HSBC Outperforms in Q1 Amid CEO Departure, Announces Buyback & Special Dividend
May 1, 2024HSBC Holdings reported strong first quarterly earnings for 2024, surpassing analyst revenue expectations with $20.8 billion.
The company announced dividends totalling $0.31 per ADR following the sale of Canadian assets.
A new $3 billion stock repurchase program was unveiled by HSBC.
HSBC's U.S.-listed ADRs saw a 3.3% increase after the earnings report, despite a decrease in net income from the previous year.
The bank is continuing its strategic focus on Asia, having sold operations in Argentina and Canada.
HSBC is in the process of selecting a new CEO, with CFO Georges Elhedery as a potential successor.
The Motley Fool Stock Advisor did not list HSBC among the top 10 recommended stocks for investors.
Summary based on 13 sources
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Sources
The Guardian • Apr 30, 2024
HSBC chief Noel Quinn to step down after ‘intense’ five yearsThe Telegraph • Apr 30, 2024
HSBC boss to step down unexpectedly - latest updatesQuartz • Apr 30, 2024
'An intense 5 years': HSBC chief Noel Quinn on his surprise retirementQuartz • Apr 30, 2024
HSBC's chief executive Noel Quinn is retiring in a surprise departure