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Published 2 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.
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