<\/p>\n
Gains from the sale of its Canada and France businesses were offset by impairments.<\/p>\n
HSBC has earned $17.7b profit after tax in the first six months of 2024, 2% lower than in H1 2023, the bank\u2019s latest interim results showed.<\/p>\n
Profit before tax was $21.6b in H1, \u201cstable\u201d compared with H1 2023. Revenue for the period inched up 1% to $37.3b compared to a year earlier, including gains and losses on impairments and banking business sales.<\/p>\n
In H1, HSBC completed the disposal of its banking business in Canada, resulting in a $4.8b gain.<\/p>\n
However, the bank also had to recognize an impairment of $1.2b after it classified its Argentina business for sale; as well as the impact of $2.1b reversal of an impairment following the sale of its French retail banking operations.<\/p>\n
HSBC also logged a $1.5b gain on its acquisition of Silicon Valley Bank UK.<\/p>\n
The bank\u2019s board approved a second interim dividend of $0.10 per share. HSBC also announced plans to initiate a share buyback of up to $3b, which it expects to be completed between August to November.<\/p>\n
HSBC expects to log a banking net interest income (NII) of $43b in 2024, whilst loan growth will hover at single digits.<\/p>\n
Incumbent group chief executive Noel Quinn expressed confidence that HSBC has the right strategy and model to grow its revenue, and said that HSBC has adjusted to mid-teens its target returns on tangible equity in 2025.<\/p>\n
\u201cOur investment in Wealth is delivering higher, more diversified revenue and we continue to grow our core international and scale businesses, all of which helped us to provide $13.7b of distributions in respect of the first half,\u201d Quinn said in his last interim results presentation before stepping down as group chief executive of HSBC on 2 September.<\/p>\n
HSBC\u2019s net interest margin decreased 8 basis points (bps) to 1.62 in H1 compared to the same period in2023. This reflects a rise in the funding cost of average interest-bearing liabilities, the bank said in a press release.<\/p>\n
Operating expenses are 5% higher, at $16.3b for H1. This was due to higher technology spend and investment, inflationary pressures, and an increase in the performance related pay accrual.<\/p>\n
Customer lending balance is $938b for the period, $12b higher on a constant currency basis compared with 31 December 2023.<\/p>\n
Common equity tier 1 (CET 1) capital ratio is 15%, 0.2 percentage points higher than in Q4 2023.<\/p>\n
In the second quarter, HSBC reported a revenue of $16.5b, lower by $0.2b compared to Q2 2023. This is a result of its divestment of its France and Canada businesses in Q1.<\/p>\n
The quarter also saw loss related to the recycling of reserves following the completion of the sale of HSBC\u2019s Russia business, the bank said.<\/p>\n
Profit before tax is $0.1b higher at $8.9b for Q2.<\/p>\n
Operating expenses were 3% higher at $8.1b for Q2 compared to Q2 2023. Higher technology costs and investments drove up expenses, partly offset by reductions following the Canada and France business sales.<\/p>\n
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Gains from the sale of its Canada and France businesses were offset by impairments. HSBC has earned $17.7b profit after tax in the first six months of 2024, 2% lower than in H1 2023, the bank\u2019s latest interim results showed. Profit before tax was $21.6b in H1, \u201cstable\u201d compared with H1 2023. Revenue for the […]<\/p>\n","protected":false},"author":1,"featured_media":2362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/HSBC-52-1140x445.jpeg",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/HSBC-52-463x348.jpeg",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/HSBC-52-300x225.jpeg",300,225,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/HSBC-52.jpeg",1200,900,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=2360"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2360\/revisions"}],"predecessor-version":[{"id":2361,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2360\/revisions\/2361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/2362"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=2360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=2360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=2360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}