HSBC: Bank's pre-tax profits soar fuelled by high interest rates - BBC News

Europe's biggest bank, HSBC, has reported a jump of almost 80% in its annual profits in 2023.

8 hours agocommentsCommentsShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, The bank makes most of its profits in Asia, especially China and Hong KongBy Mariko OiBusiness reporterEurope's biggest bank, HSBC, has posted an almost 80% jump in its pre-tax profit which rose to $30.3bn (£24bn) in 2023, fuelled by high interest rates.

It comes after central banks around the world raised interest rates in last 18 months to help curb rising prices.

Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.

But a slowdown in China's economy has meant that HSBC's profit was not as high as expected.

Its bottom line was also affected by a hefty $3bn charge from its stake in China's Bank of Communications.

https://www.bbc.co.uk/news/business-68355809

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