Banking giant HSBC says its quarterly profit nearly doubled, boosted by rising interest rates around the world.
The London-based company reported pre-tax profit of $5.2bn (£4.3bn) for the last three months of 2022, up 92% from the same period last year.
However, full-year pre-tax income declined $1.4 billion to $17.5 billion, in part due to costs related to the sale of its retail banking business in France.
HSBC is also in the process of selling its Canadian business.
The bank said it plans to use the money raised from that sale to make payouts to shareholders once the deal closes.
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“2022 was another good year for HSBC,” said Chief Executive Noel Quinn. “We’re on track to deliver higher returns in 2023,” he added.
In June 2021, the company agreed to sell its French retail bank, ending its long battle to spin off the business as it focuses on Asia.
HSBC now expects a $2.4 billion drop in earnings related to that divestment.
In November, HSBC announced that it had agreed to sell its Canadian banking operations to the Royal Bank of Canada.
The CA$13.5 billion (US$10 billion; £8.3 billion) deal is expected to close later this year.
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