HSBC records $21.6 billion pre-tax profit in first half 2024

cover, Financial Markets

Banking giant HSBC said Wednesday that pre-tax profits in the first half of 2024 came in at $21.6 billion, slightly lower than last year’s record performance.

“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,” said Noel Quinn, the group’s outgoing chief executive.

The bank also doubled down on its share buyback, announcing a further three-month repurchase of up to $3 billion, following the completed $3 billion buyback announced last quarter.

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The buyback and approval of an interim dividend of $0.1 per share would bring shareholders a total of $4.8 billion, taking the total amount of capital distributed since 2023 to $34.4 billion, Quinn said in the statement.

“We remain confident that we can deliver attractive returns, even in a lower interest rate environment,” he added.

“As a result, we are providing new guidance of a mid-teens return on average tangible equity, excluding the impact of notable items, in 2025.”