HSBC earnings exceed expectations

In the last September quarter, HSBC Bank achieved remarkable financial results, reporting net profits of $6.26 billion. This figure represented a substantial increase of 235% in profits compared to the same period the previous year, where profits stood at $2.66 billion. The surge in profits before tax deductions was equally impressive, rising by approximately $4.5 billion to reach $7.7 billion. HSBC attributed this significant growth to the recent surge in interest rates, reaching record levels.

The bank’s revenues also experienced a substantial uptick, reaching $7.71 billion in comparison to the previous year’s revenues of $3.23 billion. HSBC emphasized the high-interest environment as a pivotal factor contributing to the growth of net interest income. Notably, net interest income increased by 1.7%, reflecting a rise of about 19 basis points compared to the same period in the previous year. These results not only exceeded market expectations but also surpassed the anticipated increase of 1.68%.

Examining the overall financial performance for the first nine months of 2023, ending last September, HSBC reported impressive after-tax profits of $24.33 billion. This starkly contrasted with the same period in the previous year, which recorded profits of $11.59 billion. HSBC’s robust performance underlines its ability to thrive in a challenging financial landscape, reaffirming its position as a leading global financial institution.