Customers use automated teller machines (ATM) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019.
HSBC 's full-year 2023 pre-tax profit missed analysts' estimates, hit by impairment costs linked to the London-based lender's stake in a Chinese bank — sinking its shares by as much as 3%.
With three share buy-backs in 2023 totaling $7 billion, Quinn said the bank returned $19 billion to shareholders last year.
The bank suffered a "valuation adjustment" of $3 billion on its stake in Bank of Communications, Quinn said.
HSBC's Hong Kong shares reversed gains of about 1% after trading resumed, falling as much as 3.2% in early afternoon trade.
Persons:
LSEG, Noel Quinn, Quinn
Organizations:
HSBC Holdings Plc, HSBC, Bank of Communications
Locations:
Hong Kong, China, London, Europe's, Bank