HSBC: Its profits have doubled, it places its goals one year ahead

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HSBC set a year earlier its profit target and more than doubled its annual profits, as non-performing loans from the pandemic were not realized, while emphasizing that the increase in interest rates gave a boost to its revenues.

Like its competitors worldwide, HSBC, one of Europe’s largest banks, is benefiting from lower-than-expected impairment charges as borrowers reap the benefits of government support in markets hit by the coronavirus as well. strengthens business.

HSBC shares fall 3.4%.

“We have a good momentum as we move forward in 2022 and we are optimistic that we can continue to make moves that deviate from our strategy,” said Noel Quinn, the bank’s chief executive.

HSBC has said it will repurchase $ 1 billion worth of treasury shares after completing an existing $ 2 billion treasury plan.

He also said that if global central bank interest rates were to rise as expected, the improvement in lending margins would meet its double-digit target return on equity in 2023, a year earlier than expected.

Analysts say that given the bank’s big footprint in Asia, it will be interesting to see if the zero coronavirus policy in the region will negatively affect their performance relative to London’s other more pro-British rivals in 2022.

HSBC reported pre-tax profit of $ 18.9 billion last year, up from $ 8.8 billion a year ago, and marginally lower than the $ 19.1 billion analysts had expected.

Activities from Asia accounted for 65% of profits.

Source: Capital

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