HSBC has announced its financial results for Q4 and the entire year, significantly exceeding market expectations.
The London-based firm reported a 6.6% increase in annual profit, achieving a revenue of $65.9 billion.
The company also announced its $2 billion share buyback scheme, which it will execute by May 2025.
Georges Elhedery, HSBC Group CEO told investors, “Our strong 2024 performance provides firm financial foundations upon which to build for the future, as we prioritise delivering sustainable strategic growth and the best outcomes for our customers.”
“Since becoming CEO, I have focused on simplifying how we operate and injected energy and intent into the way we deliver our strategy. We are creating a simple, more agile, focused bank built on our core strengths. We continue to take deliberate and decisive steps. This includes creating four complementary, clearly differentiated businesses, aligning our structure to our strategy and reshaping our portfolio at pace and with purpose,” Elhedery concluded.
Looking ahead, the company stated, “We are now targeting a mid-teens RoTE in each of the three years from 2025 to 2027, excluding the impact of notable items, while acknowledging the outlook for interest rates remains volatile and uncertain, particularly in the medium term.”
“We retain a Group-wide focus on cost discipline. We are targeting growth in target basis operating expenses of approximately 3% in 2025, compared with 2024.”
The firm anticipates a net interest income from banking of approximately $42 billion in 2025.
HSBC aims to reach approximately $300 million in cost savings in 2025.
By CEO NA Editorial Staff
