HSBC 2024 profit rose 2% as CEO looks to trim US$1.5 billion costs by 2026.
Net profit rose 2.2 per cent to US$22.9 billion or US$1.25 per share from US$22.4 billion a year earlier, the lender said in a Hong Kong stock exchange filing. The outcome was below the US$24.1 billion consensus among analysts tracked by Bloomberg, but was in line with an in-house consensus based on 18 analysts’ estimates of US$22.67 billion.
Pre-tax profit increased 6.6 per cent to US$32.3 billion from US$30.3 billion the previous year. This was higher than market estimates of US$31.7 billion.
HSBC also announced a new US$2 billion share buy-back programme, matching the same amount announced a year earlier. In 2023 as a whole, the bank has US$9 billion of share buy-back. The bank will pay US$0.36 dividend per share for the final quarter of 2024, bringing the total for the year to US$0.87 versus US$0.61 in 2023.
Source: SCMP
