HSBC Holdings Plc’s earnings beat estimates in the fourth quarter as the lender kept costs in check and signaled bigger investments to drive its pivot to faster-growing Asian markets.
Weighed down by loan losses, adjusted pretax profit slid 50% to US$2.2 billion ($2.91 billion) in the period, compared with a US$1.80 billion estimate, the London-based bank said Tuesday. HSBC will resume paying a dividend of $0.15 after British regulators relaxed a ban intended to preserve capital last year after the virus outbreak.
HSBC rose 4.6% to HK$48.65 as of 1:02 p.m. in Hong Kong.
Chief Executive Officer Noel Quinn said in a statement that the bank had a “solid financial performance in the context of the pandemic – particularly in Asia,” which lays “firm foundations for our future growth.”