He achieved the largest banks Europe A pre-tax profit of $8.5 billion for the July-September period, up from $7.7 billion a year earlier. This result compares to the average estimate of $7.6 billion collected by brokers HSBC.
It also increased Bank profits After calculating taxes, it reached $6.75 billion, compared to $6.27 billion during the third quarter of last year.
And it increased HSBC revenues During the third quarter, it increased by 5 percent to about $17 billion, compared to $16.2 billion during last year.
At the same time, the bank’s Board of Directors approved the disbursement of temporary cash dividends for the third time during the current year at a rate of $0.1 per share, which is the same dividend rate as last year.
The London-headquartered, Asia-focused bank also announced an additional share buyback amounting to $3 billion, in addition to a $6 billion buyback program announced earlier this year.
And it rose HSBC shares in Hong Kong By more than two percent after the results were announced.
The bank revealed a comprehensive restructuring roadmap under the leadership of new CEO George Al Hudayri, aiming to control costs and improve efficiency. HSBC announced last week that it would consolidate some operations under a new leadership structure.
“We will begin implementing these plans immediately,” Al-Hudayri said in the earnings statement, but the bank will reveal more details in February 2025.
The bank stated that it will pay an interim dividend of 10 cents per share, the third payment in 2024 after payments of 41 cents announced earlier this year.
On the other hand, the bank kept its expectations for the current year as a whole at the same levels announced last July.
