Reported 3 months ago
HSBC Holdings announced a $3 billion share buyback and revised its income expectations upwards, leading to a 3% rise in its stock price. The bank reported stable profit growth and improvements in wealth management, alongside reduced sensitivity to global interest rate cuts. Its return on average tangible equity target aims for the mid-teens by 2025. Despite a slight decrease in first-half profit, HSBC's performance surpassed market expectations, notably boosted by new customer acquisitions and improved revenue from its investment banking sector.
Source: YAHOO