HSBC fulfilled its forecast and tripled its profits in the first quarter of the year

Europe’s largest bank, HSBC, posted a profit of $12,900m in the first quarter of the year, which translates to €11,745m. the The number represents an increase of 212%. compared to the same period of the previous year.

In the income statement that the group sent this Tuesday to the Hong Kong Stock Exchange, where it is listed, the chief executive of HSBC said, Noel Quinn He considered that the good results of the quarter prove thise bank strategy “works” He highlighted the behavior of HSBC’s three global business sectors.

the The bank’s earnings were higher than analysts’ expectations. Who expected a profit of about 8,600 million dollars (7,824 million euros). The first quarter results also include the return of a mismatch of $2.1 billion related to the sale of its commercial banking business in France.

Temporary earnings from the purchase of SVB in the UK

It also reflects a temporary gain of $1.5 billion from the purchase of the UK subsidiary of Silicon Valley Bank (SVB). YouAfter its collapse in March. The bank also announced a quarterly dividend for the first time since 2019, which will be $0.10 (€0.09) per share.

the procedures HSBC on the Hong Kong Stock Exchange They were up about 1% before the announcement. It comes to 56.65 Hong Kong dollars ($7.22, 6.57 euros). The “Tier 1” solvency ratio (core private resources) was 14.7%, half a point higher than the last quarter of 2022.

According to information released this Tuesday, compiled by EfeDepartment of Banking and International Markets The bank received profits from HSBC amounting to 2040 million dollars (1857 million euros) in the first quarter of the year, and the commercial bank achieved 4810 million dollars (4379 million euros).

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Divide profits Banking personal services It rose to $5,270 million (4,797 million euros). The company’s board of directors also approved its plans to sell its banking business in Canada, but advanced that it would not do so It hopes to complete the process by 2024.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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