View of the HSBC logo on a wall outside a wall in Mexico City, June 14, 2024.
Henry Romero | Reuters
Europe’s largest lender HSBC reported on Wednesday that its annual pre-tax profit was $32.31 billion, with analyst estimates slightly different as the bank’s net interest income fell by $3.1 billion from the same period last year.
HSBC reported revenue for the full year of $65.85 billion, down from $66.1 billion in 2023.
Compared with the LSEG average estimate, HSBC’s full-year results are:
- Profit before tax: $32.31 billion and $32.63 billion
- income: $65.85 billion and $66.52 billion
The bank’s pre-tax profit in the fourth quarter almost doubled from a year ago to $2.3 billion.
These are lenders’ first full-year results, with Georges Elhedery serving as the bank CEO at its London headquarters. Bank Chief Financial Officer Elhedery was selected to lead the company in July after Noel Quinn retired.
The bank’s listed stocks fell 0.29% after the earnings were released.
HSBC rejected about 40 investment bankers in Hong Kong on Tuesday Reuters report. These sectors are reportedly affected by the biggest impacts are mergers and acquisitions, consumers, real estate, resources and energy.
Last October, the bank revealed plans Reorganize its business into four unitsdivide its operations into the “Eastern Market” field and the “Western Market” department.
HSBC said in its earnings statement that the bank retained its focus on cost discipline.
LSEG data shows that Hong Kong’s HSBC shares rose more than 23% last year.
This is a prominent news story. Please check it for updates.
