Slimmer interest margins and losses related to its diluted stake in Bank of Communications contribute to weaker second-quarter results
HSBC, the largest banking group in Europe and Hong Kong by assets, maintained the size of its stock buy-back programme after reporting a 29 per cent drop in profit last quarter because of bigger-than-expected impairments to its interest in mainland Chinese lender Bank of Communications (BoCom).
The UK lender, whose Asian base is in Hong Kong, will set aside US$3 billion to repurchase its own shares for the next three months, matching the spending in the same period a year ago, according to its stock exchange filing on Wednesday. It will pay a dividend of 10 US cents per share, the same as in the preceding quarter.
HSBC on July 25 completed its US$3 billion stock buy-back started from May. It spent US$2 billion on stock buy-backs from February to April this year.
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