HSBC reported a 78% jump in gross profit in 2023 to $30.3 billion, but missed analysts' average estimates of $34.06 billion due to high impairment costs.
Noel Quinn, head of the largest European bank by assets, announced a further share buyback of up to 2 billion, while underlining that the institution has carried out "a valuation adjustment of 3 billion dollars" of the stake in the Chinese Bank of Communications.
HSBC shares, also traded on the Hong Kong Stock Exchange, fell by 3.1% compared to the Hang Seng benchmark which rose by around 3%.
Reproduction reserved © Copyright ANSA