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HSBC Announces Fourth Quarter 2022 Full Year Results

HSBC on Tuesday reported fourth-quarter 2022 earnings that beat analyst expectations.

Pre-tax income of $5.2 billion reported for the three months ended December, up 108% from $2.5 billion a year ago and above the $4.97 billion expected in bank compiled estimates I was. HSBC said its fourth quarter results reflected a strong increase in reported revenues and lower reported operating expenses.

Full-year reported revenue increased from $49.55 billion in 2021 to $51.73 billion. The bank’s reported pre-tax profit in 2022 fell to $17.53 billion from $18.91 billion a year ago. Pre-tax income reported in 2022 includes a $2.4 billion impairment charge from the planned sale of a retail banking business in France.

HSBC, Europe’s largest wealth bank, said rising global interest rates are underpinning its confidence to achieve a return of at least 12% on average tangible equity in 2023.

“We have completed the first phase of our transformation and our international connectivity is now underpinned by excellent and broad profit generation around the world,” said Group Chief Executive Officer Noel Quinn.

“We expect to achieve higher returns in 2023 and have built a platform for further value creation,” he said.

Net interest income of banks around the world has been strong as central banks around the world have raised interest rates to keep inflation in check. HSBC said it expected net interest income of at least $36 billion in 2023.

HSBC’s Hong Kong-listed shares were down nearly 2% in the afternoon after dropping about 1% before the announcement.

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Other highlights of bank financial reporting cards include:

  • Credit losses of $3.6 billion reported in 2022 reflect heightened economic uncertainty, rising interest rates and developments in China’s real estate sector.
  • Net interest margin, a measure of lending profitability, increased by 28 basis points to 1.48% in 2022, reflecting higher interest rates.
  • HSBC’s Board of Directors has approved a second interim dividend of 23 cents per share, bringing the total for 2022 to 32 cents per share.

special dividend

In addition to the second interim dividend of 23 cents per share, the bank said it was considering a special dividend of 21 cents per share after the sale of its Canadian banking business was completed. HSBC has said that if the transaction closes as expected in late 2023, the payment will be made in early 2024, he said.

HSBC said it will set its dividend payout ratio at 50% for 2023 and 2024.

Quinn said on CNBC’s “Capital Connection” that HSBC aims to reach pre-corona levels of its dividend this year.

“The 2023 dividend is about 50 cents, which is pre-corona levels,” Quinn said. “If we’re going to deliver on those promises this year, at 50 cents he’ll have a 50% payout rate.”

“What we have now is a healthier balance of return generation in shareholder yield and the ability to retain earnings for growth. If that growth isn’t there, we also have the buyback capability.” He said.

China’s optimistic outlook

HSBC Group Chairman Mark Tucker said the global economy still faces a number of macroeconomic headwinds.

“The pandemic, high inflation and interest rates, and the Russian-Ukrainian war are all impacting the global economy, including market volatility, supply chain disruptions, pressure on small businesses, and a squeeze on the cost of living,” he said in a statement. said in

“Different economies face different challenges now and have different opportunities in 2023,” he said.

Tucker also echoed HSBC economists’ forecast that China will grow by 5% in 2023.

“The reopening of borders means that Hong Kong and the Greater Bay Area as a whole are likely to benefit greatly, and we expect to see a strong recovery.

“China’s reopening and a series of measures to stabilize the property market should provide a significant boost to the Chinese and global economies, albeit with short-term volatility,” he said.

He said Europe, in contrast to Asia, is likely to face headwinds from rising energy prices caused by Russia’s war against Ukraine. said the recession would be relatively shallow.

“Overall, I am optimistic about the global economy in the second half of 2023, but there is still a high level of uncertainty due to the war between Russia and Ukraine, and recession fears could dominate for much of the year ahead. There is a possibility

https://www.cnbc.com/2023/02/21/hsbc-earnings-fourth-quarter-full-year-2022.html HSBC Announces Fourth Quarter 2022 Full Year Results

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