October newsletter

We’re returning more capital to shareholders

An interim dividend of US$0.10 per share was approved this week as part of our 3Q results announcement.

The dividend is payable on 19 December and we also announced that we intend to initiate a further share buyback of up to US$3bn.

Our results, announced on Tuesday, show that for the quarter that ended on 30 September 2024, profit before tax was US$8.5bn (3Q23: US$7.7bn) and revenue was US$17.0bn (3Q23: US$16.2bn).

“We delivered another good quarter, which shows that our strategy is working,” said Georges Elhedery, our Group Chief Executive.

“Our strong organic capital generation enables us to announce a further US$4.8bn of distributions in respect of the third quarter, which bring the total distributions announced so far in 2024 to US$18.4bn.”

Find out more about our performance in our 3Q 2024 Quick Read.

We’re simplifying to accelerate our strategy

We’re simplifying our Group organisational structure into four businesses to accelerate delivery against our strategic priorities.

The changes are designed to make it easier for our colleagues to serve our customers and drive the future success of the Group.

Our strategic priorities remain unchanged, but the new structure will result in a simpler, more dynamic and agile organisation as we focus on executing against them, said Group Chief Executive Georges Elhedery.

From 1 January 2025, we will operate through four businesses with clear lines of responsibility:

1. Hong Kong
2. UK
3. Corporate and Institutional Banking
4. International Wealth and Premier Banking

The changes will reduce the duplication of processes and decision making that are built into the current structure and will result in greater alignment and agility in serving our customers. The Group’s functions will be realigned to support the four new businesses.

Georges said: “I am excited about the opportunities ahead of us and firmly believe that this structure sets us up to deliver the next phase of growth.

“Our home markets of the UK and Hong Kong, together with our corporate and institutional banking, as well as our wealth and Premier banking businesses, are the core strengths of HSBC.

“By making these changes, we can better focus on increasing leadership and market share in those businesses, which have clear competitive advantage and the greatest opportunities to grow.

“This is how we will fast forward our plans to execute our strategy, unleash the full potential of the bank and ensure our talented colleagues can thrive, and deliver best-in-class products and service excellence for our customers.

“When our customers succeed, so do we.”

Read our stock exchange announcement

The eyes of the fintech world turn to Hong Kong

We’re the strategic partner of Hong Kong FinTech Week 2024 – one of the largest fintech events in Asia.

Taking place this week, the event(opens in new window)(opens in new window) (opens in new window)(opens in new window) (opens in new window), which is supported by the Hong Kong government, brings together fintech innovators, tech giants, financiers and policymakers to explore the future development of fintech.

More than 30,000 attendees from over 100 economies around the world are expected to attend.

Luanne Lim, our CEO in Hong Kong, said: “Hong Kong is recognised for its strategic location, progressive policies, and deep and diverse funding pool, making it a ‘super connector’ and ‘super value-adder’ for fintech.

“This annual event provides a platform to share insights on the latest fintech developments and foster connections within the ecosystem.”

More than 20 of our executives will be speaking at the event, including Luanne, Bojan Obradović, our Chief Digital Officer in Hong Kong, and Ian Glasner, Group Head of Emerging Technology, Innovation and Ventures.

Our execs will delve into a range of topics, including advancements in AI, tokenisation, digital assets, the potential of open banking, and payments.

We’re also supporting the event’s Community Space, a dedicated area where speakers will focus on the impact of technology in the community and on our daily lives.

Topics will include future banking, digital accessibility, our partnership with Hong Kong Science and Technology Parks Corporation, and more.

HSBC signs screen legend

We’re already home to two bronze lions – so we’re delighted to welcome a Golden Lion onto our team.

Actor Tony Leung, whose movie career has been running for 40+ years, is the ambassador for our new wealth campaign in Hong Kong: ‘Wealth. Growing at every stage’.

Tony has evolved from a local TV star in the 1980s to a global film star – and last year, at the 80th Venice Film Festival, became the first Chinese actor to receive the Golden Lion Lifetime Achievement Award.

Taking inspiration from Tony’s story, we want to empower our customers to think big, think internationally and grow their wealth at every stage of their lives.

With more than five million personal banking customers in Hong Kong, we’re well positioned to support clients on their investment journeys across the wealth continuum.

In recent years, our Global Private Banking unit has seen significant growth of its client base in Hong Kong by successfully transitioning clients from retail banking to private banking.

“Our full continuum banking solutions allow us to serve all range of customers and our global footprint, strong balance sheet, and exceptional wealth solutions are particularly appealing to our affluent to ultra-high-net-worth customers,” said Maggie Ng, our General Manager of Wealth and Personal Banking in Hong Kong.