HSBC’s pre-tax profits jump 78% by the end of 2023 to $30.3 billion

HSBC’s pre-tax profits for 2023 increased by about 78% to $30.3 billion compared to 2022, which is below the average analyst estimate of $34.06 billion.

According to CNBC, “2023 revenues increased by 30% to $66.1 billion, compared to LSEG’s average forecast of about $66 billion, and the net interest margin, which is a measure of lending profitability, reached 1.66% compared to 1.48% in 2022.”

Basic earnings per share were $1.15, compared to LSEG’s average forecast of $1.28 in 2023 and 75 cents for 2022.

HSBC CEO Noel Quinn announced an additional share buyback program of up to $2 billion, noting that the bank suffered a “$3 billion valuation adjustment” on its stake in Bank of Communications.