Banking

HSBC shares rise after lender announces $2 Billion share buyback

Pre-tax profit tripled to $12.89 billion, beating an estimate of $8.64 billion

The quarter was characterised by “strong capital generation,” Jefferies analyst Joseph Dickerson said in a note. Picture: Getty

HSBC Holdings Plc’s shares rose after the Asia-focused lender announced a fresh plan to return money to shareholders after reporting first-quarter results that beat estimates.

The London-headquartered bank will buy back as much as $2 billion of stock and also resume paying quarterly dividends for the first time since 2019, stepping up capital returns as it faces mounting pressure from one of its largest investors to boost profitability.

Pre-tax profit tripled to $12.89 billion, beating ...