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HSBC announces $2bn share buyback scheme as profits climb 5%

HSBC announces $2bn share buyback scheme as profits climb 5%”

Meanwhile, HSBC chairman Douglas Flint said a meeting he attended between Brexit minister David Davis and British company executives this month showed signs of an improved relationship between the government and business over Brexit.

In the six months to 30 June, the FTSE 100-listed lender saw pre-tax profits rise 5% year-on-year to $10.2bn (£7.8bn), while net profit for the period rose 10% to $6.99bn.

The share buybacks have been used to offset the effect of shares being paid out as dividends. Subsequently, the group is growing market share in numerous products that are central to its strategy. HSBC said it has spent about US$500m so far on that restructuring, including US$176m in the first half of this year. But on Monday he said that he could stay at the bank until December 2018, if an external candidate is appointed to take over.

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"The return of capital comes from the fact that the business is very accretive, very profitable ... the dividend is 51 cents for the foreseeable future", said HSBC Finance Director Iain Mackay on Monday.

HSBC described its overall performance as "excellent" after a turbulent two years, during which the bank stepped up its efforts to cut costs, by streamlining the business and slashing tens of thousands of jobs. New capital regulations have also depressed shareholder payouts as banks stockpile cash to swell their loss-absorbing buffers.

HSBC faces as much as $300 million in legal and relocation fees as it prepares to move 1,000 staff to Paris, in one of the first indications of the cost of Brexit to the UK's financial industry.

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"We expect a buyback of $2.5 billion to be announced for 2H17 - a lower figure would be seen as a disappointment we think", Deutsche Bank analysts wrote in a note. At the 2015 strategy day, Mr. Gulliver laid out an aim to get revenue growth in its worldwide network above GDP, and said he tracks the estimated figure every two weeks.

The London-based global bank, which earns most of its income in Asia, said it will carry out its latest share repurchase in the second half of the year, bringing the total amount since last year to $5.5 billion.

For the half-year through June, pre-tax profit rose to $10.2bn from $9.7bn in the same period a year earlier, a result that compared with the $9.5bn average estimate drawn from analysts polled by the bank. If it does, it will buy back shares, Gulliver said.

I'm not going anywhere: Rex Tillerson
Tillerson is "aware of the president's comments،" but didn't express an opinion on what he said، according to Nauert. Last Thursday، he met with the president، Defense Secretary James Mattis، Chairman of the Joint Chiefs of Staff Gen.



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