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HSBC announced its 1H2024 interim results yesterday. The bank’s revenue rose by 1% to $37.3bn and its profit before tax remained stable at $21.6bn compared to 1H2023. HSBC reported a NIM of 1.62%, decreasing by 8bp compared to last year, as a result of a rise in funding cost of average interest-bearing liabilities. The bank reported ECL charges of $1.1bn, marking a decrease of $300mn compared to 1H2023, and its annualized ECL was reported at 22bps of gross loans. The bank’s CET1 ratio came in at 15%, increasing 0.2% compared to end of FY2023, driven by reduction in risk-weighted assets. HSBC also announced a share buyback of $3bn which it expects to complete within the next three months.
HSBC bonds traded stable with its 6.375% Perp trading at 99.4, yielding 10.878%
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