Feb 23, 2021
HSBC to resume dividends despite 34% profit drop
HSBC will resume paying a dividend despite announcing a 34 per cent drop in annual profits after its global business was hit hard by the coronavirus pandemic. Europe's largest bank performed slightly above analysts' expectations in 2020 although it was weighed down by loan losses, reporting profit before tax of $8.8bn, down from $13.4bn the previous year. In the fourth quarter, adjusted profit slid 50 per cent year on year to $2.2bn, just above the $1.8bn estimated by analysts. "We have had a good start to 2021, and I am cautiously optimistic for the year ahead," Noel Quinn, HSBC chief executive, said in a statement. HSBC shares rose 3.3 per cent in Tuesday morning trading in Hong Kong prior to the earnings release.
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