HSBC, Standard Chartered may post bumper 2024 profits this week, helped by wealth demand

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HSBC, Standard Chartered may post bumper 2024 profits this week, helped by wealth demand - SCMP

Quick Summary:

Both lenders may announce a new round of share buy-backs, with HSBC at US$2 billion and Standard Chartered at US$1 billion, matching last year, analysts said.

Both banks are expected to buy back their shares from the market, maintaining last year’s budget when HSBC spent US$2 billion, while Standard Chartered poured US$1 billion into buy-backs, analysts said.

This is the first set of full-year results with Georges Elhedery at the helm as HSBC’s CEO.