HSBC’s profit after tax rose 221% in the first quarter of the year to $11,026m from $3,432m in the same period, benefiting from higher interest rates by central banks.
Revenue increased by 64%, from $12,305 million in the same quarter to $20,171 million in the first quarter of 2023. Monetary policy by most central banks; and gains related to transactions in France and the United Kingdom.
The first quarter already represents the purchase of one pound of Silicon Valley Bank (SVB) UK operations in March 2023, which would mean a temporary gain of $1,511 million in the bank’s liquid assets.
HSBC SVB offered $2.8 billion in financing at the end of the quarter, describing deposits as “stable” and customer outflows at an all-time low after an initial drain during the crisis.
“Our dividends are spread across all our key geographies,” the statement quoted HSBC Chief Executive Noel Cowen as saying, adding: “With the positive momentum we are enjoying in the business, we expect to have significant future dividend capacity and share buybacks.”
For the first time since 2019, the bank will pay a quarterly dividend of $0.10 per share and conduct share buybacks of up to $2 billion.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.