Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

HSBC Reports Soaring Pre-Tax Profits Driven by High Interest Rates

by February 21, 2024
February 21, 2024
HSBC Reports Soaring Pre-Tax Profits Driven by High Interest Rates

HSBC, Europe’s largest bank, has announced a substantial 80% surge in pre-tax profits, reaching $30.3 billion (£24 billion) in 2023, primarily propelled by elevated interest rates globally.

This impressive performance follows a series of interest rate hikes by central banks worldwide over the past 18 months aimed at taming inflationary pressures.

Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.

The surge in profits reflects the bank’s resilience and strategic positioning amidst the evolving economic landscape. Despite a slowdown in China’s economy, HSBC’s profitability remains robust, albeit not meeting analysts’ expectations due to challenges in the Chinese market.

HSBC’s chief executive, Noel Quinn, expressed satisfaction with the bank’s record profit performance, emphasising the ability to reward shareholders with the highest full-year dividend since 2008. The bank’s 2022 pre-tax profit stood at $17.1 billion, with analysts anticipating a jump to $34.1 billion in 2023.

With a significant portion of its profits derived from Asia, particularly China and Hong Kong, HSBC’s exposure to the Chinese economy remains a focal point for investors. China’s ongoing economic challenges, including deflationary pressures and the property sector crisis exemplified by the liquidation of Evergrande, have led to cautious sentiment among investors.

Moody’s economist Harry Murphy Cruise highlighted the struggle of China’s economy to gain momentum, with calls for larger economic stimulus measures to stimulate growth. The uncertainty surrounding China’s economic outlook underscores the importance of HSBC’s diversified global operations.

As investors await the financial results of rival Asia-focused bank Standard Chartered later this week, HSBC’s strong performance underscores the resilience of established financial institutions in navigating complex economic environments. Despite headwinds in certain markets, HSBC’s robust profitability reaffirms its position as a key player in the global banking landscape.

Read more:
HSBC Reports Soaring Pre-Tax Profits Driven by High Interest Rates

0
FacebookTwitterGoogle +Pinterest
previous post
Amazon Founder Jeff Bezos Completes $8.5 Billion Share Sale Plan
next post
Russian defector who fled with army helicopter found shot to death in Spain

You may also like

House prices defy forecasts to continue double-digit increase,...

September 1, 2022

Discovering the 5 Most Reliable Online Exam Help...

February 26, 2024

How to Watch the FIFA World Cup While...

October 24, 2022

Pound falls to record low against dollar

September 26, 2022

Securing Critical and Sensitive Information for any Business

February 9, 2024

UK Chancellor signs financial services agreement with EU

June 27, 2023

m3ter raises $14M Series A to fuel further...

April 27, 2023

Tesco buys Paperchase brand but jobs still at...

February 1, 2023

Free press release initiative reopens for UK charities...

August 8, 2023

Why live marketing is more important than ever...

January 27, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved