27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
HSBC Holdings plc (NYSE:HSBC) missed analyst expectations in the financial results for the first half of this financial year.
H1 Earnings: The bank posted a profit before tax of $4.3 billion on Monday, a 65% decline year-over-year. It said the performance in the first half of 2020 was affected by the COVID-19 pandemic, falling interest rates, increased geopolitical risk, and heightened levels of market volatility.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
HSBC analysts had estimated the bank to post a 24.4% higher profit before tax at $5.69 billion, CNBC reported earlier.
The lender said revenue declined 9% to $26.7 billion in H1, while operating expenses fell 4% year-on-year to $16.53 billion.
HSBC reported credit impairment rose to $6.9 billion in the same period due to the impact of the pandemic and a non-favorable economic outlook.
US-China Rift Takes A Toll: The London-based financial giant's CEO Noel Quinn acknowledged that "current tensions" between China and the United States "create challenging situations" for HSBC, which has a key market in Asia, especially Hong Kong.
The bank courted a controversy when it publicly backed a controversial national security law imposed by Beijing on Hong Kong earlier in June.
In February, HSBC announced plans to cut 35,000 jobs and cancel share buybacks as a part of a restructuring plan and pledged to undertake a group-wide simplification.
What Else: On Thursday, fellow British bank Standard Chartered PLC (OTC:SCBFF) reported a 33% fall in H1 2020 profits to $1.6 billion.
Price Action: HSBC shares closed nearly 0.5% lower at $22.65 in New York on Friday.
Photo credit: HSBC Holdings plc
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.