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BoCHK Results: Solid, No Credit Surprises For HSBC, StanChart

FINANCIALS

Bank of China HK (3988 HK) 4Q23 results show few signs of meaningful credit stress. Little here to push spreads wider for HSBC, StanChart or UBS.


  • Key credit metrics: CET1 ratio is 11.6% (consensus: 11.4%) and NPL ratio is 1.27% (in line) with loan loss charges for 4Q23 around 13% lower than expected. So a solid, if uninspiring, performance.
  • Operational metrics: revenues did miss expectations by around 6% (down 2% y/y) and there are some impairments taken through the income statement which have driven the small (1%) net income miss.
  • Outlook: there’s usually very little on outlook before the call and this is no change but we take some comfort from the stated figures.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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