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Reading: HSBC books 10% revenue rise for third quarter, launches $3 billion buyback By Reuters
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HSBC books 10% revenue rise for third quarter, launches  billion buyback By Reuters
The Tycoon Herald > Business > HSBC books 10% revenue rise for third quarter, launches $3 billion buyback By Reuters
Business

HSBC books 10% revenue rise for third quarter, launches $3 billion buyback By Reuters

Tycoon Herald
By Tycoon Herald 2 Min Read Published October 29, 2024
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By Selena Li and Lawrence White

HONG KONG/LONDON (Reuters) -HSBC Holdings posted a ten% rise in third-quarter revenue on Tuesday, beating analyst estimates, as its wealth and wholesale banking benefited from slower-than-expected fee cuts whereas it embarks on one of many largest overhauls in its historical past.

Europe’s largest financial institution posted pretax revenue of $8.5 billion for the July-to-September interval versus $7.7 billion a yr earlier. The consequence in contrast with a $7.6 billion imply common of dealer estimates compiled by HSBC.

The London-headquartered, Asia-focused financial institution additionally introduced an extra share buyback of as much as $3 billion, on high of a $6 billion buyback programme introduced earlier this yr.

The lender unveiled a roadmap for its sweeping restructuring beneath new CEO Georges Elhedery designed to manage prices and enhance effectivity. HSBC introduced final week that it’ll merge some operations and cut up its geographic footprint into East and West, beneath a brand new management construction.

“We will begin to implement these plans immediately,” Elhedery stated in an earnings assertion, however additional particulars will likely be disclosed in February subsequent yr.

HSBC books 10% revenue rise for third quarter, launches  billion buyback By Reuters

HSBC stored its 2024 and 2025 near-term return on tangible fairness purpose – a efficiency goal – at mid-teens for 2 years however stated within the assertion that the “the outlook for interest rates has changed, and been volatile”.

The financial institution stated it is going to pay an interim dividend of 10 cents a share, its third payout in 2024 following funds price 41 cents introduced earlier this yr.

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