Banking behemoth HSBC has just revealed its staggering pre-tax profit of 21.6 billion US dollars (£16.8 billion) for the first half of 2024, branding the outcome as “stable” compared to the colossal 21.7 billion US dollars from the previous year’s equivalent period.
HSBC’s head honcho Noel Quinn lauded the figures, asserting in a statement: “After delivering record profits in 2023, we had another strong profit performance in the first half of 2024, which is further evidence that our strategy is working.”
The firm noticed a marginal increase in operating costs, clocking in at 16.3 billion dollars (£12.6 billion), a 5% hike from the preceding year, citing augmented technology investments, inflationary pressures and beefed-up performance-related pay accruals.
Quinn underscored the success of their investment portfolios stating: “Our investment in wealth is delivering higher, more diversified revenue and we continue to grow our core international and scale businesses, all of which helped us to provide $13.7 billion US (£10.6 billion) of distributions in respect of the first half.”
Looking forward with unwavering confidence, HSBC projects a rosy future heralded by sustained revenue growth even amidst the prospect of falling interest rates. Quinn forecasts: “We are confident that we have the right strategy and model to grow revenue, even in a lower interest rate environment, and are therefore providing new guidance of a mid-teens return on average tangible equity in 2025.”
He further stated: “I have always been immensely proud of the heritage of this bank and the strategic role it plays in the world. My aim when I took this job was to deliver financial performance to match our standing. Working together, I believe we have done that and created a strong platform for growth.”
