Global site navigation

HSBC says pre-tax profits slip to $17.5 bn in 2022
Business and Economy

HSBC says pre-tax profits slip to $17.5 bn in 2022

by  AFP 1 min read
HSBC chief executive Noel Quinn said the bank was 'on track to deliver higher returns in 2023'
HSBC chief executive Noel Quinn said the bank was 'on track to deliver higher returns in 2023'. Photo: Daniel LEAL / AFP
Source: AFP

PAY ATTENTION: Celebrate South African innovators, leaders and trailblazers with us! Click to check out Women of Wonder 2022 by Briefly News!

Banking giant HSBC on Tuesday announced a dip in 2022 pre-tax profits last year, on impairment charges linked to the upcoming sale of its French retail operations.

The Asia-focused lender said it made $17.5 billion before tax, down more than seven percent on-year, while reported revenue increased by four percent to $51.7 billion.

In a statement to the Hong Kong stock exchange, HSBC cited increased economic uncertainty, inflation, rising interest rates and supply chain risks, as well as China's troubled real estate sector for expected credit losses and other impairment charges.

Reporting an annual after-tax profits of $16.7 billion, the bank said 2022 had reflected "a strong overall financial performance".

Chief executive Noel Quinn said in a statement that "2022 was another good year for HSBC".

"We are on track to deliver higher returns in 2023 and have built a platform for further value creation."

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: