Oct 30, 2023

HSBC sees profits boosted by higher interest rates

UK-based banking giant HSBC says its quarterly profits jumped to $7.7bn, boosted by higher interest rates. That brings HSBC's total share buybacks for this year to $7bn and the total dividend payout to 30 cents per share. HSBC also said it had taken a $500m hit related to China's crisis-hit property market. HSBC, which has its headquarters in London, generates most of its income in Asia. Last week, HSBC's Asia-focused rival Standard Chartered reported an unexpected plunge in its third-quarter profit due to a nearly $1bn billion combined hit from its exposure to China's real estate and banking sectors.

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