HSBC shares rise 3% after profit beat, $3 billion buyback announcement

Earnings

Aaron P | Bauer-Griffin | GC Images | Getty Images

Europe’s largest lender HSBC posted a narrow decline in pretax profit in the first half of the year, but beat expectations on the back of a high-interest rate environment.

The bank posted pretax profit in the six months to June of $21.56 billion, down from $21.66 billion in the same period of last year. The first-half figure nevertheless came in well above the $20.5 billion average of broker estimates compiled by HSBC, according to Reuters.

“We are growing and investing in our international retail and wealth business to sit alongside this, which is helping to diversify revenue,” HSBC’s outgoing CEO Noel Quinn said Wednesday.

“Each of these strengths contributed to a good revenue performance in the first half of 2024, supported by higher interest rates.”

This breaking news story is being updated.

Articles You May Like

This is the ‘billion-dollar blind spot’ of 401(k)-to-IRA rollovers, Vanguard finds
Federal Reserve will opt for slow policy easing as there’s ‘still work to do’ on inflation, Fitch says
How retailers and media companies are teaming up to bring live shopping to the 2024 VMAs
In The Struggle For Public-Sector Workers, Pensions Help
Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike

Leave a Reply

Your email address will not be published. Required fields are marked *