Overview

• HSBC reported a pre-tax profit of $21.6 billion for the first half of 2024, slightly down from last year but above expectations.
• The bank announced an additional $3 billion share buy-back, adding to the $5 billion buy-back earlier this year.
• Revenue growth was driven by the wealth division and international retail and investment banking services.
• HSBC's new CEO, Georges Elhedery, will continue the current strategy with a focus on accelerating execution.
• Despite strong results, future challenges include potential declines in interest rates and geopolitical tensions in key markets.