HSBC announced a share buyback of up to $2bn, as Europe’s largest lender reported a 74 per cent increase in profits as the global economic outlook improved nearly two years after the start of the pandemic.
The UK-headquartered bank has benefited from a strong capital position and said it would release $700m of cash that had been set aside for bad loans that had not materialised, adding to the $700m it had already released this year.
Pre-tax profits for the third quarter were $5.4bn, compared to $3.1bn a year earlier, beating the $3.8bn average estimate predicted by analysts.
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