HSBC Q3 Results: Profit Surges On Higher Interest Rate, Launches $3B Stock Buyback, Targets Special Dividend
Portfolio Pulse from Lekha Gupta
HSBC Holdings PLC reported Q3 2023 revenues increased 40% Y/Y to $16.2 billion, with net interest income (NII) increasing 15% Y/Y to $9.2 billion. Profit before tax rose to $7.7 billion for Q3 from $3.2 billion a year earlier. The bank initiated a share buy-back of up to $3 billion and reaffirmed its target of paying a special dividend per share of $0.21 from completing the Canadian Banking unit sale in H1 2024.
October 30, 2023 | 10:46 am
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POSITIVE IMPACT
HSBC's Q3 2023 results show strong growth in revenues and profit before tax. The bank's decision to initiate a $3 billion share buy-back and reaffirm its special dividend target could positively impact the stock.
HSBC's strong Q3 2023 results, coupled with the announcement of a $3 billion share buy-back and the reaffirmation of its special dividend target, could increase investor confidence and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100