Global: HSBC Reports $21.6 Billion Pre-Tax Profit for H1 2024

HSBC has announced a pre-tax profit of $21.6 billion for the first half of 2024, reflecting a slight dip from the previous year’s record earnings.

Noel Quinn, the bank’s outgoing CEO, commented, “Following a record-setting 2023, our strong performance in the first half of 2024 further validates that our strategy is effective.”

The bank also revealed plans for an additional share buyback of up to $3 billion over the next three months, complementing the $3 billion repurchase completed last quarter. Alongside this, HSBC will distribute an interim dividend of $0.10 per share. Combined with the recent buyback, these moves will result in a total capital distribution of $4.8 billion to shareholders, raising the total capital returned since 2023 to $34.4 billion.

Quinn expressed confidence in the bank’s ability to deliver robust returns despite a lower interest rate environment. He added, “We are guiding towards a mid-teens return on average tangible equity for 2025, excluding notable items, reinforcing our commitment to generating attractive returns.”