SINGAPORE :HSBC reported a 15 per cent dip in first-half profit as credit loss provisions rose, but the fall was not as bad as feared and Europe's biggest bank lifted its returns guidance in the belief that rising interest rates will boost revenue.
The London-headquartered lender reported on Monday a pretax profit of $9.2 billion for the six months ending June 30, down from $10.84 billion a year ago but beating the $8.15 billion average estimate of analysts compiled by the bank. "We understand and appreciate the importance of dividends to all of our shareholders. We will aim to restore the dividend to pre-COVID-19 levels as soon as possible," Chief Executive Noel Quinn, who has been running HSBC for more than two years, said in the results statement.
The bank has come under pressure from its largest shareholder, Ping An Insurance Group Co of China Ltd, to explore strategic options such as spinning off its mainstay Asian business to unlock greater shareholder value.
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