HSBC publicizes a share buy of as much as 2 billion US {dollars} as a result of the annual revenue will increase by 6.5%

A look at the HSBC Bank logo at a wall before a branch in Mexico city, Mexico, June 14, 2024.

Henry Romero | Reuters

Europe's largest lender HSBC announced a purchase of up to $ 2 billion on Wednesday, as the annual profit before tax rose by 6.5%, which was supported by the sale of his banking business in Canada.

For the whole year, HSBC generated sales of $ 65.85 billion compared to $ 66.1 billion in 2023.

Here are the results of the overall HSBC year compared to the middle LSEG estimates of LSEG:

• Profit before taxes: 32.31 billion US dollars compared to $ 32.63 billion
• Revenue: 65.85 billion US dollars compared to $ 66.52 billion

While the profit was slightly missed the LSEG estimates before the tax statute, it was higher than the consensus estimate of $ 31.67 billion.

The bank's profit before taxes for the fourth quarter almost doubled to 2.3 billion US dollars compared to the previous year -In the fourth quarter of the previous year, the lender had resulted in an impairment of $ 3 billion in the fourth quarter. The turnover for the reported quarter decreased by 11% to 2.3 billion US dollars.

HSBC said that it is expected to complete the announced share corner until the end of their first quarter of 2025.

The buyback of HSBC corresponds to the market expectations, said Morningstars Equity Research -Analyst Michael Makdad and added that the plans to reduce the costs over 2025 and 2026 were positive.

In its explanation, the bank said that it would reduce the costs by an annual US dollar annual by the end of 2026.

HSBC predicts banking income income of $ 42 billion in 2025 compared to $ 43.7 billion in 2024.

These are the first overall years of the lender after Georges Elhedery was appointed CEO of the London headquarters bank in July after the resignation of Noel Quinn.

In Hong Kong, the bank's shares listened by 0.29% after the profit release.

On Tuesday, HSBC dismissed around 40 investment bankers in Hong Kong, Reuters reported. The hardest sectors are reportedly the hardest sectors, consumers, real estate and resources and energy.

In October in October, the bank announced plans to change its business in four units and to separate their business into a “Eastern Markets” sector and a “western markets” division.

“We create a simple, more agile, focused bank based on our core strengths. This also includes the creation of four complementary, clearly differentiated companies, the focus of our structure on our strategy and the redesign of our portfolio in speed and purpose,” said Elhedery .

In its explanation, the bank said that the restructuring in 2025 would lead to cost reductions of around 300 million US dollars.