HSBC Holdings PLC’ fourth-quarter net profit more than doubled compared with the same period a year earlier, as higher interest rates boosted its top-line growth while better cost efficiency further supported profitability.
Net profit surged to $4.62 billion, sharply higher from the $1.79 billion profit in the same period a year earlier, the Asia-focused lender
HSBC,
HSBA,
said Tuesday.
Operating income rose 24% to $14.875 billion, mainly driven by higher net interest income as global central banks tightened monetary policies throughout 2022 which led to sharply higher policy interest rates in the past quarter .
The bank maintained its target of achieving a return on average tangible equity of at least 12% for 2023 onwards.
It also guided for at least $36 billion in net interest income for the new year.
Write to Yifan Wang at yifan.wang@wsj.com
This post was originally published on Market Watch
