Record profit for HSBC bank

NEW YORK - Banking giant HSBC announced that it achieved a record profit in 2023 as pre-tax gains rose by nearly 80 percent to $30.3-billion.

Revenue rose by 30 percent to just over $66-billion.

HSBC said the profits included a favorable year-on-year impact due to the sale of its French retail banking operations, as well as a provisional gain recognised on its acquisition of Silicon Valley Bank UK.

This means shareholders will receive their highest full-year dividend in 16 years.

The Asia-focused lender says it was bolstered by rising interest rates last year, but foresees greater economic uncertainties in 2024.

HSBC noted that despite profits, China’s slower-than-expected post-COVID-19 economic recovery as well as geo-political tensions had an adverse impact.