HSBC’s performance over the first three months of 2023 has given investment analysts confidence the global bank remains well positioned to continue growing, amid a testing period for the banking sector.
The bank posted profits before tax of $12.9bn for the quarter, up from $8.7bn in the same period last year, while profits after tax rose to $11bn from $7.6bn. Similarly, revenue increased by 64% to $20.2bn and net interest margin stood at 1.7% - a 50 basis points rise. Stock Spotlight: Record profits help LVMH bag $500bn market value HSBC CEO Noel Quinn said the "strong performance" over Q1 2023 provided further evidence the bank's strategy "is working", with profits spread across all its main geographies and the three global businesses performing well. He added: "As a result, w...
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