HSBC (0005) is projected to have more than doubled its pre-tax profit in the first quarter of this year from 12 months ago. The bank is also expected to announce the resumption of a quarterly dividend of between 8 to 10 US cents (62.4 to 78 HK cents) today. HSBC said last month that the planned disposal could be delayed or fail as interest rate hikes increase the buyer's capital requirements. Net interest income is forecast to rise to around US$9 billion while the net interest margin is expected to reach 1.66 percent by investment banks. A US$2 billion share repurchase may be carried out this year, said Goldman Sachs, who maintained a buy rating for HSBC with a target price of HK$75.

Source: The Standard May 02, 2023 03:07 UTC