Feb 21, 2023

Banking giant HSBC sees quarterly profit almost double

Banking giant HSBC says its quarterly profit has almost doubled, boosted by rising interest rates around the world. Pre-tax profit for the year as a whole fell by $1.4bn to $17.5bn, partly due to the cost of selling its retail banking operations in France. In June 2021, the firm agreed to sell its French retail bank, ending its long struggle to offload the business as it focuses on Asia. HSBC now expects to take a $2.4bn hit to its profits related to that disposal. In November, HSBC said it had agreed to sell its banking operations in Canada to the Royal Bank of Canada.

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