by HSBC Holdings Plc building in Canada Square in the Canary Wharf financial district on August 15, 2023 in London, United Kingdom.
Mike Kemp | In pictures | Getty Images
Europe’s largest lender HSBC On Tuesday, it said it would repurchase up to $3 billion in shares after releasing a third-quarter earnings report that beat analysts’ estimates, boosted by strong revenue growth and its business divisions. wealth management and personal banking.
Here are HSBC’s results compared to LSEG SmartEstimate, which are weighted based on more precise analyst forecasts:
- Profit before taxes: $8.50 billion versus $8.05 billion
- Income: $17.00 billion versus $16.22 billion
HSBC’s pre-tax profit was up 10% from $7.71 billion reported a year ago.
The company’s quarterly revenue increased by 5% to $17 billion, compared to $16.2 billion reported a year ago
The bank’s $3 million share buyback brings the total amount announced this year to $9 billion. $3 billion was announced in the first quarter and another $3 billion in the second quarter.
The company added that its board of directors also approved a third interim dividend of $0.1 per share.
Last week, HSBC unveiled plans to restructure into four business units: Hong Kong, UK, International Wealth Management and Premier Banking, and Corporate and Institutional Banking, as part of an overhaul major event which saw the appointment of its first female financial director.
HSBC also committed to streamlining its operations to “reduce duplication of processes and decision-making”. The new structure will come into force in January and “will lead to a simpler, more dynamic and more agile organization”, declared Georges Elhedery, the boss of HSBC.
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