Core Viewpoint - Goldman Sachs reported that HSBC Holdings (00005) exceeded both the bank's and market's expectations for core earnings in Q2 by 9% and 10% respectively, driven by strong pre-provision profit (PPOP) and better-than-expected non-bank net interest income performance [1] Financial Performance - HSBC's revenue surpassed expectations, primarily due to robust non-bank net interest income [1] - The target price was slightly raised from HKD 109 to HKD 110, maintaining a "Buy" rating [1] Management Guidance - Management reiterated guidance for bank net interest income to reach approximately USD 42 billion by 2025, with cost growth around 3% and a return on tangible equity (ROTE) of 14% to 16% from 2025 to 2027 [1] - The annual credit cost guidance was adjusted upwards to approximately 40 basis points [1] Interest Rate Impact - HSBC management anticipates that if the HIBOR remains at the current level of about 1%, it will negatively impact bank net interest income by approximately USD 1 million per month [1] Earnings Forecast Adjustments - Goldman Sachs slightly raised its bank net interest income forecasts for 2025 to 2027 to USD 41.9 billion, USD 43 billion, and USD 44.1 billion, exceeding market expectations by up to 4% [1] - Earnings per share forecasts for 2025 to 2029 were adjusted upwards by 6%, 5%, 4%, 3%, and 2% respectively based on the revised profit forecasts [1]