HSBC Announces $3 Billion Buyback Amid 10% Rise in Q3 Net Profit, Hong Kong Shares Up

Oct 29, 2024, 07:09 AM

HSBC Holdings Plc announced a $3 billion share buyback following a 10% rise in its third-quarter net profit, which surpassed analysts' expectations. The bank reported a pre-tax profit of $8.48 billion for Q3 2024, a 9.9% year-on-year increase. HSBC's net interest income stood at $7.64 billion, below the estimated $9.25 billion. The bank also gained 243,000 new customers in Hong Kong, with overall fee income in wealth management up 32%. Additionally, HSBC declared a dividend of 10 cents per share and set a payout ratio target of 50% for 2024. HSBC's Hong Kong shares rose more than 2% on the profit beat and buyback announcement.