Glonghui, July 31 | According to Goldman Sachs's research report, HSBC Holdings' second-quarter performance was better than market expectations. Revenue growth was mainly concentrated on non-bank net interest income, while the banking sector's net interest income was only slightly ahead. Costs were broadly in line with expectations, while credit costs were drastically reduced due to the recovery of payments. According to the bank, management proposed new financial guidelines for FY2025. The return on tangible equity was 14% to 16%, and the bank's net interest income guidance for fiscal year 2024 was raised to about 43 billion US dollars, which is in line with current market expectations. Also, the cost of credit for the 2024 fiscal year is expected to be between 30 and 40 basis points. Goldman Sachs expects the stock price to respond positively as FX Control's second-quarter results beat expectations and the target return on tangible equity for FY2025 is higher than the market level. The bank maintained a “buy” rating for the company, with a target price of HK$81.