HSBC Reports $20 Billion Pre-Tax Profit Growth in 2024, Announces $2 Billion Share Buyback
Go Wire
February 19, 2025
GoGPT Summarizes Articles
HSBC Holdings saw a $20 billion increase in its pre-tax profit for 2024, reaching $32.3 billion. The bank also revealed plans for a share buyback of up to $2 billion, expected to be completed before the Q1 2025 earnings report. Revenue remained steady at $65.9 billion.
Net interest income (NII), a key source of profit, declined by $3.1 billion to $32.7 billion, mainly due to higher deposit costs and asset disposals. HSBC expects 2025 NII from its banking operations to be around $42 billion.
In terms of capital adequacy, HSBC's common equity tier 1 (CET1) ratio rose by 0.1 percentage points, reaching 14.9%. The board also approved a quarterly dividend of $0.36 per share, bringing the total 2024 dividend to $0.87 per share, including a special dividend of $0.21 per share.
Following the earnings report, HSBC’s Hong Kong stock saw a slight uptick, with the market responding positively to the company’s financial performance.
