HSBC's profit fell by less than expected in the first-quarter but Europe's biggest bank warned that more share buybacks were unlikely this year as rising inflation and economic weakness had dented its prospects.
More confident of double-digit return on key target - CFOMore buybacks unlikely given worsening economic outlookprofit fell by less than expected in the first-quarter but Europe's biggest bank warned that more share buybacks were unlikely this year as rising inflation and economic weakness had dented its prospects.
HSBC, which has market value of $130 billion, posted a pretax profit of $4.17 billion for the first quarter ending on March 31, down from $5.78 billion a year earlier. In February, HSBC brought forward its key profitability target by a year and more than doubled its annual profit as expected bad loans from the pandemic failed to materialise.
HSBC's Hong Kong-listed shares fell following the results statement and were down 3.6% at 0620 GMT, their lowest since March 16.
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