HSBC’s profits doubled in the nine months to the end of September. According to the results released today, Monday, the bank achieved profits worth 24.3 billion dollars (about 22.9 billion euros at the current exchange rate), an increase of 110% over what it was in the same period in 2022.
Revenues increased 57% to $53 billion (50.1 million euros) between January and September.
In the third quarter alone, the bank achieved profits worth $6.2 billion (5.8 million euros), an increase of 135% over what it achieved in the third quarter of 2022, and revenues reached $16.2 billion (15.3 million euros), in addition to 40%. .
Overall, HSBC Group’s good result was due to the increase in interest income thanks to monetary policy contraction by most central banks. In addition, the bank recorded a gain of about $1.6 billion (€1.5 billion) from the purchase of Silicon Valley Bank (SVB) in the United Kingdom in March 2023.
“There was good overall growth across all activities and geographies, supported by the interest rate environment. Our heritage business also gained further strength, attracting US$34 billion [32,1 milhões de euros] of net new assets invested in [terceiro] HSBC CEO Noel Quinn said in the memo that the first quarter of the year and asset balances increased by 12% compared to last year.
In addition, the bank’s president revealed that HSBC will undertake “three share buybacks in 2023, totaling up to $7 billion.” [6,6 mil milhões de euros]Beside [distribuir] Three quarterly dividends totaling $0.30 per share [0,28 euros]”.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
