Banking giant HSBC reported a pre-tax profit of $21.6 billion for the first half of 2024, slightly lower than last year’s record performance.
“After delivering record profits in 2023, we had another strong profit performance in the first half of 2024, which is further evidence that our strategy is working,” stated Noel Quinn, the group’s outgoing chief executive.
HSBC also announced a further three-month share buyback of up to $3 billion, following the completion of a $3 billion buyback last quarter. This, combined with the approval of an interim dividend of $0.10 per share, will bring shareholders a total of $4.8 billion. Since 2023, the total amount of capital distributed to shareholders has reached $34.4 billion, according to Quinn.
“We remain confident that we can deliver attractive returns, even in a lower interest rate environment,” he added. “As a result, we are providing new guidance of a mid-teens return on average tangible equity, excluding the impact of notable items, in 2025.”
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