HSBC bank announced a 17.6% increase in its net profit in 2022 on Tuesday, with the banking giant’s chief citing a “good performance in its global activities” in the context of the upcoming sale of its retail activities in France. In 2022, HSBC posted a net profit of $14.822 million, up from $12.607 million in 2021, the group said in a statement. “2022 was another good year for HSBC,” said group chief executive Noel Quinn.
Lower net profit before taxes
In its press release, HSBC explained that it had recorded “good underlying growth across the business in key areas, particularly those related to our international network.”
However, the group’s pre-tax net profit fell 7.3%, from $18.9bn in 2021 to $17.5bn in 2022. Explaining in particular expected credit losses, HSBC cited increased economic uncertainty, the inflation, rising interest rates and disruptions in corporate supply chains, as well as difficulties in the Chinese real estate sector.
Source: BFM TV
