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HSBC profit falls 1.8% in first quarter
HSBC, Europe's biggest bank, reported a pre-tax profit of $12.7 billion (£11.864 billion) in the first quarter of 2024, down 1.8% on the same period last year, it was announced today.
© Lusa
Economia HSBC
In the group's earnings statement submitted today to the Hong Kong Stock Exchange, where it is listed, the bank's profit was above analysts' forecasts, which pointed to a profit of around 12.6 billion dollars (11.77 billion euros).
The bank declared an interim dividend of 0.1 dollars (0.09 euros) per share and a special dividend of 0.21 dollars (0.19 euros) per share, for a total of 0.31 dollars (0.29 euros) per share.
The institution also announced a share buyback program worth a maximum of 3 billion dollars (2.802 billion euros).
The bank's revenue in the first quarter amounted to 20.8 billion dollars (19.43 billion euros), up 0.3% from the previous year.
However, net interest income fell by 300 million dollars (280 million euros) to 8.7 billion dollars (8.127 billion euros).
The balance of loans to customers decreased by 5 billion dollars (4.67 billion euros) compared to the fourth quarter of 2023.
The bank's Tier 1 capital solvency ratio stood at 15.2%, up 0.4 percentage points from the fourth quarter of 2023.
The bank also announced that it expects cost growth of around 5% in 2024 and that provisions for expected credit losses (ECL) will be around 40 basis points in 2024.
HSBC's chief executive, Noel Quinn, who announced his resignation, said that the strong results for the quarter allowed the bank to "continue the trend of rewarding shareholders", while noting that the sale of the business in Canada and the upcoming sale of the business in Argentina, allows it to focus on "markets with higher value international opportunities".
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