HSBC has pledged to restore its dividend to pre-coronavirus pandemic levels as soon as possible as Europe’s biggest bank pushes back against pressure from its largest shareholder Ping An to divide its Asian and western operations.
The UK-based lender reported profits before tax of $5bn in the second quarter of the year, beating analyst estimates of $3.9bn, but falling slightly short of the same period last year, when profits were $5.1bn.
HSBC’s profits for the first half of the year fell 15 per cent to $9.2bn as the bank took a net charge of $1.1bn for expected credit losses and credit impairments as a result of heightened economic uncertainty and inflation. The charges more than offset the positive impact of rising interest rates on its balance sheet.