(Bloomberg) — The shock exit of Standard Chartered Plc’s finance chief and the implications of HSBC Holdings Plc’s multibillion-dollar purchase of a bank stake will loom large as the two report earnings.
Standard Chartered investors were caught off guard by the resignation of Chief Financial Officer Diego De Giorgi, a potential successor for the top job and a key figure behind its $1.5 billion cost-cutting program. The bank’s shares have tumbled over 6% since his resignation.
At HSBC, analysts will watch for the earnings impact of its buyout of Hang Seng Bank Ltd. HSBC bought the shares it didn’t already own at a $37 billion valuation, a 30% premium to its market value. Chief Executive Officer Georges Elhedery said the deal would deliver greater shareholder value than buybacks. Morningstar analyst Kathy Chan expects revenue and cost savings to come through gradually in the medium term.
Sector-wide earnings growth for 2025 is expected to have come from robust non-interest income, estimates show, as banks lean into wealth management. The normalization of HIBOR, the Hong Kong benchmark interbank rate, will also be a tailwind for quarterly earnings, analysts at Citi said.
Highlights to look out for:
Monday: No major earnings of note.
Tuesday: Standard Chartered’s (STAN LN) non-interest income growth should have helped it expand profit, while a drop in net interest income was a drag, estimates show. Commentary on the timeline to appoint a permanent CFO will be key after De Giorgi’s abrupt exit. The interim CFO should continue to deliver on the “Fit For Growth” restructuring program in the near term, Morningstar’s Chan said.
Wednesday: HSBC’s (HSBA LN) management is likely to repeat 2025 guidance of mid-teens or better return on tangible equity, 3% cost growth and a CET1 ratio of 14% to 14.5%, BI said. The company is also poised to reduce or omit bonuses for some bankers to rid the company of underperformers. It earlier cut 10% of its US-based debt capital markets team, according to people familiar with the matter.
Thursday: Further updates on Baidu’s (BIDU US) plans to spin off its artificial intelligence chip unit in Hong Kong will be a key theme on the earnings call. Its autonomous driving business maintains solid momentum after the Apollo Go robotaxi unit received Dubai’s first permit for driverless testing, according to Jefferies. Revenue likely fell 4.3% in the fourth quarter, dragged down by declining growth in the Baidu Core segment.
Friday: New World’s (17 HK) debt woes and potential plans for Blackstone Inc. to become its single largest shareholder, as reported by Bloomberg News, will likely dominate earnings. Still, the developer is unlikely to go private after it clarified that that proposals received by parent Chow Tai Fook Enterprises Ltd. are unlikely to result in a general offer, said BI.
(Updates Baidu’s earnings estimates.)
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