HSBC HOLDINGS PLC (HSBC) Q1 2020 Earnings Call Transcript

HSBC HOLDINGS PLC (HSBC) Q1 2020 Earnings Call Transcript

I will hand the call over to your host, Mr. Noel Quinn, Group Chief Executive.. In total, we have grown Group lending by $41 billion and seen $47 billion of deposit growth in the quarter.. We have invested a further $1.2 billion in business growth and digital in the quarter and accelerated our digital plans to improve customer access during the current crisis.. The resulting increase in expected credit loss provisions contributed to a 48% drop in reported pre-tax profit and a 51% fall in adjusted profits compared with the same period last year.. Though, our businesses showed good resilience, particularly in Asia, while Retail Banking, Global Markets and Global Private Banking, all grew revenue compared with last year's first quarter.. And our balance sheet remains robust with a CET1 ratio of 14.6% and strong liquidity and funding at the end of the first quarter.. Commercial Banking lending balances saw a good growth, largely due to client drawdowns on existing facilities.. Global Private Banking added a further $5.3 billion of net new money in the quarter, bringing the total over the last 12 months to $17.7 billion.. And Global Banking and Markets did an excellent job keeping capital flowing to