Net profit fell by 32 per cent to US$6.93 billion,, or 39 US cents per share, in the first three months, according to a stock exchange statement by the London-based bank, which collects most of its revenue in the Asia-Pacific region. The first-quarter result, which was widely expected as the bank had realised a one-off gain from the sale of its Canadian business in the year-earlier quarter, beat the US$5.39 billion expected by analysts polled by Bloomberg.
Pre-tax profit fell 25 per cent to US$9.5 billion, better than the consensus estimate of US$7.83 billion, the bank said.
“Our strong results this quarter demonstrate momentum in our earnings, discipline in the execution of our strategy and confidence in our ability to deliver our targets,” said CEO Georges Elhedery in the earning statement. “We continue to support our customers through this period of economic uncertainty and market unpredictability, which we enter from a position of financial strength.”
HSBC’s US$3 billion share buy-back programme will begin after its annual general meeting on May 2. The bank also announced a first-quarter dividend of US$0.10 per share, compared with US$0.10 per share in the first quarter 2024.
