The London-headquartered bank said today it intended to pay a special dividend of $0.21 per share, as a priority use of the proceeds from the $10 billion sale of its Canada business, as well as more regular payouts and a fresh share buyback.
"With the delivery of higher returns, we will have increased distribution capacity, and we will also consider a special dividend once the sale of HSBC Canada is completed," group chief executive Noel Quinn said. Since Quinn took charge in March 2020 just as the Covid-19 pandemic swept the globe, the shares have gained 25% though still underperforming a 50% rise in the broader market.For the fourth quarter, HSBC said expected credit losses nearly trebled to $1.4 billion, and included charges relating to exposure in China's commercial real estate sector, as well as corporate exposures in Britain. This was higher than market expectations of $1.05 billion.
The Asia-focused bank, which counts Hong Kong as its biggest market, also said it will return to paying quarterly dividends in 2023, and would bring forward the consideration of fresh share buybacks to the first quarter of 2023. Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France.Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300m loss.HSBC cut its annual bonus pool by 4% to $3.4 billion in 2022, the bank said today, as a global slump in dealmaking led it to trim awards for its bankers.
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