HSBC Posts Drop in Quarterly Profit, Announces $3 Billion Buyback

By Kosaku Narioka

HSBC Holdings reported a drop in second-quarter net profit and announced a share buyback of up to $3 billion.

The London-based bank said Wednesday that net profit declined 3.6% from a year earlier to $6.40 billion for the three months ended June. That beat the estimate of $5.72 billion in a poll of analysts by data provider Visible Alpha.

Earlier this month, the bank named Georges Elhedery, who has served as chief financial officer since early 2023, as its new chief executive to replace Noel Quinn, who plans to retire.

In nearly 20 years at HSBC, Elhedery has also headed the company's global banking and markets division and its Middle East operations.

Quinn steered HSBC through the Covid-19 pandemic and accelerated its pivot to Asia. The bank retrenched in some Western markets including the U.S. and France under Quinn's leadership.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 31, 2024 00:33 ET (04:33 GMT)

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