HSBC published an annual profit on Wednesday, supported by increased business revenues with wealth and markets and set up strict cost reductions while its new executive implemented the reconstruction of the bank focused, to increase yield.
London-based lenders also announced the purchase of shares worth $ 2 billion who plans to end before the next earnings season.
Publication comes in the background of Georges Elhedery for the General Director, which is engaged in the event when the central bank’s interest rates are blurred, with the USA, the United States holds stable, and for Japan is expected to increase them.
Elhedery, who took the rudder in September last year, took steps to increase the yield and strengthen the focus of the bank to Asia, where he earns most of his profits, assesses CNN.
HSBC reported profit before tax for 2024. from $ 32.3 billion, because the income has endured the impact of the fall of interest rates. This is compared to $ 30.3 billion a year earlier and an average of $ 31.7 billion according to the estimates of analysts collected by the Bank.
The Bank announced that aims to reduce costs of about $ 300 million in 2025. year, with the obligation to reduce costs on an annual basis of 1.8 billion dollars that is expected by the end of 2026, investor me.
“We renewed strength in finding efficiency that will optimize our distribution of resources, whether it is a geographical, business line or balance sheet,” said Elheads in the bank’s earnings report.
“This will improve the way we actively and dynamically manage costs and capital, and targeted investments,” he added.
HSBC shares in Hong Kong have increased more than 1% in the afternoon trade after the salary announcement, while the wider market index fell by 0.1%.
HSBC also said that he would pay the fourth cerdividant of $ 0.36 per share, which will result in a total of $ 0.87 per share in 2024, which includes a special dividend of $ 0.21 per share for the disposal of its Canadian business.
Elhedery, HSBC career insider who was promoted from the position of the Financial Director, progressed faster than some analysts and investors expected.
He reduced the teams for merging and acquisitions and market capital in Europe and America, in the greatest reduction in the bank’s investment banking in the last few decades, accelerating turning to Asian markets.
