hsbc announced a $3 billion share buyback and a second interim dividend of $0.10 per share; it also raised its full-year net interest income forecast to $43 billion as noel quinn will be succeeded by georges elhedery in September.
HSBC (LSE:HSBA) shares rose 4%, closing Wednesday’s session at 704p, after the bank announced a $3 billion share buyback and a second interim dividend of $0.10 per share.
Pre-tax profit for the first half of 2024 was $21.56 billion, down slightly from $21.66 billion in the same period last year.
Meanwhile, notably, the second-quarter was stronger – with the three-month financials showing pre-tax profit was up 1.5% to $8.9 billion, driven by growth in the bank’s wealth division and improving demand for investment banking services.
It was the last set of results for outgoing chief executive Noel Quinn, who is being succeeded by Georges Elhedery in September.
The bank raised its net interest income forecast for the full year to $43 billion, from $41 billion.
HSBC's performance exceeded analysts' expectations, even though it also included a 5% bump in operating expenses due to increased tech spend and ‘inflationary pressures’.
