HSBC Q3 Profit Rises; Affirms View; Plans Up To $3 Bln Buyback

(RTTNews) - British lending major HSBC Holdings Plc (HSBA.L, HSBC) reported Tuesday that its third-quarter profit before tax grew to $8.476 billion from last year's $7.714 billion.

Profit after tax also increased to $6.749 billion from last year's $6.266 billion.

Revenue for the quarter rose to $16.998 billion from $16.161 billion a year ago.

Further, the Board has approved a third interim dividend of $0.10 per share, same as last year.

The company also intends to initiate a share buy-back of up to $3 billion, which is expected to completed within the fourmonth period before the 2024 full-year results announcement.

Looking ahead, the company specified that the guidance remains unchanged from that set out at its interim results on 31 July 2024.

The company said it continues to target a mid-teens return on average tangible equity or RoTE in 2024 and 2025, excluding the impact of notable items.

The company still expects banking NII of around $43 billion for 2024 and continues to target cost growth of about 5% for 2024 on a target basis.

The company intends to manage CET1 capital ratio within its medium-term target range of 14% to 14.5%, with a dividend payout ratio target basis of 50% for 2024.

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