HSBC (0005) reported a 6.6 percent 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.

The London-based bank reported profit before tax for 2024 of US$32.3 billion (HK$251.94 billioin). That compared with US$30.3 billion a year earlier and the US$31.7 billion average of analyst estimates compiled by the bank.

The Asia-focused bank also announced a new US$2 billion share buyback which it plans to complete before next earnings in May.

The bank said it aimed to generate about US$300 million of cost reductions in 2025, with a commitment to an annualised reduction of US$1.5 billion in cost base expected by the end of 2026.