London-headquartered HSBC posted stable profits in the first half of 2024. This will also mark the final full quarter that the British lender will be led by Noel Quinn, as he said his goodbyes.
In the first half of 2024, HSBC registered a pre-tax profit of $21.6 billion, according to the bank’s financial results, in line with the same period in the previous year.
Revenue grew 1 percent to $37.3 billion, as a $4.8 billion gain on the sale of HSBC’s banking operations in Canada which was partly offset by a $1.2 billion impairment linked to the planned sale of its Argentina unit. Operating expenses increased 5 percent to $16.3 billion due to higher technology spend and investment, inflationary pressures and an increase in performance-related pay accrual.
The bank’s board has approved a second interim dividend of $0.10 per share alongside the initiation of up to $3 billion of share buybacks which is expected to be completed within three months.
Farewell Note
HSBC CEO Noel Quinn also added a farewell note in the first-half results as he prepared to hand over the reins to current chief financial officer Georges Elhedery, who will take over as the successor in September. In the note, he highlighted shareholder returns via $36 billion of dividends and $18 billion of share buybacks under his leadership.
«I never imagined when I started my career 37 years ago that I would have the honor of becoming Group Chief Executive. I have always been immensely proud of the heritage of this bank and the strategic role it plays in the world,» Quinn said.
«I have been very fortunate to work with many talented, dedicated and committed people during my career. I would like to thank them wholeheartedly for their friendship and partnership – and I wish continued success to Georges, and to all those who will write the next chapter in the story of this great bank.»
