February 22, 2023: On Tuesday, HSBC said that the fourth-quarter revenues for 2022 beat analyst anticipations.
The bank stated that the profit before tax for the three months finished in December was $5.2 billion, a 108% increase from $2.5 billion a year ago and over the $4.97 billion expected in estimates compiled by the bank. HSBC said its fourth-quarter outcome reflects solid revenue growth and lower reported working expenses.
For the full year, reported earnings were $51.73 billion, up from $49.55 billion in 2021. The bank’s stated that profit before tax for 2022 decreased to $17.53 billion from $18.91 billion a year ago. It stated that the 2022 pre-tax profit included a $2.4 billion impairment because of the planned sale of its retail bank operations in France.
HSBC, Europe’s significant bank by assets, stated that the higher international interest rates support the firm’s confidence in its target of at least a 12% comeback average tangible equity in 2023.
“We completed the initial phase of our transformation, and our international connectivity is currently underpinned by good, broad-based profit generation all over the world,” Noel Quinn, group chief executive, said.
“We are on track to deliver higher comebacks in 2023 and have been building a platform for even more value creation,” he said.
Banks globally have seen substantial net interest income as central banks raised rates to tame inflation. HSBC expects a net interest income of nearly $36 billion in 2023.
Hong Kong-listed shares of HSBC were essentially 1% lower before the release but were almost 2% lower in the afternoon.
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