By Elena Vardon 
 

HSBC Holdings on Monday issued a medium-term growth outlook for its Asian business.

The lender--which is listed both in London and Hong Kong--sees high-single digit percentage wealth revenue growth in the region over the next three to four years. It also targets mid-single digit percentage lending growth over the medium-to-long-term but is more cautious in the short-term, it said.

A return on tangible equity in the mid-teens is targeted, the bank said. For 2023, it still sees a return on tangible equity of at least 12%, it added.

"Today's ambitions show the strategy is working, we are generating strong returns for our shareholders and we are confident there is more to come," Chief Executive Noel Quinn said ahead of a presentation on HSBC's operations and ambitions in mainland China and Hong Kong.

 

Write to Elena Vardon at elena.vardon@wsj.com

 

(END) Dow Jones Newswires

May 15, 2023 02:33 ET (06:33 GMT)

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