HSBC Holdings reported a profit before tax of $21.6 billion for the first half of 2024, broadly stable against the $21.7 billion posted in the same period a year earlier, as the bank completed the disposal of its Canadian operations and announced a further share buyback of up to $3 billion, expected to be completed within three months. HSBC, which operates across some 60 countries and territories, published the results on 31 July 2024.
Group revenue reached $37.3 billion for the half year, up slightly against the comparable period.
CANADA DISPOSAL AND SHAREHOLDER RETURNS
The completion of the disposal of HSBC's Canadian banking business generated a pre-tax gain of $4.8 billion recognised in the period. The sale of HSBC Canada had been announced in late 2022.
The share buyback of up to $3 billion was approved for the second half of 2024.
The Canadian disposal followed HSBC's exit from retail banking in France.