Finance

HSBC reports higher profit, plans $2B more in share buybacks

HSBC reports higher profit, plans $2B more in share buybacks”

For the half-year through June, pretax profit rose to $10.2 billion from $9.7 billion in the same period a year earlier, a result that compared with the $9.5 billion average estimate drawn from analysts polled by the bank.

HSBC said pre-tax profit for the first six months of the year came in at $10.2 billion, firmly ahead of the $9.5 billion consensus provided by the bank and up 5.15% from the same period last year. It completed a previously announced $1 billion buyback in April.

The share buybacks have been used to offset the effect of shares being paid out as dividends.

Outgoing chairman Douglas Flint and chief executive Stuart Gulliver have been attempting to reinvigorate the bank since the financial crisis, after which it faced a series of misconduct issues.

HSBC shares have performed strongly over the past year, as the decline in the value of the pound relative to the dollar has enhanced the value in sterling terms of the bank's overseas earnings.

Meanwhile, HSBC΄s share price in Asia bounced back after the bank confirmed a further $2 billion share buyback, which takes the total stock it has promised to buy up to $5.5 billion.

HSBC said shareholders were now reaping rewards from the repositioning of the group since 2011, with most of the targets set out in a 2015 strategy update now met.

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HSBC is carrying out a sweeping overhaul to increase profitability.

HSBC also said that it would be buying back $2bn worth of shares before December.

The first-half dividend was also up by a total of 20 USA cents a bit of unscathed and unchanged from previous year.

HSBC said the increased shareholder pay-outs were achieved whilst also "strengthening one of the most resilient capital ratios in the industry".

Recent years have seen it cut jobs and sell assets worldwide to shrink the group back to profitability and maintain dividend payouts in an era of stricter banking regulations. Mr. Flint is leaving in September and will be replaced by Mark Tucker, former CEO of AIA Group Ltd. Mr. Gulliver has said he would leave next year after a new CEO is named.

Focus on ChinaThe bank announced two years ago it would hire 4,000 staff and lend more in China's southern Pearl River Delta region, a plan that has since encountered some setbacks as China's growth slowed, showing both the risks and opportunities.



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