HSBC on Wednesday reported annual pre-tax profit of $32.31 billion, marginally missing analysts’ estimates.HSBC on Wednesday reported annual pre-tax profit of $32.31 billion, marginally missing analysts’ estimates.
Europe’s largest lender HSBC on Wednesday reported annual pre-tax profit of $32.31 billion, marginally missing analysts’ estimates.
For the full year, HSBC reported revenue of $65.85 billion, down from $66.1 billion in 2023.
Here are HSBC’s full-year results compared with LSEG mean estimates:
- Pre-tax profit: $32.31 billion vs. $32.63 billion
- Revenue: $65.85 billion vs. $66.52 billion
The bank’s profit before tax for the fourth quarter nearly doubled from a year earlier to $2.3 billion.
These are the lender’s first full-year results with Georges Elhedery’s as CEO of the London-headquartered bank. Elhedery, who was the bank’s chief financial officer, was chosen to lead the company in July following the retirement of Noel Quinn.
Hong Kong-listed shares of the bank dipped 0.29% following the earnings release.
On Tuesday, HSBC dismissed about 40 investment bankers in Hong Kong, Reuters reported. The sectors hit hardest are reportedly M&A, consumer, real estate and resources and energy.
Last October, the bank revealed plans to reorganize its business into four units, separating its operations into an “Eastern markets” sector and a “Western markets” division.
The bank is retaining a focus on cost discipline, HSBC said in its earnings statement.
Shares of HSBC in Hong Kong gained over 23% last year, LSEG data showed.
This is a breaking news story. Please check back for updates.
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