(News Bulletin 247) – HSBC reported on Tuesday a fourth quarter result higher than expected, the British bank having benefited from the good performance of its market activities and a drop in its costs.
Its taxable profit for the last three months of the year nearly doubled to $5.2 billion from $2.7 billion in the fourth quarter of 2021.
For this period, analysts expected a pre-tax profit of around $4.9 billion.
Net banking income, expressed in published data, climbed 24% to 14.9 billion dollars, in line with the consensus, for operating expenses down 6% to 8.9 billion.
In its press release, the banking group explains that the continuation of its savings program has more than offset the rise in its investments in technologies and the increase in bonuses paid to its executives.
Over the year as a whole, its taxable profit was down, at 17.5 billion dollars against 18.9 billion a year earlier, in particular due to a depreciation of 2.4 billion on the sale of its French retail banking arm.
Its final dividend will amount to $0.23 per share, bringing the total dividend paid for the 2022 financial year to $0.32.
For 2023 and 2024, the bank says it is aiming for a payout ratio of its dividend results of 50%, showing the desire to return to pre-Covid levels “as soon as possible”.
Following this publication of results, the HSBC title listed in London fell by 1.5% on Tuesday morning, doing less well than a FTSE 100 index down 0.2%.
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