Balanced News: HSBC’s after-tax profit surges over 235% year-on-year, announces $3 billion share buyback

HSBC’s after-tax profit for the three months ended September surged over 235% to $6.26 billion compared to the same period last year. The increase was mainly due to a higher interest rate environment. Revenue also rose to $7.71 billion in the third quarter. HSBC plans to initiate a share buyback of up to $3 billion, in addition to a third interim dividend of 10 cents per share. The buyback is expected to be completed by February 21, 2024, and will have a 0.4 percentage point impact on the bank’s common equity tier 1 capital ratio.