Banking

Profits fall by $1.4 billion at HSBC following sale of French retail operations

Asia-focused bank reports surge in last quarter, however, as profit before tax increased by $2.5 billion to $5.2 billion, helped by rising interest rates

Based on the current market consensus for global central bank rates, HSBC said it expects net interest income of at least $36 billion this year. Picture: Getty

Reported profit before tax at HSBC fell by $1.4bn to $17.5 billion last year, impacted by an impairment on the sale of the bank’s retail banking operations in France of $2.4 billion, according to annual results from the group.

However, in the last three months of 2022 reported profit before tax increased by $2.5 billion to $5.2 billion, helped by rising interest rates.

Reported revenue increased by 4 per cent in 2022 to $51.7 billion, ...