HSBC has announced up to $3bn in additional share buybacks, taking total buybacks to $7bn this year, as the bank said higher interest rates were continuing to boost its growth.
The move came even as the London-listed lender on Monday reported lower than expected profits for the three months to September. Pre-tax profits were $7.7bn, less than the $8.1bn analysts had estimated, though far higher than the $3.2bn figure a year earlier.
“We have had three consecutive quarters of strong financial performance,” said chief executive Noel Quinn, adding that the bank’s “good broad-based growth” was “supported by the interest rate environment”. HSBC also announced a quarterly dividend of 10 cents a share, its third of that amount this year.
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