HSBC Reports Strong Second Quarter Profit
Quarterly Profit Soars 89%
HSBC reported a second quarter profit before tax of $8.77 billion, which is 89% higher than the same period last year. This surpasses analysts’ expectations of $7.96 billion.
Net Profit Exceeds Estimates
The bank’s net profit for the quarter was $6.64 billion, up 27% compared to the same period last year. This beats the estimated net profit of $6.35 billion compiled by analysts.
Revenue Jumps 38%
Total revenue for the second quarter reached $16.71 billion, a significant increase of 38% compared to the first half of 2022, which saw $12.1 billion in revenue.
Positive Stock Reaction
Following the announcement, HSBC’s Hong Kong listed shares rose 0.23%.
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