HSBC reported profit growth.

HSBC Reported has announced a noteworthy profit surge, revealing today that their pre-tax earnings soared by nearly 80% in 2023. Concurrently, the multinational financial giant disclosed plans for additional share repurchases. Nonetheless, the bank expressed apprehension about uncertainties looming in 2024.

In a statement issued on Wednesday via the Hong Kong Stock Exchange, HSBC unveiled a pre-tax profit of $3.3 billion for 2023, marking a substantial increase from $1.71 billion the preceding year. AFP attributed HSBC’s remarkable profit surge to an upsurge in interest rates.

The bank’s pre-tax profits escalated by $830 million, reaching $2.46 billion.

While HSBC predominantly conducts business in the Asian region, its headquarters remain in London. CEO Noel Quinn remarked, “With our record-breaking profits in 2023, we have distributed the highest dividends for an entire year since 2008.”

HSBC reported today :

HSBC also disclosed its intentions to repurchase $200 million worth of its shares. Last year, the bank executed share buybacks three times, amounting to $7 billion. Reuters noted that this move is anticipated to gratify investors with “rewards.”

HSBC’s profits originate from various channels, including $2.5 billion from the divestment of their French banking operations and $1.6 billion derived from the temporary acquisition of Silicon Valley Bank’s UK operations. However, HSBC’s profits experienced a slight downturn due to losses incurred in China’s banking sector, where the bank holds investments.

Reporting a 30% upswing, HSBC stated that its income reached $61 billion in 2023. The bank attributed this surge to “high-interest rates everywhere,” which bolstered its international operations.