It is expected to report a pre-tax profit of 31.7 billion US dollars (£25.2 billion) for 2024, up from 30.3 billion dollars (£24.1 billion) in 2023.
The bank is reportedly preparing to reveal that annual cost savings totalled 1.5 billion US dollars (£1.2 billion) in 2024, after one-off costs, according to the Financial Times.
But the lender’s exposure to the UK’s motor finance market will also be in sharp focus for shareholders, after revealing last year it was setting aside about £450 million to cover potential costs related to a regulatory investigation.
HSBC is set to unveil bigger profits as investors prepare for an update on the bank’s cost-cutting overhaul, while earnings for Lloyds will be in focus amid a long-running motor finance probe.
Meanwhile, Lloyds Banking Group will also report on its yearly performance on Thursday, with the group expected to report lower earnings unlike its peers.
