HSBC fails to impress with US$2 billion share buy-back and first-quarter financial results
Operating expenses rose to $9.4bn while revenue increased 6% year-on-year from $12.9bn to $13.7bn.
HSBC Holdings PLC (LON:HSBA) has reported a surprise drop in first-quarter profit due to higher operating expenses but sweetened the bad news with plans for a new US$2bn (£1.47bn) share buyback. Net interest margin, banks' key difference between interest paid on deposits and that charged for loans, improved to 1.67 from 1.63 at the end of December and 1.64 a year ago. The bank has proposed to pay a first interim dividend of US$0.10 per share.
In the quarter ended March 3, the global bank's pre-tax profit fell by 4% to US$4.76bn, down from US$4.96bn a year earlier, below the US$5.76bn consensus estimate compiled by the firm.
HSBC said the reason for the fall was due to a 13% increase in operating expenses compared to a year ago, related to the retail banking business in the United Kingdom and China.
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He added that commercial banking had made "notable progress" in Hong Kong and the United Kingdom, while retail banking and wealth management made further headway in the United Kingdom mortgage market. Flint, who took over as the chief executive in February, plans to double down on HSBC's "pivot" to Asia and China in particular, despite some setbacks in the plan launched in June 2015.
HSBC said that "in light of the growth opportunities that we now see", the $2 billion share repurchase programme is the only one expected for 2018.
Mr Flint said his primary aim was to "grow the businesses safely", adding: "We have increased investment to deliver that aim". We continue to benefit from interest rate rises and economic growth, particularly in Asia. In 1Q18, we increased investment in Retail Banking and Wealth Management to further grow our market share in the United Kingdom and mainland China.
But, it added: "Given the growth opportunities we now see, we expect this to be the only share buyback that we announce in 2018".
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