The HSBC Holdings plc building at Canada Square in the Canary Wharf financial district on 15 August 2023 in London, United Kingdom.
Mike Kemp | In pictures | Good pictures
Europe’s largest lender HSBC It announced a share buyback of up to $3 billion on Tuesday as it posted a third-quarter earnings report that beat analyst estimates boosted by strong revenue growth and its wealth and personal banking divisions.
Here are HSBC’s results compared to the LSEG SmartEstimate, which aims for analyst forecasts to be more consistently accurate:
- Profit before tax: $8.50 billion vs. $8.05 billion
- Revenue: $17.00 billion vs. $16.22 billion
HSBC’s pre-tax profit rose 10% from $7.71 billion posted a year ago.
The company’s quarterly revenue increased by 5% to $17 billion from $16.2 billion reported a year earlier
The bank’s $3 million share buyback brings the total reported this year to $9 billion. $3 billion in the first quarter and another $3 billion in the second quarter.
The company added that its board has approved a third interim dividend of $0.1 per share.
Last week, HSBC unveiled restructuring plans into four business units: Hong Kong, UK, International Wealth and Primary Banking, and Corporate and Institutional Banking, amid a major shake-up that saw it appoint its first female finance chief.
HSBC committed its businesses to “reducing duplication of processes and decision-making”. The new structure will come into effect in January and will “result in a simpler, more dynamic and agile organisation”, HSBC boss Georges Elhedery said.
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