HSBC Holdings, plc. (HSBC) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.295 Welcome, ladies and gentlemen, to the Analyst and Investor webinar on the first quarter 00:00:04.295 -- 00:00:07.939 results for HSBC Holdings PLC. 00:00:07.939 -- 00:00:10.902 For your information, this webinar is being recorded. 00:00:10.902 -- 00:00:15.905 I will now hand over to Georges El Hedery, Group CEO. 00:00:16.788 -- 00:00:22.232 Welcome all to today's call. I'm joined here in London by Pam. 00:00:22.575 -- 00:00:28.198 Before Pam takes you through the numbers, I would like to begin with some opening remarks. 00:00:28.398 -- 00:00:34.231 Overall, there was a strong quarter marked by three key drivers. 00:00:34.231 -- 00:00:36.396 Momentum in our earnings, 00:00:36.396 -- 00:00:38.722 discipline in our execution, 00:00:38.722 -- 00:00:42.972 and confidence in our ability to deliver our targets. 00:00:42.972 -- 00:00:47.585 First, we have strong momentum in our business. 00:00:47.585 -- 00:00:52.410 We had a strong first quarter with profit before tax up 11% 00:00:52.410 -- 00:00:56.692 and an annualized return on tangible equity of 18.4%, 00:00:57.154 -- 00:01:00.555 both excluding notable items. 00:01:00.617 -- 00:01:05.662 We had our fifth consecutive quarter of double-digit growth in wealth and 00:01:05.662 -- 00:01:11.107 attracted net new invested assets of $22 billion, as well as another 00:01:11.107 -- 00:01:17.639 300,000 new-to-bank customers in Hong Kong continuing the trend from last year. 00:01:17.639 -- 00:01:22.765 We also had a strong performance in transaction banking, in particular in FX, 00:01:22.765 -- 00:01:27.951 and in our equities and debt trading businesses, benefiting from higher client activity 00:01:27.951 -- 00:01:30.932 on the back of higher volatility. 00:01:31.615 -- 00:01:37.222 Second, we ...