On 31 March 2020, HSBC announced it was cancelling the fourth interim dividend for 2019 amid the economic uncertainty surrounding the coronavirus pandemic. Please go ahead. Thank you for that. Could you just give us a bit more color on this? If I look at the implied second half from your -- from the current run rate, it looks like your second half is annualizing at around $25 billion. We're already seeing the start of a decent recovery, particularly in Mainland China and to a lesser extent Hong Kong, we expect the second quarter to be tough in Western Europe, UK, US and other places and therefore, understanding the path of that recovery into the second half of this year I think. And I believe supporting clients at a time of stress is a good thing for any bank to do. On the rest of our transformation, we've completed the combination of RBWM and Global Private Banking and we're making strong progress in the back office integration of Commercial Banking and Global Banking. Build your career at HSBC. This reflected extra forward economic outlook charges across all global businesses and regions, particularly in respect of the UK and Commercial Banking. To obtain performance data current to the most recent month-end and other information, please call 1-888-936-4722 or visit this page . Due to the headwinds and the likely future one-time impairment costs, HSBC isn’t likely to increase its dividend in 2020. I know it does make sense. Turning to slide 11. But clearly, there are potential impacts on general economic confidence from any form of trade tensions. Just actually, there was a couple of them been addressed. Thank you very much. So I think those were the right things to do. © 2020 The Motley Fool Hong Kong Limited. This was mainly due to a $23.3 billion asset side movement, mostly relating to first quarter lending growth and also a $16.8 billion increase from changes in asset quality due to credit rating migration. Let me take the RWA growth comment. Louisville, KY 40233-5000 Source: HSBC Investor Relations and AAStocks. Or could there be other offsets in terms of volume growth for -- even more pronounced volume growth like in UK mortgages or maybe changes in the way you charge for our accounts, so that the current accounts or corporate deposits in order to try to mitigate some of those revenue headwinds? Note: HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content. Just quickly on BoCom, no change in approach. It's sort of greater than $3 billion. We are conscious of that on both the human and at financial level. On NII, we had always assumed that HIBOR was going to normalize towards dollar interest rates in the second half, so that might be the disconnect in your modeling. We started to take action on cost to adjust for the weekend revenue environment, our adjusted costs fell by 3% against the first quarter of last year, reflecting a reduced accrual for variable pay and various lower discretionary cost items. It's really on the commercial side, that I think we've got more sensitivity and you can see that. I'm pleased to say that our capital ratio increased to 15%, providing a strong and resilient platform from which to serve our customers and manage the economic environment. And just to rebuild that, as we go forward into 2022, '23 whenever it is. For complete risk considerations, please refer to the fund's prospectus. The timing of future events may be subject to change. Thank you. And obviously, a very good quarter, down 7%, so just the run rate could be quite a lot more than the targeted 3% plus, but you've called out that investments were a bit low in Q2, I think Q2 '19 was particularly elevated. We begun to take necessary action on costs and retained some capacity to partially offset a further drop in revenue across the coming quarters. And in particular, how you expect that to be able to implement the sanctions, have you had some chats about. With respect to social and COVID response bonds, we helped our clients raise $19.9 billion to support the COVID-19 relief effort. The COVID-19 pandemic is testing us all in ways we could never have anticipated and it's causing huge disruption, stress and uncertainty. So, that was about $4.7 billion of spend in across those three line items. And just a quick second question. And as I say, actually the regulators at the moment I think would be comfortable probably operating at levels below that, because they are very keen for us to continue to be able to support domestic lending, both in Hong Kong and here in the UK. See our Cookie Policy. If you back out Hong Kong and Mainland China, there was about $800 million across the region. We're looking to increase further our penetration of the Wealth market, particularly in Asia, and to diversify our revenue stream away from pure NIM or NIM and into NFI sources of revenue. I'm really pleased with the NPS performance in both retail and the bank as a whole. However, investment distribution revenues grew 4% as a result of strong Hong Kong trading activity. Clearly, at a time of stress, the emergence of fraud becomes more prevalent. