The profit before tax marginally missed LSEG estimates, but it was higher than the $31.67 billion consensus estimate compiled by HSBC. The bank said it will repurchase up to $2 billion in shares, with the buyback expected to be completed by the end of their first quarter of 2025.

The London-based bank said it plans a new share buyback and cost cuts as its chief executive concentrates on streamlining the lender’s businesses and reducing costs.

HSBC reported a 6.6% rise in annual profit on Wednesday, beating market expectations, as income withstood the impact of falling interest rates during a year in which sweeping restructuring pushed up costs.