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

Europe's biggest bank, HSBC, has posted an almost 80% jump in its pre-tax profit which rose to $30.3bn 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. A slowdown in China's economy has meant that the bank's profit was not as high as expected. The bankmakes most of its profits in Asia, especially China and Hong Kong.

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