HSBC Unveils US$1 Billion Buyback as Q3 Profit of Rp155 Trillion Meets Market Expectations
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- HSBC membukukan laba sebelum pajak US$9,6 miliar pada kuartal III, naik 32% secara tahunan, sejalan dengan konsensus analis.
- Bank terbesar Eropa itu mengumumkan buyback saham hingga US$1 miliar dan mempertahankan target profitabilitas 17% hingga 2028.
- Rencana efisiensi lewat adopsi AI di bisnis wealth management Inggris berpotensi memangkas biaya, tetapi memunculkan risiko sosial.
HSBC Holdings plc closed the third quarter with pre-tax profit of US$9.63 billion, up 32% from the same period last year, and announced a share buyback program of up to US$1 billion. The figure nearly matched the analyst consensus estimate of US$9.69 billion, signaling that the earnings engine of Europe's largest bank is still running amid global interest rate pressure.
Quarterly revenue rose to US$18.6 billion from US$17.8 billion a year earlier, though slightly below the US$18.93 billion projection. The increase was supported by net interest income, which grew 6% to US$9.3 billion, plus fee contributions from the corporate and institutional banking division and wealth management services. Deposit growth and a strategy of reinvesting the hedging portfolio at higher yields were key.
On the cost side, operating expenses fell 12% year-on-year to US$8.8 billion. The decline was mainly due to the non-recurrence of a US$1.4 billion legal provision that weighed on the same period last year. However, excluding exceptional items, costs actually rose due to inflation and higher technology spending—an irony at a time when the bank is aggressively squeezing its cost structure.
HSBC management maintained its projection of net interest income of at least US$46 billion in 2026. They also reiterated a target return on average tangible equity—a profitability indicator—of 17% or more for 2026–2028, excluding exceptional items. The bank targets annual revenue growth through 2028, with a rate of 5% in 2028 versus 2027, on a constant currency basis.
On the other hand, HSBC is reported to be considering significant job cuts at its UK wealth management unit as part of a broader strategy to adopt artificial intelligence (AI). The move aligns with a global banking industry trend of racing to automate processes to cut costs, though it risks triggering social and political turmoil in its home country.
"This quarter's performance reflects cost discipline and the strength of net interest income, but the market will be watching the execution of the AI-based efficiency plan that could reshape the UK banking workforce landscape," said a banking analyst monitoring HSBC, as quoted from an industry report.
For Indonesia, HSBC's move is not merely a corporate event on another continent. As one of the global banks with exposure in Asia, including corporate banking and treasury services in Jakarta, HSBC's buyback and efficiency policies could influence foreign capital flows and the expansion strategies of international banks in the domestic market. Domestic institutional investors holding global financial sector debt or shares should watch this profitability signal as a barometer of cross-border liquidity health.
Looking ahead, the big question is how aggressively HSBC converts cost savings into shareholder value without sacrificing growth capacity in Asia. If the 17% target is achieved, the bank could become a benchmark for Indonesia's large banks in terms of efficiency and governance. However, if technology costs swell faster than expected, the buyback could boomerang and erode working capital for credit expansion.
