Trending: HSBC Books Impairment on Chinese Bank Investment
1222 GMT - HSBC is among the most mentioned companies across news items over the past seven hours, according to Factiva data, after the bank reported a swing to a loss over the fourth quarter of last year following booking billions of dollars in impairments related to its investment in a Chinese bank. The Asia-focused lender reported a net loss of $153 million in the quarter from a profit of $4.38 billion for the comparable period a year earlier. It booked a $3.0 billion charge on the revaluation of its stake in Shanghai-based Bank of Communications, an investment that dates back to 2004. For the year as a whole however, net profit rose 56% to $22.43 billion, prompting the bank to initiate a new $2.0 billion share-buyback program and increase its dividend payout to its highest level since 2008. Shares in London are currently down 7.4% at 596.0 pence and 8% lower over the past 12 months. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com.)
(END) Dow Jones Newswires
February 21, 2024 07:37 ET (12:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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