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

New federal rules could end mortgage escrow interest for some homeowners. States are suing to block them
SpaceX short sellers are running out of bullets as stock rebounds more than 40% off low
Cisco’s stock drops despite earnings, revenue beat
Bob Iger, Joshua Kushner buy Los Angeles Lakers at a $12.5 billion valuation, source says
Megayacht Amadea sold for $187 million to Dubai billionaire with Trump ties

Leave a Reply

Your email address will not be published.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