HSBC First-Half Profit Surges to $17 Billion
01 Agosto 2023 - 1:57AM
Dow Jones News
By Clarence Leong
HSBC's profit more than doubled in the first half, as the
London-based banking giant continued to benefit from higher
interest rates.
Asia-focused bank said Tuesday that profit rose to $16.97
billion in the first six months of the year, compared with $7.80
billion in the year-earlier period. This follows HSBC's
record-smashing first quarter, when profit hit $10.33 billion.
Net interest income hit $18.26 billion, pushing revenue 50%
higher to $36.9 billion.
In the second quarter, HSBC said revenue rose by $4.5 billion to
$16.7 billion, driven by growth across its global businesses,
reflecting higher interest rates.
HSBC said it will pay a dividend of $0.10 a share, in addition
to the $0.10 dividend in the previous quarter, which was the bank's
first dividend since 2019.
The lender also said it will buy back up to $2.0 billion of
shares on top of the $2.0 billion share buyback announced in the
first-quarter results.
Chief Executive Noel Quinn said in a statement that "substantial
further distribution capacity" is anticipated in later periods.
HSBC raised its 2023 guidance for net interest income to above
$35 billion, citing current market consensus for global central
bank rates.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
August 01, 2023 00:42 ET (04:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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