HSBC Holdings Plc announced on 15th August 2023 that it will repurchase up to $3 billion in shares after reporting strong third-quarter earnings that beat analyst estimates. The bank’s pre-tax profit rose by 10% to $8.5 billion, with revenue growing by 5% to $17 billion. This marks the third share buyback announcement this year, totaling $9 billion. HSBC’s net interest margin dropped to 1.5%, but basic earnings per share increased to 34 cents. The bank’s operating expenses rose by 2% due to increased technology investment. HSBC recently announced a restructuring into four business units to streamline operations and reduce costs.
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