HSBC Q3 2024 earnings

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HSBC Q3 2024 earnings

HSBC Holdings Plc building at Canada Square in Canary Wharf financial district on 15th August 2023 in London, ******* Kingdom.  

Mike Kemp | In Pictures | Getty Images

Boosted by strong revenue growth, Europe’s largest lender HSBC on Tuesday reported third-quarter earnings that beat analysts’ expectations as it embarks on a major restructuring that will see it splitting into four divisions.

Here are HSBC’s results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:

Pre-tax profit: $8.5 billion vs. $8 billionRevenue: $17 billion vs. $16.2 billion

HSBC’s pre-tax profit represented a 10% rise compared to the $7.7 billion posted a year ago.

The company’s quarterly revenue grew 5% to $17 billion from the $16.2 billion that was reported a year ago, while after-tax profit gained $500 million from last year to $6.7 billion.

The bank announced a further $3 billion share buyback, bringing the total amount announced this year to $9 billion.

The board has approved a third interim dividend of $0.1 per share and will initiate a share buy-back of up to $3 billion, which will be completed within the four months before reporting full-year earnings.

The bank last week unveiled plans to restructure into four business units: Hong Kong, U.K., international wealth and premier banking, and corporate and institutional banking, amid a major overhaul that saw the appointment of its first female finance chief.

HSBC also vowed to streamline its businesses to “reduce the duplication of processes and decision making.” The new structure will go into effect in January, and “will results in a simpler, more dynamic, and agile organization,” HSBC boss Georges Elhedery said.

This is a breaking news story. Please check back later for updates.

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