Noel Quinn, Group Chief Executive, said:
“I’m pleased with our start to 2024. We completed the sale of our Canada business and agreed the sale of our Argentina business, both of
which allow us to focus on markets with higher value international opportunities. Our good profit performance of $12.7bn in the first quarter has
enabled us to continue the trend of rewarding our shareholders. We have announced a total of $8.8bn of distributions, consisting of a first
interim dividend for 2024 of $0.10 per share, a special dividend of $0.21 per share from the Canada sale proceeds, and a new share buy-back of
up to $3bn. Our 2024 guidance remains unchanged, including a mid-teens return on average tangible equity and continued cost discipline.“
Financial performance (1Q24 vs. 1Q23)
– Profit before tax decreased by $0.2bn to $12.7bn. This included a $4.8bn gain following the completion of the disposal of our banking
business in Canada, inclusive of fair value gains on the hedging of the sale proceeds, partly offset by a $1.1bn impairment recognised in
1Q24 following the classification of our business in Argentina as held for sale. The reduction in profit before tax also reflected the nonrecurrence
of a $2.1bn reversal in 1Q23 of an impairment relating to the sale of our retail banking operations in France, which was
subsequently reinstated in 4Q23 prior to completion, and a $1.5bn gain recognised in 1Q23 on the acquisition of Silicon Valley Bank UK
Limited (‘SVB UK‘).
And later;
First interim dividend for 2024 and special dividend
On 30 April 2024, the Directors approved a first interim dividend in respect of the financial year ended 31 December 2024 of $0.10 per ordinary
share, a distribution of approximately $1.88bn. The Directors also approved a special dividend of $0.21 per ordinary share arising from the
proceeds of the sale of the HSBC banking business in Canada to Royal Bank of Canada which completed on 28 March 2024, a distribution of
approximately $3.95bn. The combined dividend of $0.31 per ordinary share (the ’dividend’) will be payable on 21 June 2024 to holders of record
on the Principal Register in the UK, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register on 10 May 2024.
The dividend will be payable in US dollars, or in pounds sterling or Hong Kong dollars at the forward exchange rates quoted by HSBC Bank plc in
London at or about 11.00am on 11 June 2024. The ordinary shares in London, Hong Kong and Bermuda, and American Depositary Shares
(‘ADSs’) in New York will be quoted ex-dividend on 9 May 2024.
The default currency on the Principal Register in the UK is pounds sterling
Item downloadable here; https://www.hsbc.com/investors/results- ... ouncements
A RNS to follow on this no doubt at 0700hrs (UK) today.
Also posted on Company News here; viewtopic.php?p=662108#p662108
I hold HSBC in my HYP, and know others here do too, so this may be of interest here.
Also, there was mention on Bloomberg TV this morning that the HSBC CEO is to step down. I put at item on Company News about that here; viewtopic.php?p=662107#p662107
Again, a RNS on this may be forthcoming today too.
Ian.