HSBC Upgrades Petrobras Stock on Valuation Opportunity, Standard Chartered Announces Share Buyback
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HSBC Holdings reported a fourth-quarter loss of $153 million, a significant downturn from the $4.38 billion profit recorded a year earlier. This loss was primarily due to a $3.0 billion impairment related to its investment in the Bank of Communications. The quarterly pretax profit also declined to $977 million from the previous year's $5.05 billion, missing the consensus estimate of $4.55 billion. Additionally, net interest income decreased to $8.28 billion from $8.99 billion, falling short of the expected $9.03 billion. Despite the financial setback, HSBC announced a new $2.0 billion share buyback program, aiming to complete it by the announcement of its first-quarter 2024 results.
Standard Chartered PLC reported a pre-tax profit of $5.09 billion for 2023, an 18% increase from the previ...
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