HSBC, the global banking giant, announced on Wednesday that it achieved pre-tax profits of $21.6 billion for the first half of 2024. Although this figure is slightly below the record-breaking performance of the previous year, the bank highlighted its continued robust financial performance.
Noel Quinn, the bank's outgoing CEO, expressed satisfaction with the results, stating, “After delivering record profits in 2023, we had another strong profit performance in the first half of 2024, which is further evidence that our strategy is working.”
In addition to the profit announcement, HSBC revealed plans to expand its share buyback program. The bank will initiate a new three-month repurchase of up to $3 billion, building on the $3 billion buyback completed in the previous quarter. This move, along with the approval of an interim dividend of $0.1 per share, will result in a total capital distribution of $4.8 billion to shareholders. Since 2023, HSBC has distributed a total of $34.4 billion in capital.
Quinn noted that despite a lower interest rate environment, HSBC remains confident in its ability to deliver attractive returns. The bank has set new guidance for 2025, aiming for a mid-teens return on average tangible equity, excluding notable items.
Overall, HSBC's performance underscores the bank's resilience and effective strategy amid a fluctuating economic landscape.
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