First half profits at HSBC doubled in 2023, driven by higher interest income as rates rose throughout the period.
HSBC posted a pre-tax profit of $21.7 billion in the first half of 2023, according to the bank’s financial results, up 147 percent year-on-year. After tax, profits rose 102 percent to $18.1 billion.
Revenues increased 50 percent to $36.9, driven by higher net interest income across global businesses due to interest rate rises. Net interest margin increased 46 basis points to 1.7 percent. Operating expenses fell 4 percent to $15.5 billion.
In addition, the bank’s results also benefited from a reversed impairment related to the planned sale of the French consumer business as well as a provisional gain of $1.5 billion from the acquisition of Silicon Valley Bank’s UK arm.
