Finance

HSBC net profit more than doubles in the first half, announces $2 billion share buyback

Products You May Like

In this article

  • HSBA-GB
An HSBC Holdings bank branch in Hong Kong on May 24, 2022. A Hong Kong-based trade platform launched by HSBC Holdings three years ago with much fanfare has shut down after failing to build a commercially viable business.
Bertha Wang | Bloomberg | Getty Images

HSBC beat analysts’ expectations to report an 89% jump in pre-tax profit in the second quarter.

Pre-tax profit for the quarter ended in June was $8.77 billion, beating expectations of $7.96 billion.

related investing news

Shares of these 2 global stocks could soar over 30% as bankruptcies begin to rise, analysts say

CNBC Pro
Shares of these 2 global stocks could soar over 30% as bankruptcies begin to rise, analysts say
ON Semiconductor stock pops after second-quarter earnings. Here's what the pros are saying

CNBC Pro
ON Semiconductor stock pops after second-quarter earnings. Here’s what the pros are saying
Sell Carvana as the company's current tailwinds aren't sustainable, Jefferies says

CNBC Pro
Sell Carvana as the company’s current tailwinds aren’t sustainable, Jefferies says

Net profit was $6.64 billion, beating the $6.35 billion expected in analysts’ estimates compiled by the bank, jumping 27% compared to the same period a year before.

Total revenue for the second quarter came in at $16.71 billion, 38% higher than the $12.1 billion seen in the same period a year ago.

HSBC’s Hong Kong listed shares rose 0.23% after the announcement.

Stock Chart IconStock chart icon

hide content

Here are other highlights of the bank’s financial report card:

  • Net interest income came in at $9.3 billion in the second quarter, compared to $6.9 billion in the same period a year ago.
  • Net interest margin, a measure of lending profitability, rose 43 basis points year on year to 1.72% in the second quarter of 2023.

In light of the results, HSBC’s board has approved a second interim dividend of $0.10 per share, and announced that they intend to initiate a further share buyback of up to $2 billion, which “we expect to commence shortly and complete within three months,” the board added.

This is a breaking news story. Please check back for updates.

Correction: This story has been updated to reflect that net interest margin rose 43 basis points in the second quarter of 2023. An earlier version misstated the year.

Products You May Like

Articles You May Like

The Unsustainable US Debt Course and Impacts of Potential Tax Changes
Quantum stocks like Rigetti plunge after Nvidia’s Huang says the computers are 15 to 30 years away
CFPB fines Equifax $15 million for errors on credit reports
DoubleLine’s Gundlach says the Fed looks like Mr. Magoo, focuses too much on ‘short-termism’
Wall Street banks had a great quarter, and the boom times are just starting