HSBC Holdings plc’s building in Canada Place, Canary Wharf financial district, London, England, on August 15, 2023.
Mike Camp | In Pictures | Getty Images
Europe’s largest lender driven by strong revenue growth HSBC The company, which reported third-quarter earnings on Tuesday that beat analysts’ expectations, begins a major reorganization that will separate it into four divisions.
Here’s how HSBC’s results compare with those from the London Stock Exchange Group’s SmartEstimate, which is weighted by analysts’ forecasts that are more consistent and accurate:
- Profit before tax: US$8.5 billion vs. US$8 billion
- income: $17 billion vs $16.2 billion
HSBC’s pre-tax profit increased 10% from $7.7 billion a year ago.
Company quarterly revenue growth 5% Profit after tax increased $500 million from $16.2 billion reported a year ago to $6.7 billion.
The bank announced a further $3 billion in share buybacks, bringing the total announced this year to $9 billion.
The board has approved a third interim dividend of $0.1 per share and will initiate share buybacks of up to $3 billion, which will be completed within four months before reporting full-year earnings.
bank last week Unveiled plans to reorganize into four business units: Hong Kong, UK, International Wealth and Advanced Banking and Corporate and Institutional Banking, and appointed its first female treasurer.
HSBC has also vowed to streamline its operations to “reduce duplication of processes and decisions”. HSBC chief executive Georges Elhedery said the new structure, which will take effect in January, “will result in a simpler, more dynamic and agile organization”.
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