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HSBC sets $1 billion buyback after profit beats forecast
HSBC said stronger lending and wealth fees lifted first-half profit 23% and helped support a resumption of capital returns.
- On Tuesday, HSBC Holdings reported a better-than-expected first-half pre-tax profit of $19.5 billion, up 23% from $15.8 billion a year earlier, while announcing an up to $1 billion share buyback.
- CEO Georges Elhedery continues his strategy of streamlining the lender by exiting markets where it lacks scale, selling its Singapore insurance, Egypt retail banking, and Australian mortgage businesses.
- Wealth revenue grew 18% in the first half backed by strong growth in Asian markets, while second-quarter pre-tax profit reached $10.1 billion, exceeding analyst estimates on higher banking fees.
- The bank set a second Interim dividend of $0.1 per share, launching its first share buyback plan since the late last year privatization of Hong Kong lender Hang Seng Bank.
- Strong earnings across Europe extend a two-year-long recovery driven by a surge in trading activity and resilient interest income, persisting despite recent dips in central bank rates.
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HSBC increases its pre-tax profit by 23 percent in the first half of the year. However, the announced share buyback program of one billion dollars is not as large as expected.
·Düsseldorf, Germany
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Coverage Details
Total News Sources40
Leaning Left4Leaning Right10Center11Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 16%
C 44%
R 40%
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