"We are ... instigating a further US$1 billion buy-back programme reflecting the strength and flexibility of our balance sheet," said Gulliver. HSBC, Hong Kong's largest lender, posted annual pre-tax profits for 2016 of US$7.11 billion down 62.3 per cent compared with 2015. In better news for shareholders, HSBC announced a further share buy-back of US$1 billion, but this was not enough to mollify investors. He said the bank would likely top up the size of its share buyback in the second half after capital had been repatriated from the US. HSBC announced its results during the Hong Kong stock exchange's midday lunch break.
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The bank said that world events have influenced investment activity (Picture: Reuters)HSBC has announced that profits have slumped by 82% after a year of 'unexpected economic and political events'. 'The uncertainties created by such changes temporarily influenced investment activity and contributed to volatile financial market conditions. Douglas Flint, the group's chairman, said: '2016 will be long remembered for its significant and largely unexpected economic and political events. The London-based bank, which is Europe's largest, said on Tuesday that net profit for 2016 slipped to £2 billion from £10.8 billion the year before. 'These foreshadowed changes to the established geopolitical and economic relationships that have defined interactions within developed economies and between them and the rest of the world.
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The bank said that world events have influenced investment activity (Picture: Reuters)HSBC has announced that profits have slumped by 82% after a year of 'unexpected economic and political events'. 'The uncertainties created by such changes temporarily influenced investment activity and contributed to volatile financial market conditions. Douglas Flint, the group's chairman, said: '2016 will be long remembered for its significant and largely unexpected economic and political events. The London-based bank, which is Europe's largest, said on Tuesday that net profit for 2016 slipped to £2 billion from £10.8 billion the year before. 'These foreshadowed changes to the established geopolitical and economic relationships that have defined interactions within developed economies and between them and the rest of the world.
read more visit us profit
collected by :Jack Luxor
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