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Tuesday, September 27, 2022

HSBC pre-tax profit rises 12%

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HSBC has said its quarterly pre-tax profits rose 12% as improved trading and rising interest rates helped support the London-based global bank’s businesses. The bank said on Thursday that profit for the first three months of the year, adjusted for one-time items and currency fluctuations, came in at $5.9bn compared with $5.3bn a year ago.

Adjusted revenue edged 2% higher to $12.8bn. The results came after the bank reported earlier this year that its 2016 net profit tumbled by more than 80%. HSBC is Europe’s biggest bank, but the bulk of its earnings come from Asia. It is in the middle of a sweeping revamp aimed at improving profitability.

The banking giant is shedding tens of thousands of workers and leaving some markets to focus even more on Asia.

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