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Europe’s largest lender HSBC Bank posted a slight decline in pre-tax profit in the first half of the year, but beat expectations thanks to a high interest rate environment.
The bank reported pre-tax profit of $21.56 billion for the six months to June, down from $21.66 billion in the same period last year. However, the first-half figure was still well above the $20.5 billion average of broker estimates compiled by HSBC, Reuters reported.
“We are growing and investing in international retail and wealth management to go hand in hand with this, helping to diversify our revenue base,” HSBC’s outgoing CEO Noel Quinn said on Wednesday.
“Each of these strengths should contribute to a strong revenue performance in the first half of 2024, driven by higher interest rates.”
This breaking news is being updated.
