The London-based bank said pretax profit increased 6.5% to USD32.31 billion in 2024 from USD30.35 billion a year prior.

Diluted earnings per share was USD1.24, up 8.8% from USD1.14.

Revenue fell 0.3% to USD65.85 billion from USD66.06 billion as operating expenses increased 3.0% to USD33.04 billion from USD32.07 billion.

HSBC faced no charges relating to an impairment of an interest in an associate, contrasting with a USD3.00 billion charge last year.

Net interest income fell 8.6% to USD32.73 billion from USD35.80 billion, while net fee income rose 3.8% to USD12.30 billion from USD11.85 billion.

The bank lifted its final dividend by 16% to USD0.36 per share from USD0.31 previously. The total dividend therefore amounted to USD0.87 per share, up 43% from USD0.61.

Additionally, HSBC said it intends to carry out a USD2 billion share buyback programme, which is expected to complete before the bank issues its first quarter 2025 results.

Chief Executive Officer Georges Elhedery said: «Since becoming CEO, I have focused on simplifying how we operate and injected energy and intent into the way we deliver our strategy. We are creating a simple, more agile, focused bank built on our core strengths. We continue to take deliberate and decisive steps».