HSBC to buy back $2bn of stock as profit surges 74%

SCLOW
2021-10-26


HSBC annoucced a $2bn share buyback and posted at 74% increase in Q3 earnings, making it the latest global lender to turn bullish on the economic outlook nearly 2 years after the start of the pandemic. Earnings were given a big boost by a $659m release from its reserves for potential bad loans - 85% of which were related to the UK as fears about a wave of company bankruptcies faded and growth rebounded.


- HSBC's situation was completely different a year ago when the naml's provision for bad debts exceeded $8bn at the peak of coronavirus lockdowns eventually pushing down annual profit by 45%

- HSBC's overall third quater pre tax profit jumped to $5.4bn from $3.1bn beating expectations.

- Revenue rose for the first time in 2 years


The recovery of one of the world's global lender means that the world economic outlook might finally be taking a turn for the better. Gradually , the economy is beginning to shake off covid fears and business beign to operate normally back to pre-covid days. However the long road to economy recovery is still not fully realized as inflation fears continue to plague the markets worldwide.


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  • PorterLamb
    ·2021-10-29
    The recovery of HSBC also shows that the international banking industry has gradually warmed up, and the negative impact of the epidemic on the international economy has been controlled to a certain extent. HSBC's performance is very good, which is worth learning from other banks in the industry.
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  • BlithePullan
    ·2021-10-29
    the 8 billion provision leads to a 45% drop of profit🤪 this is too huge. do anyone know the bad debt provision number now?
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  • PaulaBaldwin
    ·2021-10-29
    I bet its back is due to global economic recovery. Now the premarket is dropping, let's have a look on today's trend.
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  • DaisyMoore
    ·2021-10-29
    Does HSBC's outstanding performance depend on its extensive global presence? After all, its scale is very large and there are many customers.
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  • DaisyMoore
    ·2021-10-29
    In the context of economic recovery and global inflation, is HSBC's stock a good investment choice？
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