HSBC promises higher dividends to appease Hong Kong shareholders

HSBC has sought to defuse shareholder pressure to break up by lifting its profits forecast and promising to boost its shareholder payouts.

The Asia-focused lender said in its half-year results that it planned to restart quarterly dividends next year and that it would return payouts to pre-Covid levels as quickly as possible.

Noel Quinn, chief executive, added that the FTSE 100 group was now “confident” of generating a return on tangible equity, which is a key measure of profitability, of at least 12 per cent from next year. The bank had previously been aiming for at least 10 per cent.

It came as HSBC revealed better than expected first-half pre-tax profits of $9.2 billion. Although this was down from $10.8 billion a year earlier, City

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