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Europe's biggest bank, HSBC, has reported a jump of almost 80% in its annual profits in 2023.
The bank said its pre-tax profit surged by nearly 80% to top 30.3 billion US dollars (£24 billion) in 2023. HSBC reveals record profits but takes hit from links to China Skip to main content
The same carried on for HSBC’s third quarter, as it reported a pre-tax profit of $7.7 billion—double what it made the same time last year—thanks to elevated interest rates globally.
British bank HSBC's pretax profits surged to a record high of $30.3 billion in 2023—up nearly 80% from a year earlier, thanks to elevated interest rates.
The industry considered this move, giving HSBC a lead in the race to grab pieces of mainland China's banking market. A year earlier, HSBC had joined with Hong Kong's Shanghai Commercial Bank to purchase an 11% stake in Bank of Shanghai (HSBC paid US$62.6 million for an 8% stake) and US$733 million for a 10% stake in Ping An Insurance.
HSBC’s profits have soared as it continues to cut costs and cash in on high interest rates around the world.
Gross profit $12,495 Operating expenses Selling, general and administrative expenses $8,172 Depreciation and amortization: $960 Other expenses $138 Total operating expenses $9,270 Operating profit $3,225 Non-operating income $130 Earnings before interest and taxes (EBIT) $3,355 Financial income $45 Income before interest expense (IBIE) $3,400
HSBC ceased banking operations in Nicaragua in 2009, [168] Georgia in 2011, [169] Slovakia in 2012, [170] and Palestine in 2015. [171] HSBC disposed of its 70.1% stake in the Dar Es Salaam Investment Bank, a bank based in Iraq, in 2013. [172] HSBC Bank (Turkey) transferred its operations in the Turkish Republic of Northern Cyprus to ALBANK in ...