HSBC shares pop as bank beats profit estimates and launches $3bn share buyback
HSBC has unveiled its latest multibillion-pound share buyback after beating profit estimates in the third quarter as the Asia-focused bank gears up for a major restructuring.
The announcement drove HSBC’s share price 4.7 per cent higher in London and up 3.7 per cent in Hong Kong during earlier trading – with both at their highest level in around six years.
The London-based lender reported a pretax profit of $8.5bn (£6.6bn) between July and September, up from $7.7bn (£5.9bn) a year earlier. Analysts had expected a profit of $7.6bn (£5.9bn).
HSBC announced a $3bn (£2.3bn) share buyback and dividend of 10 cents (7.7p) per share to reward investors, bringing its total shareholder distributions to $18.4bn (£14.2bn) this year alone.
BP beats estimates despite lower oil prices
FTSE 100 oil giant BP has reported strong-than-expected earnings for the third quarter.
On Tuesday, it posted an underlying replacement cost profit, used as a proxy for net profit, of $2.3bn (£1.8bn) for the three months to 30 September.
The figure beat analyst expectations of $2.1bn (£1.6bn), according to an LSEG-compiled consensus.
However, the figure was worse than the $2.8bn (£2.2bn) profit reported for the second quarter of 2024 and far below the $3.3bn (£2.5bn) reported for the third quarter of 2023.
Yougov shares jump after revenue and profit growth revealed
Yougov shares jumped 13 per cent on Tuesday as the data firm reported revenue and operating profit narrowly ahead of full-year expectations.
In unaudited results for the year to 31 July, 2024, Yougov posted a three per cent organic revenue increase, with reported revenue up 30 per cent to £258.3m, driven by its recent CPS acquisition.
This outpaced guidance offered in August, owing to higher-than-expected research activity in July.
Adjusted operating profit inched up from £49.1m in 2023 to £49.6m, with trading this year tracking last year’s levels and reflecting slower sales bookings in the second half.