International Business: HSBC bucks China property worries with 74% profit jump, $2 billion buyback – Gulf Digital News
International Business: HSBC bucks China property worries with 74% profit jump, $2 billion buyback – Gulf Digital News
SINGAPORE/LONDON: HSBC Holdings reported a surprise 74% rise in third quarter profit as it shrugged off concerns about pandemic-related bad loans and property problems in its key market of China, allowing it to announce a share buyback of $2 billion.
The British lender reversed potential credit losses it had previously expected due to pandemic-induced defaults, with CFO Ewen Stevenson telling Reuters on Monday that the worst of that impact is likely behind HSBC.
"You should also look at the buyback as a measure of the confidence that we have at the moment that we are not unduly concerned about our exposures in China," he said.
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