HSBC delivered stable profit before tax of $21.6B in H1 2024, supported by a $4.8B gain from Canadian banking business disposal, partly offset by a $1.2B impairment for planned Argentina business sale. Revenue grew 1% YoY to $37.3B, driven by higher banking net interest income and strong performance in Wealth business.Operating expenses increased 5% to $16.3B due to higher technology investments and inflation impacts. Expected credit losses decreased by $0.3B to $1.1B. The bank maintained a strong capital position with CET1 ratio of 15.0%. Customer lending remained stable at $938B while deposits declined slightly to $1.6T.The bank announced a second interim dividend of $0.10 per share and a new $3B share buyback program. HSBC upgraded its 2024 banking net interest income guidance to around $43B and targets mid-teens return on tangible equity for both 2024 and 2025, reflecting confidence in delivering attractive returns even in a lower interest rate environment.

HSBC delivered stable profit before tax of $21.6B in H1 2024, supported by a $4.8B gain from Canadian banking business disposal, partly offset by a $1.2B impairment for planned Argentina business sale. Revenue grew 1% YoY to $37.3B, driven by higher banking net interest income and strong performance in Wealth business.Operating expenses increased 5% to $16.3B due to higher technology investments and inflation impacts. Expected credit losses decreased by $0.3B to $1.1B. The bank maintained a strong capital position with CET1 ratio of 15.0%. Customer lending remained stable at $938B while deposits declined slightly to $1.6T.The bank announced a second interim dividend of $0.10 per share and a new $3B share buyback program. HSBC upgraded its 2024 banking net interest income guidance to around $43B and targets mid-teens return on tangible equity for both 2024 and 2025, reflecting confidence in delivering attractive returns even in a lower interest rate environment.