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Search resuls for: "Anshuman Daga Lawrence White"


6 mentions found


☆ HSBC signals rate rise profit windfall has peaked even as payouts rise
  + stars: | 2023-02-21 | by ( Anshuman Daga Lawrence White | Anshuman Daga | Lawrence White | ) www.reuters.com   time to read: +4 min
The London-headquartered bank (HSBA.L) said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business. HSBC's conservative outlook echoed that of British rival NatWest (NWG.L), which warned last week that profit earned from rising interest rates may have peaked. HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. That matched the $17.5 billion average estimate of 22 analysts compiled by the bank. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.
☆ HSBC shares slide as it fails to raise key target despite profit surge
  + stars: | 2023-02-21 | by ( Anshuman Daga Lawrence White | Anshuman Daga | Lawrence White | ) www.reuters.com   time to read: +4 min
But some analysts had expected HSBC to also raise its key performance target of reaching a return on tangible equity of at least 12% from this year onwards, a target the bank stuck to in its earnings report. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss. So far this year, the shares have risen 20% versus a 7% rise in the FTSE index (.FTSE). HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. 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.
☆ StanChart upgrades forecasts, trumpets $1 bln buyback as profit jumps 28%
  + stars: | 2023-02-16 | by ( Anshuman Daga Lawrence White | Anshuman Daga | Lawrence White | ) www.reuters.com   time to read: +3 min
TOUGH TASK AHEADStanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021. On Wednesday, Barclays (BARC.L) reported a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022. StanChart also took a $308 million hit on its investment in China Bohai Bank (9668.HK), which it attributed to "industry challenges".
☆ StanChart beats estimates with 40% profit jump, raises income outlook
  + stars: | 2022-10-26 | by ( Anshuman Daga Lawrence White | Anshuman Daga | Lawrence White | ) www.reuters.com   time to read: +2 min
SINGAPORE, Oct 26 (Reuters) - Standard Chartered (STAN.L) reported a 40% increase in quarterly profit as higher interest rates boosted the emerging markets-focused bank's income and gave it ammunition to upgrade its revenue outlook. The bank expects income to grow 13% this year instead of a previously forecast 10%. "We remain confident in the delivery of our 2024 financial targets," CEO Bill Winters said in a statement on Wednesday. "Our performance this year has been strong, and the pace of economic recovery in many of our footprint markets is encouraging, notwithstanding increasing recessionary pressures in certain Western markets," Winters said. StanChart's statutory credit impairment charges more than doubled to $227 million from a year earlier, reflecting weakness in key economies.
☆ HSBC appoints Georges Elhedery as CFO, potential CEO-in-waiting
  + stars: | 2022-10-25 | by ( Anshuman Daga Lawrence White | Anshuman Daga | Lawrence White | ) www.reuters.com   time to read: +5 min
A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. Register now for FREE unlimited access to Reuters.com RegisterSince his return to HSBC in September, Elhedery has been working on projects for Quinn. He is one of several Lebanese bankers to rise to the top ranks at HSBC, including his predecessor heading the investment bank, Samir Assaf. Shares of Hong Kong-listed HSBC, which makes the bulk of its sales and profit in Asia, fell 2.5% in a firm broader market (.HSI). "This is about how the group executive committee is positioned with potential succession options for the future," Quinn told Reuters.
☆ HSBC Q3 profit slumps 42% on France sale charge, credit losses
  + stars: | 2022-10-25 | by ( Anshuman Daga Lawrence White | Anshuman Daga | Lawrence White | ) www.reuters.com   time to read: +3 min
A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. The London-headquartered bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30. That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank. "We remain on track to achieve our cost targets for 2022 and 2023," said Noel Quinn, HSBC's Chief Executive Officer. It said it would do this by the first half of next year by increasing revenue and managing costs.
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