HSBCThe largest European bank by assets posted a net attributable profit of $10,202 million According to the finance firm, in the first nine months of 2022 (€10,353 million) this represents a 5.7% decrease compared to the business’s result in the same period in 2021.
In November 2021, HSBC Continental Europe signed a framework agreement with Promontoria (“My Money Group”) and its subsidiary Banque des Caraïbes, to be completed in the second half of 2023 in connection with the planned sale of the organization’s retail banking business in France. and HSBC recognized Estimated impairment of $2.4 billion (2,435 million euros).
HSBC’s turnover reached $36,852 million by September (€37,397 million), net interest income fell by 16.9% to $23,032 million (€23,372 million) and commission income fell 11.5% to 8,847, down 1.9% from corporate income a year ago. million dollars (8,978 million euros).
The decrease in revenues in the quarter $2.1 billion negative impact (2,131 million euros) due to the adverse effect of the exchange rate and the depreciation of the assets undertaken Partly offset by an increase in net interest income of $3,300 million (€3,349 million) following the planned divestment of retail banking operations in France.
Between July and September, HSBC net attributable profit reached $1,913 million (EUR 1,941 million), 46% less than the previous year, while the bank’s turnover decreased by 3.3% to $11,616 million (EUR 11,788 million).
In the third quarter, net interest income increased 29.8% to $8,581 million (€8,708 million), while fee income decreased 16.2 percent to $2,783 million (€2,824 million).
“Our strategy has driven good organic growth across all three global businesses, with higher interest rates driving net interest income,” said HSBC CEO Noel Quinn.
“We are focused on implementing our plans and achieving our target return target of at least 12% by 2023, resulting in higher distributions to our shareholders.”
looking to the future HSBC’s earnings outlook remains positive and business rises to $32 billion Net interest income guidance for the full 2022 (32,473 million euro) given the current market consensus on global central bank interest rates.
However, it projects net interest income of at least $36,000 million (36,532 million euros) for 2023, compared to the previous projection of $37,000 million (37,547 million euros), reflecting the impact of the pound’s depreciation against the dollar. and a higher cost of financing in the trading book.