HSBC PROFIT JUMPS 78 PCT DUE TO RECORD HIGH GAIN ON INTEREST RATES
LONDON, Feb 21 (Bernama-PA Media/dpa) -- HSBC has reported a 78 per cent jump in full-year pre-tax profit, resulting in a record-high gain on high interest rates, reported PA Media/dpa.
It did, however, miss forecasts due to a three billion dollar impairment from its stake in a Chinese bank, the Bank of Communications.
The London-headquartered bank, with a market value of US$160 billion, reported a total pre-tax profit of US$30.3 billion for 2023.
The year prior, the bank reported US$17.5 billion for 2022.
HSBC Group chief executive Noel Quinn said: "Our record profit performance in 2023 enabled us to reward our shareholders with our highest full-year dividend since 2008, three share buy-backs last year totalling seven billion, and a further share buy-back of up to two billion dollars.
"This reflected four years of hard work and the strength of our balance sheet in a higher interest rate environment.
Quinn added: "We have a strong platform for growth with the opportunities that exist within our two home markets and across our international wholesale, market-leading transaction banking, and wealth management businesses.
"We are focused on capturing these growth opportunities, improving our earnings sustainability, and targeting mid-teens returns in 2024."
-- BERNAMA-PA MEDIA/dpa
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