汇丰的优势在于,其全球性的业务分布为它提供了多元化,可以缓冲热衷罚款的欧美监管者们以及陷入困境的经济体给它带来的影响。汇丰昨日发布的今年前9个月业绩报告提供了一些证据。它贷款总额增长6%,同时由于美国减损支出不断下降,基础利润增长21%。汇丰的核心一级资本充足率达到10%以上,远远超过《巴塞尔协议III》(Basel III)的规定,因此该行可以在其竞争对手收缩之际继续放贷。
But, for all its emerging markets lustre, just under half of HSBC’s loan book is in Europe, with a further 16 per cent in the US. The bank makes much of its shift to quality, replacing risky lending such as credit cards with more secure (albeit lower-margin) products such as mortgages. But the result is that net income – before impairments – is falling in Europe and flat in the US.
但是,尽管其新兴市场业务表现不俗,但汇丰接近一半的贷款在欧洲,还有16%在美国。它最近将关注焦点转向贷款质量,用抵押贷款等更安全的产品(尽管收益率较低)代替信用卡等高风险贷款。但结果是,欧洲业务不计入减损支出的净利润有所下降,而美国业务的这一指标持平。
Operationally, HSBC is in a better position than most of its peers and deserves its premium stock market rating of 1.2 times book value. But from a regulatory point of view it is with the likes of Barclays and Standard Charteredin facing a nasty combination of fines and rule changes. The biggest threat to its premium lies right there.
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