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Wednesday, April 24, 2024

HSBC: 'Record Profits' for 2023 – Up 80%

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HSBC posted pre-tax profit of $30.3 billion, up from $17.1 billion a year earlier

HSBC: «ΚΕρδη ρεκορ» για τ ο 2023 - Αυξημeνα κατa 80%

“Record profits” for 2023 have been achieved by HSBC, as pre-tax profits jumped almost 80%, with the banking giant also announcing further share buybacks.

HSBC posted a pre-tax profit of $30.3 billion, up from $17.1 billion a year earlier, the bank said in a Hong Kong stock filing. Profit after tax rose $8.3 billion to $24.6 billion.

Asia-focused HSBC and other banks have seen their earnings boosted by rising interest rates over the past year, but are bracing for greater economic uncertainty in 2024.

The bank has generated most of its revenue in Asia for several years, promising to grow its wealth business and target fast-growing markets.

Despite strong earnings, HSBC cites the impact of China's slower-than-expected economic recovery following the Covid-19 pandemic, as well as heightened geopolitical tensions.

“The record performance of our earnings in 2023 has enabled us to reward our shareholders with our highest dividend since 2008,” said chief executive Noel Quinn.

The bank also announced Wednesday that it will begin buying back up to $2 billion of its own shares, following three announcements last year of a total of $7 billion in share buybacks.

“This reflects four years of hard work and the strength of our balance sheet in a higher interest rate environment,” Mr Quinn added.

HSBC says earnings included ” a favorable year-over-year” effect of $2.5 billion due to the sale of its retail banking business in France, as well as a temporary gain of $1.6 billion recognized on the acquisition of Silicon Valley Bank UK.< /p>

Revenue rose 30% to $66.1 billion, HSBC said, citing “increases across our global operations due to the higher interest rate environment”.

HSBC also announced expected credit losses of $3.4 billion in 2023, which included charges “mainly related to commercial property exposures in mainland China”.

Source: www.kathimerini.com.cy

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