- Guirassy and Anton to return to Stuttgart with new side Dortmund
- Marseille bidding to continue 'almost perfect' Ligue 1 start
- Arnold quits as coach of Australia men's football team
- Harris and Oprah hold star-studded US election rally
- Allies to remember failed WWII parachute operation
- Perez leading new-look Villarreal charge against leaders Barca
- Man City face Arsenal in Premier League title showdown, Postecoglou under pressure
- Fake celebrity endorsements, snubs plague US presidential race
- Documentary brings Argentine 'death flights' to the big screen
- Strike shows challenge to Boeing 'reset' of labor relations
- World leaders to gather at UN as crises grow and conflicts rage
- How plastic pollution poses challenge for Canada marine conservation
- Scientists track plastic waste in pristine Canada marine park
- South Africa's Buhai grabs LPGA Queen City lead
- Japan inflation firms to 2.8% ahead of BoJ rate decision
- Russia's Kadyrov accuses Musk of 'remotely disabling' his Cybertruck
- Titan sub had to abort a dive days before fatal implosion: testimony
- Ohtani makes MLB history with first 50-homer, 50-steal season
- Ohtani eyes MLB history after surpassing 50 stolen bases, 49 homers
- Ohtani eyes MLB history after surpassing 50 stolen bases
- Barca downed by Monaco as Arsenal held in Champions League stalemate
- Head's 'good night at office' after century seals win over England
- Dubois seeks legitimacy with Joshua scalp
- Rate cut could lift consumer spirits before US elections
- Last-gasp Gimenez strike sends Atletico past Leipzig
- Barca stumble at Monaco after early red card
- Raya heroics save Arsenal in Champions League opener at Atalanta
- Cathay Airbus engine fire linked to cleaning: EU regulator
- Guardians beat Twins to secure MLB playoff berth
- Jihadist attack in Mali capital killed more than 70: security sources
- Alonso hails 'efficient' Leverkusen after Feyenoord rout
- Head's hundred seals Australia win over England in 1st ODI
- Ex-Man United striker Anthony Martial joins AEK Athens
- NFL unbeatens meet as Texans visit Vikings, Steelers host Chargers
- Head's hundred seals Australia win over England in 1st ODI after Labuschagne strikes
- Dream debut for Wirtz as Leverkusen thump dire Feyenoord
- Myanmar flood death toll climbs to 293: state media
- Israel army says West Bank air strike kills 4 militants
- LIV golfers get green light for US Ryder Cup team, PGA Championship
- US accuses social media giants of 'vast surveillance'
- Ten Hag to bed Hojlund, Mount in carefully when they return for Man Utd
- Breaking bad as McIlroy endures 'weird' day
- EU chief announces $11 bn for nations hit by 'heartbreaking' floods
- Spanish PM, Palestinian leader urge Mideast de-escalation
- New study reinforces theory Covid emerged at Chinese market
- World Bank boosts climate financing by 10 percent
- Bagnaia eyeing summit on home ground in 100th MotoGP
- 'Something was wrong', defendant in French mass rape tells court
- Hezbollah chief admits 'unprecedented' blow in device blasts
- Sales of US existing homes slip slightly in August
HSBC announces $1 bn share buyback as annual profits double
HSBC on Tuesday announced bumper 2021 profits and plans to repurchase shares worth up to $1.0 billion as the Asia-focused bank continues its recovery from the coronavirus pandemic and major restructuring.
The lender endured a tumultuous 2020 like the rest of the banking sector as the virus outbreak rocked the economy just as it embarked on a restructuring programme to slash 35,000 jobs to refocus on its most profitable areas in Asia and the Middle East.
Pre-tax profit soared 115 percent to $18.9 billion in 2021 from the prior year, helped by lower bad loans and operating expenses.
Net profit more than tripled to $12.6 billion, up from $3.9 bilion last time around.
- 'Good momentum' -
"We have good momentum coming into 2022 and are confident that we can continue to execute against our strategy," Chief Executive Officer Noel Quinn said in the statement.
"We also remain cognisant of the potential impact that further Covid-19- related uncertainty and continued inflation might have on us and our clients."
In a boon for investors, the bank announced plans for a $1.0 billion share buyback, adding to a $2.0 billion buyback announced last year.
HSBC also ramped up its staff bonus pool by almost a third to $3.5 billion, citing the "strong" financial performance and the "extraordinarily competitive" labour market.
HSBC made 65 percent of its profit in Asia last year, down from as high as 90 percent previously, as the group was partly hit by a slowdown in China's recovery.
Early last year it published a new strategy laying out plans to redouble its attempt to seize more of Asia's market.
HSBC is also hopeful of a significant boost to income thanks to the prospect of higher interest rates to fight surging global inflation.
However its reliance on China could also be a vulnerability. Both the mainland and Hong Kong are among the last few remaining places rigidly sticking to a zero-Covid strategy.
That strategy has crumbled in Hong Kong this year during a wave of infections forcing the reimposition of economically painful restrictions and a deepening of the financial hub's international isolation.
Quinn, however, played down the impact.
"We do not believe the current Covid situation in Hong Kong threatens the long-term growth in Hong Kong," he told reporters on a conference call.
After strong growth for much of last year, China's recovery also slowed in the last quarter.
- 'Closely watching' Russia -
Tuesday's results were published against the backdrop of spiking geopolitical tensions, as Russia prepared to send troops into two breakaway regions of Ukraine.
Western nations are readying economic sanctions against Moscow in the event of such a move.
Asked about fallout, Quinn told reporters that HSBC had "very modest" exposure with 250 staff in Moscow serving international clients.
"We'll watch closely for the next few weeks," he added.
"Any military action would be a concern... in terms of collateral damage on market confidence."
HSBC added Tuesday that its reported profit after tax jumped $8.6 billion to $14.7 billion last year.
Fourth quarter profit before tax rose $1.3 billion to $2.7 billion.
C.Kovalenko--BTB