TDS Desk:

Banking giant HSBC said Wednesday that pre-tax profits in the first half of 2024 came in at $21.6 billion, slightly lower than last year’s record performance.

“After delivering record profits in 2023, we had another strong profit performance in the first half of 2024, which is further evidence that our strategy is working,” said Noel Quinn, the group’s outgoing chief executive.

HSBC Holdings reported a slight decline of 0.4 per cent in first-half profit on Wednesday but still beat analyst estimates, as its businesses benefited from higher interest rates worldwide while robust growth in its wealth business boosted revenue.

Europe’s largest bank posted pre-tax profit of $21.6 billion for the first six months this year versus $21.7 billion a year earlier.

The result compared with the $20.5 billion average of broker estimates compiled by HSBC.

“We are confident that we have the right strategy and model to grow revenue, even in a lower interest rate environment,” Chief Executive Noel Quinn said in a press release.

The bank gave new guidance of a mid-teens return on average tangible equity – a performance target – in 2025. Previously it only aimed for mid-teens return for 2024.