HSBC Q4, full year 2022 earnings reports

  • HSBC’s pre-tax profit for the three months ended December was $5.2 billion.
  • Analyst estimates compiled by HSBC had expected a rise of 87% to $4.97 billion.

Hong Kong Observation Wheel, and Bank of Hong Kong and Shanghai, HSBC Building, Victoria Harbour, Hong Kong, China.

Ucg | Universal Pictures Group | Good pictures

HSBC on Tuesday reported fourth-quarter earnings for 2022 that beat analysts’ expectations.

The bank’s pre-tax profit for the three months ended December was $5.2 billion, up 108% from $2.5 billion a year ago. Analyst estimates compiled by the bank were expected to rise 87% to $4.97 billion.

The bank said its fourth-quarter results reflected strong revenue growth and lower operating costs.

For the full year, $51.73 billion was reported in 2021, up from $49.55 billion.

For HSBC, Europe’s largest bank by assets, higher global interest rates support the company’s hopes of achieving a target of at least 12% return on average firm equity by 2023.

“We have completed the first phase of our transformation and our international connectivity is now generating good, broad-based profitability around the world,” the group’s chief executive, Noel Quinn, said in the release.

“We are on track to deliver higher returns by 2023 and have created a platform for value creation,” he said.

Global banks saw strong net interest income as central banks around the world raised rates to control inflation. HSBC said it expects net interest income of at least $36 billion in 2023.

HSBC’s Hong Kong-listed shares were about 1% lower before the release.

This is an important message, check back later for updates.

Leave a Reply

Your email address will not be published. Required fields are marked *