India, July 30 -- British lending major HSBC Holdings Plc (HSBA.L,HSBC) reported Wednesday lower profit in its second quarter, with weak revenues, and maintained fiscal 2025 outlook. Further, the company said it intends to initiate a share buy-back of up to $3 billion, which is expected to be completed by its third quarter 2025 results announcement.
In the second quarter, profit before tax decreased 29 percent year-over-year to $6.3 billion, primarily due to the recognition of dilution and impairment losses of $2.1 billion in BoCom.
Profit after tax was $4.9 billion, down 29 percent from last year. On a constant currency basis, profit before tax decreased 30 percent.
Revenue for the quarter fell by $0.1 billion from the prior year to $16...