An HSBC Holdings bank branch in Hong Kong on May 24, 2022. A Hong Kong-based trade platform launched by HSBC Holdings three years ago with much fanfare has shut down after failing to build a commercially viable business.
Bertha Wang | Bloomberg | Getty Images
HSBC exceeded analysts’ expectations by reporting an 89% surge in pre-tax profit for the second quarter.
The pre-tax profit for the quarter ending in June reached $8.77 billion, surpassing the estimated $7.96 billion.
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The net profit was $6.64 billion, exceeding analysts’ estimates by $0.29 billion, marking a 27% increase compared to the same period last year.
Total revenue for the second quarter amounted to $16.71 billion, a 38% rise from the $12.1 billion recorded in the same period a year ago.
Following the announcement, HSBC’s Hong Kong listed shares increased by 0.23%.
Here are some highlights from the bank’s financial report:
- Net interest income for the second quarter was $9.3 billion, compared to $6.9 billion in the same period last year.
- The net interest margin, which measures lending profitability, increased by 43 basis points year-on-year to 1.72% in the second quarter of 2023.
In light of these results, HSBC’s board has approved a second interim dividend of $0.10 per share. The board also announced their intention to initiate a further share buyback of up to $2 billion, which is expected to commence shortly and be completed within three months.
This is a breaking news story. Please check back for updates.
Correction: This story has been updated to reflect that the net interest margin rose 43 basis points in the second quarter of 2023. An earlier version misstated the year.
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