HSBC Reports 10% Q3 Profit Rise, $7.64B Net Interest Income, Announces $3 Billion Buyback

Oct 29, 2024, 04:38 AM

HSBC Holdings Plc reported a 10% increase in its third-quarter net profit, surpassing analysts' expectations. The bank's net interest income stood at $7.64 billion, which fell short of the estimated $9.25 billion. In conjunction with its earnings announcement, HSBC unveiled a $3 billion stock buyback plan and confirmed a dividend per share of 10 cents, aligning with forecasts. The bank aims for a dividend payout ratio target of 50% for 2024. Following the profit report and buyback announcement, HSBC's shares rose more than 2% in Hong Kong.