HSBC earns 9.393 million by March, almost four times more

HSBC, the largest European bank by assets, recorded a net attributable profit of 10.327 million dollars (9.393 million euros) in the first three months of 2023, which represents almost four times more from the result of 2,755 million dollars (2,506 million euros) that the entity recorded in the same period of the previous year.

The British bank explained that its quarterly accounts reflected the positive effect of the reversal of a $2,100 million (€1,910 million) impairment related to the planned sale of its retail banking operations in France, as well as a temporary gain of $1,500 million (€1,364 million) for the acquisition of SVB United Kingdom.

Likewise, HSBC highlighted the positive impact on its first quarter results increase in net interest income as a result of rising interest rates with a reduction in operating costs as a result of restructuring and savings measures.

Between January and March, The British entity, whose operations are mainly concentrated in Asia, achieved a turnover of 20.171 million dollars (EUR 18,347 million), 63.9% more than the entity’s income a year earlier.

In particular, HSBC’s net interest income increased by 38.4%, to 8,959 million dollars (8,149 million euros), while income from commissions decreased by 6.4%, to 3,004 million dollars (2,732 million euros).

“Our strong performance in the first quarter provides further evidence that our strategy is working,” said HSBC’s chief executive, Noel Quinn.

“As a result, we announced our first quarterly dividend of 2019 of $0.10 per share, as well as share repurchases of up to $2 billion,” the CEO said, adding that the entity expects significant future distribution capacity. dividends and share buybacks.

Quinn also pointed out opportunity to invest in SVB UK in order to accelerate the bank’s growth plans, noting that with its purchase the entity has access to more entrepreneurs in the technology and life sciences sector who will create the business of tomorrow. “We believe they are a natural fit for HSBC and that we are uniquely positioned to introduce them globally,” he added.