HSBC Q2 profit beats expectations; announces $3 bln buyback By Investing.com
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 31 2024
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Source: Investing.com
Strong Q2 Performance: HSBC Holdings reported a profit before tax of $8.9 billion for the second quarter, surpassing estimates and announcing a $3 billion buyback despite a slight decline in revenue.
Leadership Transition: The earnings report marks the last under CEO Noel Quinn, who will step down in September, with CFO Georges Elhedery set to take over, while Jonathan Bingham will serve as interim CFO.
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About HSBC
HSBC Holdings plc (HSBC) is a banking and financial services company. Its business segments include Hong Kong, UK, Corporate and Institutional Banking (CIB), and International Wealth and Premier Banking (IWPB). Its Hong Kong business comprises retail banking and wealth and commercial banking of HSBC Hong Kong and Hang Seng Bank. Its UK business comprises UK retail banking and wealth (including first direct and M&S Bank) and UK commercial banking, including HSBC Innovation Bank. The CIB segment is formed from the integration of its commercial banking business (outside the UK and Hong Kong) with its global banking and markets business. The IWPB segment comprises premier banking outside of Hong Kong and the UK, its global private bank, and its asset management, insurance and investment distribution businesses. Its customers worldwide through a network covering 58 countries and territories. Its customers range from individual savers and investors to companies, governments and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
