(HSBC) HSBC’s net revenue for the half-year 2021 was $25.6 million, a reduction compared to $26.7 million reported in the same period last year.
The company reported diluted earnings per share of $ 0.36, an increase from $ 0.1 announced in the half-year to June 30, 2020.
HSBC reported a profit after tax was $8.4 billion in the half-year interim results, a jump from $3.1 billion reported in the same period last year.
The adjusted operating expense for the London-based financial institution was $16.2 billion in the half-year results, up from $15.7 billion reported in the same period of 2020.
The bank announced an interim $0.07 dividend per ordinary share and released $719 million in credit losses due to a better economic outlook.
HSBC group CEO Noel Quinn has attributed the jump in revenue to a positive economic outlook and the release of the expected credit losses allowances.
The bank is optimistic about its FY21 outlook and expects to restore a target dividend payout ratio in the range of 40% to 55% of earnings per ordinary share during the year.
HSBC: NYSE is up +1.25 on pre-market.
