HSBC boosts bonus pool and dividend as profits more than quadrupleBank helped by economic recovery from Covid-19 crisis in big markets including the UK HSBC said it had put aside $900m (£650m) to compensate its star bankers in the first half of the year. Photograph: Pawel Libera/Getty Images/VisitBritain RM
HSBC records a decline in revenues and higher expenses in the second quarter of 2021. However, net reserve releases support results.
HSBC Holdings beat forecasts on Monday with first-half pretax profit that more than doubled from last year when it set aside $7 billion to cover pandemic-related bad loans. Encouraged by an economic rebound in its two biggest markets of Hong Kong and Britain, HSBC reinstated dividend payments, flagged higher payouts in the future, and released $700 million that had been set aside as provisions. It also said share buybacks were under review as an option after ruling them out earlier this year.