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01 August 2017, 10:50 | Vickie Mathis
HSBC Holdings PLC on Monday said profit rose 5 percent in the first half of 2017
Great Britain's banking giant HSBC announced a United States dollars 2 billion share buy-back in 2017 after the entity delivered healthy financial results in first half of the year.
The move was revealed in a trading update from the bank, which showed pretax profit rose by 5% in the first-half to $10.2 billion.
The company΄s profits from January to June in 2017 rose 5 percent to $10.2 billion (9.12 billion euros) compared with $9.7 billion for the same period a year ago. It completed a previously announced $1 billion buyback in April.
He said the bank's strong capital generation means it is likely to keep its annual dividend at $0.51 per share and every six months look at whether it has more capital than it needs to increase lending profitably and meet regulatory needs.
HSBC Chairman Douglas Flint said a meeting he attended between Brexit minister David Davis and United Kingdom company executives this month showed signs of an improved relationship between the government and business over Brexit.
Mr. Gulliver in an interview said the bank is seeing the fruits of the strategy he laid out in June 2015, including getting more cross-unit business from its 38 million customers.
The bank also announced a further US$2 billion share buy back. He has spent most of his tenure attempting to improve profitability by shrinking HSBC's vast global network, exiting nearly 100 businesses and 18 countries.
"We've got revenues heading in the right direction across all our major businesses and regions", HSBC's Finance Director Iain Mackay said in a phone interview with Bloomberg Television's Manus Cranny. But on Monday he said that he could stay at the bank until December 2018, if an external candidate is appointed to take over.
HSBC has implemented wide-ranging structural changes since the 2008 financial crisis focused on streamlining the business and bringing down operating costs.
In the same year which saw Donald Trump elected as USA president and the United Kingdom vote to leave the European Union, HSBC΄s profits slumped to $2.48 billion compared with $13.52 billion in 2015 - a drop of 82 percent.
HSBC has reported a rise in half-year profit and announced a two billion U.S. dollar (£1.5 billion) share buy-back.
HSBC pulled capital from its United States business earlier this year for the first time in more than a decade.
Focus on ChinaThe bank announced two years ago it would hire 4,000 staff and lend more in China's southern Pearl River Delta region, a plan that has since encountered some setbacks as China's growth slowed, showing both the risks and opportunities. This will help push the stock's value further up, one that is already up 49% over the past 12 months and year-to-date is up over 21%.
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