HSBC announces buying stock up to $ 2 billion as the annual profit jumped 6.5%

The largest European creditor HSBC on Wednesday announced the purchase of shares of up to $ 2 billion, as its annual profit before taxes increased by 6.5%, aided by the sale of its banking business in Canada.

For the whole year, HSBC reported revenue of $ 65.85 billion, which is less than $ 66.1 billion in 2023.

Here are HSBC’s year -round results compared to LSEG average estimates:

• Profit before taxes: $ 32.31 billion vs $ 32.63 billion
• Revenue: $ 65.85 billion against $ 66.52 billion

While the profit before the tax slightly missed LSEG estimates, it was higher than a $ 31.67 billion estimated estimate of the bank.

The bank’s profit before the fourth quarter tax almost doubled from a year earlier to $ 2.3 billion – the creditor imposed a $ 3 billion impairment fee last fourth quarter, affecting its results. Revenue for the reported quarter decreased by 11% to $ 2.3 billion.

HSBC said it expects to complete the announced buying of shares by the end of its first quarter of 2025.

Buying HSBC is in line with market expectations, said Morningstar Study Analyst Michael McDad, adding that plans to reduce costs over 2025 and 2026 are positive.

The bank in its statement said it would reduce $ 1.5 billion annual expenses by the end of 2026.

HSBC predicts net interest rates of $ 42 billion in 2025 compared to $ 43.7 billion in 2024.

These are the first year -round results of the creditor after Georges Niers was appointed CEO of the bank based in London last July after Noel Quinn’s retirement.

Hong Kong shares included in the bank list decreased 0.29% after profit release.

On Tuesday HSBC rejected about 40 investment bankers in Hong Kong, Reuters reportedS The sectors are reported to be the strongest M&A, consumer, real estate and resources and energy.

Last October the bank revealed plans for reorganize your business in four unitsSeparation of its operations in a sector of the “Eastern Markets” and the “Western Markets” unit.

“We create a simple, fascinated, focused bank built on our main strengths … This involves creating four complementary, clearly differentiated enterprises, aligning our structure to our strategy and transforming your portfolio with temps and with a pace and with Aim, “Elhedry said.

The bank said in a statement that reorganization would lead to about $ 300 million in a reduction in costs in 2025.