HSBC beat analysts’ expectations to report an 89% jump in pre-tax profit in the second quarter.
Pre-tax profit for the quarter ended in June was $8.77 billion, beating expectations of $7.96 billion.
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Net profit was $6.64 billion, beating the $6.35 billion expected in analysts’ estimates compiled by the bank, jumping 27% compared to the same period a year before.
Total revenue for the second quarter came in at $16.71 billion, 38% higher than the $12.1 billion seen in the same period a year ago.
HSBC’s Hong Kong listed shares rose 0.23% after the announcement.
Here are other highlights of the bank’s financial report card:
- Net interest income came in at $9.3 billion in the second quarter, compared to $6.9 billion in the same period a year ago.
- Net interest margin, a measure of lending profitability, rose 43 basis points year on year to 1.72% in the second quarter of 2023.
In light of the results, HSBC’s board has approved a second interim dividend of $0.10 per share, and announced that they intend to initiate a further share buyback of up to $2 billion, which “we expect to commence shortly and complete within three months,” the board added.
This is a breaking news story. Please check back for updates.
Correction: This story has been updated to reflect that net interest margin rose 43 basis points in the second quarter of 2023. An earlier version misstated the year.