HSBC Profit Beats Forecasts, Vows to Restore Dividends

Bloomberg2022-08-01

(BLOOMBERG) - HSBC Holdings delivered better-than-estimated profits, vowing to restore paying quarterly dividends next year as it seeks to head off a call by its largest shareholder to split up....

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The bank was seen posting a profit of US$4.96 billion in a Bloomberg analysts survey.\"The progress that we've made growing and transforming HSBC means we are in a strong position as we enter the current rates cycle,\" chief executive officer Noel Quinn said in a statement. \"We are confident of achieving a return on tangible equity of at least 12 per cent from 2023 onwards, which would represent our best returns in a decade.\"The bank intends to revert to paying quarterly dividends in 2023, though said it's expected to initially be reinstated at a lower level than the historical quarterly dividend of US$0.10 a share paid up to the end of 2019.The results come months after HSBC reported first-quarter results that led it to say that further share buybacks were unlikely this year as it warned of a drop in its core capital ratio due to regulatory changes and a hit on its interest rate hedge.HSBC is in the midst of its own turnaround that is focused on building up its position in Asia, particularly in wealth management, while culling operations no longer deemed relevant. 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