#HSBC #Stock #Rises #Results #Top #Forecasts #Bank #Plans #Buyback
Key takeaways
- HSBC Holdings reported better-than-expected results as revenues rose at its wealth unit.
- The British bank also announced the repurchase of another $3 billion worth of shares after completing the previous operation.
- US-listed HSBC Holdings shares rose to their highest point since 2018.
US-listed shares of HSBC Holdings (HSBC) rose on Tuesday as the British financial company’s third-quarter results beat expectations and it announced another $3 billion share buyback.
The bank reported earnings per share (EPS) of $0.34, with revenue increasing 5% year over year to $17.00 billion. Both beat consensus estimates of analysts polled by Visible Alpha.
Revenue was driven by growth in its wealth and personal banking division, which jumped nearly 13% to $7.41 billion. Net fee income increased 4% to $3.12 billion.
CEO says “Our strategy is working”
“We had another good quarter, which shows that our strategy is working,” said George Al Hadiri, CEO of HSBC Group.
In a note to clients, Jefferies described the results as “steady”, but said “investors will want to hear more about the group’s strategy”.
The bank said it had completed a $3 billion share buyback it launched earlier this year, and the board of directors approved another buyback worth up to $3 billion, “which we intend to complete in the four-month period before announcing FY24 results.”
US-listed HSBC Holdings shares rose more than 3% at midday to $46.70, their highest level since summer 2018.
TradingView
#HSBC #Stock #Rises #Results #Top #Forecasts #Bank #Plans #Buyback
