Financial PerformanceHSBC reported 4Q24 underlying PBT of $7.3bn, which was c.9% (or c.$600m) above consensus, driven by higher income (+4%) – with beats spread across Banking NII (3% ahead) and fee and other income (5% ahead).
Revenue GrowthThere is upside potential to revenue from cost redeployment, which could drive 2027e ROTE to >17%.
Shareholder ReturnsThe company announced a new $2bn share buyback, in-line, with the dividend at $0.36.