HSBC announced pre-tax profits of $21.6 billion for the first half of 2024, slightly down from last year’s record.
Despite this, outgoing CEO Noel Quinn highlighted that the bank’s strong performance shows its strategy is effective.
The bank is boosting its share buyback program, launching a new $3 billion repurchase plan, following a previous $3 billion buyback.
An interim dividend of $0.1 per share will contribute to a total capital distribution of $4.8 billion, bringing the total amount returned to shareholders since 2023 to $34.4 billion.
Quinn expressed confidence in delivering strong returns even with lower interest rates, setting a new target for a mid-teens return on tangible equity by 2025, excluding notable items.
(Vanguard)