by a net release of expected credit losses delivered reported pre-tax profits of $5.1 billion, up $4 billion on last year's second quarter.

We saw a return to profitability in all our regions in the first half, including good performances in both Europe and the U.S. Our U.K. business performed well with a record quarter for mortgages in Q2. We've generated good momentum behind our growth and transformation plans and made important decisions on exiting our mass market retail business in the U.S. and our retail business in France. Our RWA and cost reduction programs are both on track. Our Asia wealth strategy is gaining traction with strong growth in wealth balances. We are seeing promising signs of early growth in both lending volumes and fee income, particularly in Asia and we retained a strong capital ratio of 15.6%, which enables us to declare an interim dividend of $0.07 per share for the first half of the year.

The next two slides look at the growth we're starting to see, particularly in Asia. In Wealth and Personal Banking, we've already seen strong traction in our Asia wealth business with…
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