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

What Do Family Caregivers Really Want? Cash.
Last-Minute Gift (For A Lifetime) Idea: A Child IRA For Your Kids Or Grandkids
Party City to close all of its stores, report says
IRS to send 1 million taxpayers up to $1,400 in ‘special payments.’ How to know if you’re eligible
Senate expected to hold final vote on bill to change Social Security rules. Here’s what leaders have said

Leave a Reply

Your email address will not be published.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