Oct 25, 2021

HSBC announces $2bn share buyback as profits surge 74 per cent

HSBC announced a share buyback of up to $2bn, as Europe's largest lender reported a 74 per cent increase in profits as the global economic outlook improved nearly two years after the start of the pandemic. The bank's performance has been a marked improvement on 2020, when profits fell 45 per cent as banks were hit by ultra-low rates, a slowdown in trade and the fallout from global lockdowns. HSBC announced an interim dividend in August of 7 cents per share worth about $1.4bn after the Bank of England removed restrictions on shareholder payouts, judging the sector to be resilient enough to withstand any further shocks from the pandemic. Global revenue grew 1 per cent to $12bn compared to the same period last year. HSBC merged its retail and wealth units last year as part of a global restructure to shift its focus to rising incomes in Asia and away from its struggling businesses in the US and parts of Europe.

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