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Stronger balance sheet at bank

HSBC unveils third buyback and profit uplift

HSBC has reported a 5% rise in pre-tax profits and its third share buyback of the year worth up to $2 billion.

Europe’s biggest bank posted a pre-tax profit of $10.2bn (£7.8bn) for the first six months, up by about $500m.

The announcement takes HSBC share buybacks since the second half of 2016 to $5.5 billion.

Its share price has rallied, up by more than 50% on this time last year and helped by the weak pound.

Chief executive Stuart Gulliver said: “In the past 12 months we have paid more in dividends than any other European or American bank and returned $3.5 billion to shareholders through share buybacks.

“We have done this while strengthening one of the most resilient capital ratios in the industry.”

In June HSBC announced it was creating a further 500 jobs in Scotland, its third expansion north of the border in three years.

The bank is expanding several functions that will increase its Scottish headcount to 4,500. 

The recruitment drive will grow its global risk business, which was established in Edinburgh in 2015. It will also fill roles in its contact centre in Hamilton.

HSBC increased the size of its SME Fund in Scotland to £500 million in an effort to meet rising demand for investment capital from businesses.

 

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