diff --git a/src/charset.c b/src/charset.c
index 8d7b61a..0bad471 100644
--- a/src/charset.c
+++ b/src/charset.c
@@ -345,24 +345,25 @@
     }
     else
 	res = alloc(vim_strsize(s) + 1);
-    if (res != NULL)
+
+    if (res == NULL)
+	return NULL;
+
+    *res = NUL;
+    p = s;
+    while (*p != NUL)
     {
-	*res = NUL;
-	p = s;
-	while (*p != NUL)
+	if (has_mbyte && (l = (*mb_ptr2len)(p)) > 1)
 	{
-	    if (has_mbyte && (l = (*mb_ptr2len)(p)) > 1)
-	    {
-		c = (*mb_ptr2char)(p);
-		if (vim_isprintc(c))
-		    STRNCAT(res, p, l);	// append printable multi-byte char
-		else
-		    transchar_hex(res + STRLEN(res), c);
-		p += l;
-	    }
+	    c = (*mb_ptr2char)(p);
+	    if (vim_isprintc(c))
+		STRNCAT(res, p, l);	// append printable multi-byte char
 	    else
-		STRCAT(res, transchar_byte(*p++));
+		transchar_hex(res + STRLEN(res), c);
+	    p += l;
 	}
+	else
+	    STRCAT(res, transchar_byte(*p++));
     }
     return res;
 }