And the bank said it realized an increase in pre-tax profits of $8.7 billion in the first quarter of 2023 to $12.9 billion, from $4.2 billion in the same period last year. last. Expecting big profits for the rest of the year.
The British bank’s revenue rose 64% to $20.2 billion, on top of the bank’s announcement of strong profit expectations for the rest of the year.
“Our strong performance in the first quarter provides further evidence that our strategy is working,” the bank’s chief executive, Noel Quinn, said in a statement.
The bank also announced its intention to repurchase a quantity of its shares worth two billion dollars, as part of its plan to return funds to shareholders after achieving better-than-expected results during the first quarter of This year.
The bank will resume paying quarterly cash dividends for the first time since 2019, amounting to 10 cents per share, to accelerate the pace of disbursement of capital returns, at a time when it faces increasing pressure from the share of one of the main shareholders to increase profitability.
Pressure has been mounting on HSBC since its biggest shareholder, Chinese insurer Ping An, called for it to spin off its business as part of a “strategic restructuring” to boost share value.
The bank urged its shareholders to vote against the proposal at its annual general meeting in Birmingham on May 5.
HSBC acquired the UK branch of US bank Silicon Valley Bank for a nominal $1.20 bailout in March.
The bank’s CEO said at the time that the acquisition was in line with the bank’s overall growth plans.
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