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<Results>HSBC HOLDINGS 1Q Reported PBT Drops 1.8% to US$12.65B, In Line; 1st Interim + Spec. DPS US31 Cents
Recommend 44 Positive 76 Negative 44 |
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HSBC HOLDINGS (00005.HK) announced its results for 1Q24 ended March this year. Reported profit before tax was US$12.65 billion, down 1.8% YoY, in line with the forecast of US$12.006 billion to US$12.784 billion from the 3 brokers as summarised by our reporters. Reported profit after tax was US$10.837 billion, falling 1.7% YoY, while EPS was US$0.54. Net profit was US$10.183 billion, dropping 1.4% YoY. HSBC announced a total dividend distribution of US$8.8 billion, including a first interim dividend of US$0.1 per share for 2024, a special dividend of US$0.21 per share from the sale of its Canadian business, and a new round of share buybacks of up to US$3 billion. The buyback amount exceeded the US$2.0 billion to US$2.5 billion predicted by the 3 brokers as summarised by our reporters. The group expected the buybacks to have an impact of 0.4 ppts on the Common Equity Tier 1 (CET1) ratio and planned to commence the buybacks shortly after its Annual General Meeting (AGM) in May. HSBC's 1Q reported revenue elevated US$0.6 billion or 3% to US$20.8 billion. Net interest income decreased by US$0.3 billion to US$8.7 billion, mainly reflecting deposit migrations. Net interest margin was 1.63%, down 6 bps YoY and up 11 bps QoQ, reflecting the impact of hyperinflation and currency depreciation in Argentina, partly offset by higher funding costs for liabilities. HSBC expected a credit loss of US$0.7 billion, rising US$0.3 billion YoY. The CET1 ratio was 15.2%, up 0.4 ppts QoQ, mainly driven by capital generation, the net positive effect of strategic transactions on the CET1 ratio and risk-weighted assets, partly offset by the foreseeable dividend accrual and share buybacks announced in the group's 2023 end-year results. AAStocks Financial News |
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