Europe’s biggest bank, HSBC, has posted an almost 80% jump in its pre-tax profit which rose to $30.3bn (£24bn) in 2023, fuelled by high interest rates.
It comes after central banks around the world raised interest rates in last 18 months to help curb rising prices.
Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.
Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.
Its bottom line was also affected by a hefty $3bn charge from its stake in China’s Bank of Communications.
The bank makes most of its profits in Asia, especially in China and Hong Kong.
HSBC’s pre-tax profit for 2022 was $17.1bn and analysts were expecting it to jump to $34.1bn last year.
But its chief executive, Noel Quinn, said in a statement: “Our record profit performance in 2023 enabled us to reward our shareholders with our highest full-year dividend since 2008.”
The London-based lender rewarded investors with a new $2bn share buyback.
Europe’s biggest bank, HSBC, has posted an almost 80% jump in its pre-tax profit which rose to $30.3bn (£24bn) in 2023, fuelled by high interest rates.
Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.
It comes after central banks around the world raised interest rates in last 18 months to help curb rising prices.
Its bottom line was also affected by a hefty $3bn charge from its stake in China’s Bank of Communications.
Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.
Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.
Its bottom line was also affected by a hefty $3bn charge from its stake in China’s Bank of Communications.
The bank makes most of its profits in Asia, especially in China and Hong Kong.
HSBC’s pre-tax profit for 2022 was $17.1bn and analysts were expecting it to jump to $34.1bn last year.
But its chief executive, Noel Quinn, said in a statement: “Our record profit performance in 2023 enabled us to reward our shareholders with our highest full-year dividend since 2008.”
The London-based lender rewarded investors with a new $2bn share buyback.
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