From Morningstar: 2024-04-30 10:31:00

HSBC shares rose 4% as the bank announced a new buyback and dividend, consensus-beating results, and news of CEO Noel Quinn stepping down after nearly five years.

Pretax profit was $12.65 billion, slightly lower than the prior year but beating consensus. First-quarter net interest income fell 3.4%, but operating income increased 1.5%.

HSBC approved a $0.10 interim dividend per share, up from $0.09 last year. It will also pay a $0.21 special dividend and announced a $3 billion share buyback.

Noel Quinn will retire as CEO after 37 years with the company. HSBC is searching for a successor while maintaining its 2024 financial targets. Shares rose nearly 5% on Tuesday.



Read more at Morningstar: HSBC Shares Rise as CEO Announces Exit