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. We arranged more than $1.1 trillion of loan, debt and equity financing for wholesale customers in the first half, including more than $48 billion of social and COVID bonds. So, just trying to gauge how much should we be tempering our enthusiasm relative to the 7% we saw in the second quarter? Look, I mean, that would be part of the mix too that we're going to have to consider. Very helpful. Thank you. We absolutely believe strongly in the strength of the PEGs. As such, it's too early to discuss distribution policy or medium-term return targets and we don't expect to do so until our full-year 2020 results in February. Investor information in Chinese - 投資者中文資訊, View our ESG ratings and performance data. And your next question comes from the line of Tom Rayner, Numis. Again, I think over the medium term, COVID has opened up a unique opportunity for us to rethink how we engage and work as a workforce. This is slightly below the $1 billion of transformation savings we promised for this year, because of the pause on redundancies. Part of this growth came from customers in Commercial Banking and Global Banking and Markets as a result of both drawing down on committed credit line facilities and then partially redeploying these funds into their deposit accounts to increase their cash reserves. Yeah, Manus. So just very quick points of clarification. Motley Fool Hong Kong contributor Jay Yao doesn't own shares in any companies mentioned. Thank you, Mr. Stevenson. The mortgage book, if you look at the average LTV of new lending, you look at where their book is overall in terms of the average LTV, you look at the returns that we're still generating out of that business, I think we're getting adequately and more than adequately compensated for a downside risks in mortgages. Jay Yao | March 19, 2020 | More on: 0005. WuXi Biologics attends a variety of events and conferences every year to ensure our company is engaging in the global conversation about healthcare. So I think the right way to think about the program is we intend to do the program, but the front end of it will have slipped. Your line is open. Can you give us some idea -- did you got any idea of roughly how much -- what it would have been without that? So it's not a clean read across I think. This included an excellent performance in our fixed income franchises, up 79%. I think, again, the pace of recovery and the shape of that recovery, I think, looks very different to what you saw in the ACS. Yeah. I attributed to two things, and that is, the quality of the support our colleagues provided to customers in the first and the second quarter of this year. And then finally, on RWAs, just loan drawdowns, again how much of that is translating into RWA as well? I want to finish by talking about one of the most exciting growth businesses, and that's wealth. HSBC Global Asset Management is the marketing name for the asset management businesses of HSBC Holdings Plc. That's what I was driving at. Ewen, on the first point? Yeah. It's not a straight like $11 billion to the top end and $7 billion to the bottom, in line with those sort of GDP ranges. Your next question comes from the line of Manus Costello, Autonomous. If we were to think about 2021 and 2022 and the comments on the recovery, should we then expect a comparatively sharp drop in risk costs again from today's perspective? And as I talked about earlier, I went through three line items that got to $4.7 billion of cost that we think we can materially reduce. For investors interested in HSBC, they will need to be comfortable with HSBC’s new permanent CEO, whoever that person might be, and how they can execute to get to that target. Telephone: +44(0) 370 702 0137, E-mail via website: I think, second half of this year, obviously, we don't expect on the profitability side, we don't expect Global Markets to repeat their first half performance of just over $4 billion, they made $2.6 billion in the second half of last year. And customer deposits grew by $85 billion. The 3Q 2020 Earnings Release is expected to be issued on or around 27 October 2020. Can I just ask you, please a bit more color on the net interest income guidance. Tom Rayner -- Numis Securities Limited -- Analyst. It didn't have some of the same movement as you saw elsewhere and it's kind of in line with the 2019 run rates. Within Global Banking and Markets, while revenues were down 8% overall, Global Markets grew 25% with a strong performance in fixed income and currencies trading up 38%. I'm also pleased with the way that Michael and the team have started to execute on the transformation plan. Customers, obviously, feel like they're getting a good deal. Okay. Thank you very much. Thanks, Noel, and good morning or afternoon all. The high end of the range means that you're facing into probably other line items being severely impacted, because you've got a more meaningful economic recession going on and a much more muted recovery into 2021. Turning to slide three. On a broader basis on revenue, we're clearly looking at what other options we have to mitigate some of the revenue shortfall from lower interest rates. 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