London/Hong Kong: HSBC Holdings Plc’s fourth-quarter profit missed estimates amid lower revenue, as the lender extended a stock buyback that has driven its London shares to a three-year high. Adjusted pretax profit, which excludes one-time items, jumped 39% to $2.62 billion, Europe’s largest bank said in a statement on Tuesday. Chief executive officer Stuart Gulliver said the lender will spend $1 billion buying back its stock, adding to $2.5 billion of repurchases it made last year. Adjusted revenue in the fourth quarter fell 3% to $11 billion, less than the $12.4 billion analysts expected. Gulliver, 57, along with chairman Douglas Flint, 61, are the longest-serving duo heading a major European bank.

Source: Mint February 21, 2017 06:30 UTC