HSBC sees 89% year-on-year rise in pre-tax profit in Q2, beating analysts’ expectations

HSBC beat analysts’ expectations report an 89% jump in profit before tax in the second quarter.

Pretax profit for the quarter ended in June was $8.77 billion, beating expectations of $7.96 billion.

Net profit was $6.64 billion, beating the $6.35 billion expected in analysts’ estimates compiled by the bank, up 27% from the same period a year earlier.

Total revenue for the second quarter came in at $16.71 billion, 38% higher than the $12.1 billion seen in the same period a year ago.

HSBC’s Hong Kong-listed shares rose 0.23% after the announcement.

Here are other highlights from the bank’s financial report card:

• Net interest income came in at $9.3 billion in the second quarter, compared with $6.9 billion in the same period a year ago.
• Net interest margin, a measure of lending profitability, rose 43 basis points year-on-year to 1.72% in the second quarter of 2023.

In light of the results, HSBC’s board has approved a second interim dividend of $0.10 per share. added the board.

This is a breaking news story. Please check back for updates.

Correction: This story has been updated to reflect that net interest margin increased 43 basis points in the second quarter of 2023. An earlier version misstated the year.