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November 28, 2023
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High interest rates help double HSBC profits

Bank to buyback $3bn in shares after quarterly profits double despite financial hit from China’s property crisis

HSBC will hand more than $3bn (£2.5bn) to shareholders, after higher interest rates helped to more than double quarterly profits, despite taking a financial hit on China’s property crisis.

The London-headquartered bank said it was launching the share buyback, and pay a dividend worth 10 cents a share, after what its chief executive, Noel Quinn, hailed as “three consecutive quarters of strong financial performance”.

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