HSBC Announces $3 Billion Buyback Amid 10% Rise in Q3 Net Profit

Oct 29, 2024, 04:15 AM

HSBC Holdings Plc has announced a fresh multibillion-dollar stock buyback amounting to $3 billion, following better-than-estimated earnings for the third quarter of 2024. The bank reported a 10% rise in quarterly net profit, surpassing forecasts. This announcement comes shortly after HSBC unveiled a major restructuring of its business. The company also reported a net interest income of $7.64 billion, net income of $40.4 million, and a dividend per share of 10 cents, meeting market estimates. HSBC has set a dividend payout ratio target of 50% for 2024.