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.

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.

Europe’s largest lender HSBC on Wednesday reported annual pre-tax profit of $32.31 billion, marginally missing analysts’ estimates.  For the full year, HSBC reported revenue of $65.85 billion, down from $66.