You are here: Home » International » News » Finance
Business Standard

HSBC sees 4% drop in Jan-Mar pre-tax profit, declares $2-bn share buyback

The bank's pre-tax profit of $4.76 billion for the three months ended March 31

Reuters  |  Hong Kong | London 

hsbc
FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain | Photo: Reuters

Holdings PLC posted on Friday an unexpected 4 per cent drop in first-quarter pre-tax profit, missing estimates, and announced plans to initiate a new share buyback of up to $2 billion.

"Given the growth opportunities we currently see, we expect this to be the only share buyback that we announce in 2018," Europe's biggest bank by assets said, adding the process was expected to start shortly.

The bank's pre-tax profit of $4.76 billion for the three months ended March 31 compared to $4.96 billion in the year-ago period. The profit in the latest quarter was below the $5.76 billion average of analysts' estimates compiled by the bank.

First Published: Fri, May 04 2018. 10:42 IST
RECOMMENDED FOR YOU