HSBC Reports $21.6B First Half Profit

HSBC reported a pre-tax profit of $21.6 billion for the first half of 2024, slightly down from $21.7 billion the previous year but surpassing broker estimates of $20.5 billion. CEO Noel Quinn emphasized the stability and success of the bank's strategy, citing strong revenue from diversified investments despite increasing operating costs. The bank's second-quarter pre-tax profit grew by 2% to $8.91 billion, with plans for a $3 billion share buy-back and a $0.10 per share interim dividend. HSBC remains optimistic about its future performance, projecting sustained revenue growth even amidst potential interest rate declines and forecasting banking net interest income of around $43 billion for 2024. The bank's strategic investments in international retail and wealth businesses continue to bolster its diversified revenue streams.