HSBC Earnings Beat Estimates

HSBC top family officeThe logo of HSBC Holdings Plc sits outside a bank branch in London, U.K.. Photographer: Simon Dawson/Bloomberg
  • HSBC Earnings Beat Estimates

HSBC Holdings Plc beats analysts’ prediction in the second quarter of the year, following the decision of the outgoing Chief Executive Officer Stuart Gulliver to boost revenue while trimming costs.

Adjusted pretax profit jumped 13 percent to $6 billion from a year ago, according to the bank’s filing Monday. The Europe’s largest bank’s stock jumped 2.9 percent in Hong Kong to reach its highest intraday level since November 2014.

HSBC announced it will spend up to $2 billion buying stock.

“We’ve got revenues heading in the right direction across all our major businesses and regions,” HSBC’s Finance Director Iain Mackay said in a phone interview with Bloomberg Television’s Manus Cranny. “Good credit control and good cost control and a very strong capital position.”

The new buybacks is expected to be completed by December, bringing the lender’s total repurchase in the last one year to $3.5 billion.

“We have had an excellent first half of 2017,” Gulliver said in the statement. “We remain on track to complete the majority of our strategic actions by the end of the year.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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