HSBC’s pre-tax profits dip slightly though hopes remain high for 2023

Banking giant HSBC has recorded a slight drop in pre-tax profits as it released its annual results for 2022.

The group’s reported profit before tax fell by 1.4 billion US dollars (£1.16 billion) to 17.5 billion dollars (£14.5) billion compared to the year previous.

It comes as reported revenue increased by 4% to 51.7 billion dollars (£42.9 billion), driven in part by strong growth in net interest income across all of the group’s global businesses.

He said: “We completed the first phase of our transformation and our international connectivity is now underpinned by good, broad-based profit generation around the world.

“This contributed to a strong overall financial performance. We are on track to deliver higher returns in 2023 and have built a platform for further value creation.

“With the delivery of higher returns, we will have increased distribution capacity, and we will also consider a special dividend once the sale of HSBC Canada is completed.”

The group added it expects to record a net interest income of at least 36 billion (£29.88 billion) for the coming year, based on the current market consensus for global central bank rates.