HSBC, the biggest of Hong Kong’s currency-issuing banks, reported a better-than-expected profit for the second quarter, driven by gains in its commercial and retail banking businesses as it benefited from the rising interest rate environment, reports the South China Morning Post. The London-based bank, which generates much of its profit in Asia, reported a 12% increase in net profit to $6.64 billion in the three months ended June 30, from a profit of $5.49 billion a year earlier.
The lender, one of Europe’s largest by assets, reported a pre-tax profit of $8.77 billion, ahead of the $7.96 billion expected by analysts.
“We have delivered a strong first half performance and are confident of achieving our revised mid-teens return on tangible equity target in 2023 and 2024,” HSBC CEO Noel Quinn said in a stock exchange filing. “There was good broad-based profit generation around the world, higher revenue in our global businesses driven by strong net interest income, and continued tight cost control.
You must log in to post a comment.