HSBC H1 Profit Rockets, Raises NII Outlook, Plans Another $2B Buyback
Portfolio Pulse from Lekha Gupta
HSBC Holdings PLC reported H1 2023 revenues of $36.9 billion, up from $24.5 billion a year ago, benefiting from higher net interest income and gains from transactions in France and the UK. Operating expenses declined 4% Y/Y to $15.5 billion. Profit before tax rose to $21.7 billion, beating analysts' average forecast of $20.9 billion. The bank announced a second interim dividend of $0.10 per share and a further share buyback of up to $2 billion. HSBC raised its 2023 NII outlook to above $35 billion and expects RoTE in the mid-teens for 2023 and 2024.
August 01, 2023 | 9:33 am
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HSBC reported strong H1 2023 results with revenues and profit before tax beating expectations. The bank also announced a share buyback and raised its 2023 NII outlook, which could boost investor confidence.
HSBC's strong H1 2023 results, coupled with the announcement of a share buyback and an increased NII outlook, are positive indicators for the bank's performance. This could lead to increased investor confidence and potentially a rise in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100