Published 5 months ago

HSBC achieves record profits but sweats on China woes

HSBC reported a 78% increase in pre-tax profit in 2023, reaching $30.3 billion, but faced a $3 billion write-off due to their stake in China's Bank of Communications.
An increase in net interest margin to 1.66% was attributed to higher interest rates, leading to a $30 billion profit, short of analysts' $34 billion forecast.
Concerns about the Chinese economy led to a 3% drop in HSBC shares, valued at £122 billion, following the record-high annual profit announcement.

Insights by Ground AI

Does this summary seem wrong?

0 Articles

All

Left

Center

Right

BBC News

HSBC: Bank's pre-tax profits soar fuelled by high interest rates

Europe's biggest bank, HSBC, has reported a jump of almost 80% in its annual profits in 2023.

5 months ago·United Kingdom

Read Full Article

Hindustan Times

HSBC reports 'record profit' of $30.3 billion in 2023

The Asia-focused lender and its peers have been buoyed by rising interest rates for more than a year.

5 months ago·New Delhi, India

Read Full Article

South China Morning Post

HSBC 2023 profit jumps 56% as it unveils US$2-billion new share buy-back plan

HSBC, the biggest of Hong Kong’s three currency-issuing banks, missed annual profit estimates while increasing its dividend payout.

5 months ago·Hong Kong

Read Full Article

Channel News Asia

HSBC posts record high profit, misses estimate as China write-off bites

HONG KONG/LONDON :HSBC Holdings reported a record annual profit, that nonetheless came in below analysts' forecasts as the income boost from higher interests rates was offset by a hefty $3 billion charge from its stake in a Chinese bank. HSBC, which has market value of $160 billion, reported on Wednesday a pr

5 months ago·Singapore

Read Full Article

CNBC

HSBC pre-tax annual profit jumps 78%, misses market estimates

5 months ago·United States

Read Full Article

RTÉ

HSBC's $3bn China writedown mars record annual profit

HSBC Holdings has reported a record annual profit, that nonetheless came in below analysts' forecasts as the income boost from higher interest rates was offset by a hefty $3 billion charge from its stake in a Chinese bank.

5 months ago·Ireland

Read Full Article

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year