HSBC set to launch $1bn buyback despite revenue miss

HSBC has unveiled plans for a bumper buyback despite its third-quarter revenue missing market expectations, after net interest income and its wealth division lagged behind expectations. The FTSE 100 bank said it would return $1bn to shareholders through a buyback programme after it scored a $9.63bn profit for the quarter. This was broadly in line with the consensus expectations of $9.69bn. But revenue missed the mark after HSBC reported $18.6bn for the period, below the forecast of $18.9bn. The over $300m miss followed underperformance in net interest income, which delivered about $11.6bn, some $247m below expectations. Revenue in the bank s wealth division was also softer than expected at $2.7bn, compared to a $2.8bn consensus. The firm also revealed an interim dividend of $0.1 per ordinary share, which equates to around $1.7bn being dished out to investors. Along with the buyback, this could bring returns for the quarter to around $2.7bn. “Our performance shows that i