FX.co ★ HSBC Q2 Pre-tax Profit Rises, Lifts FY24 Banking NII; Plans Up To $3 Bln Buyback

HSBC Holdings Plc, the prominent British lending institution, reported a 2% increase in its second-quarter pre-tax profit, reaching $8.91 billion compared to $8.77 billion in the same period last year.

However, post-tax profit experienced a 3% decline, falling from $7.05 billion to $6.83 billion year-over-year.

The revenue for the quarter saw a slight decrease of 1%, dropping to $16.54 billion from $16.71 billion the previous year.

Additionally, the Board has sanctioned a second interim dividend of $0.10 per share, consistent with last year's dividend.

The company also announced plans to commence a share buy-back program valued at up to $3 billion, intended to be completed within three months.

Looking forward, based on current projections, HSBC anticipates its banking net interest income (NII) to approximate $43 billion in 2024, an upward adjustment from the previously expected minimum of $41 billion.