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

(RTTNews) - British lending major HSBC Holdings Plc (HSBA.L, HSBC) reported Wednesday that its second-quarter profit before tax grew 2 percent to $8.91 billion from last year's $8.77 billion.

Profit after tax, meanwhile, fell 3 percent to $6.83 billion from last year's $7.05 billion.

Revenue for the quarter declined 1 percent to $16.54 billion from $16.71 billion a year ago.

Further, the Board has approved a second interim dividend of $0.10 per share, same as last year.

The company also intends to initiate a share buy-back of up to $3 billion, which is expected to be completed within three months.

Looking ahead, based upon current forecasts, the company expects banking net interest income or NII of around $43 billion in 2024. HSBC previously expected Banking NII of at least $41 billion.

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