Business
HSBC HOLDINGS PLC INTERIM RESULTS 2023
HSBC HOLDINGS PLC INTERIM RESULTS 2023.
About this update from Hsbc Holdings Plc
[{"type":"text","content":"\n\nHSBC HOLDINGS PLC\n2023 INTERIM RESULTS - HIGHLIGHTS\n\n\nNoel Quinn, Group Chief Executive, said:\n\"We have delivered a strong first half performance and are confident of achieving our revised mid-teens return on tangible equity target in 2023 and 2024. There was good broad-based profit generation around the world, higher revenue in our global businesses driven by strong net interest income, and continued tight cost control. I am also pleased that we can reward our shareholders with a second interim dividend of $0.10 per share and a second share buy-back in 2023 of up to $2bn, with substantial further distribution capacity still expected ahead.\nThere is still much work to do, especially given the many challenges in the global economy, but I am confident about the future as we move further into the next phase of our strategy and focus on opportunities to drive value creation, diversify our revenue and retain tight cost control.\"\n\n\nFinancial performance (1H23 vs 1H22)\n- Profit before tax rose by $12.9bn to $21.7bn. This included a $2.1bn reversal of an impairment relating to the planned sale of our retail banking operations in France and a provisional gain of $1.5bn on the acquisition of Silicon Valley Bank UK Limited ('SVB UK'). On a constant currency basis, profit before tax increased by $13.3bn to $21.7bn. Reported profit after tax increased by $9.1bn to $18.1bn.\n- Revenue increased by $12.3bn to $36.9bn. The increase was driven by higher net interest income in all of our global businesses due to interest rate rises. It also included the impacts related to the planned sale in France and the acquisition in the UK. On a constant currency basis, revenue rose by $13.2bn to $36.9bn.\n- Net interest margin ('NIM') of 1.70% increased by 46 basis points ('bps').\n- Expected credit losses and other credit impairment charges ('ECL') of $1.3bn reflected a more stable outlook in most markets, although inflationary pressures remain. The 1H23 charge included $0.3bn relating to the commercial real estate sector in mainland China and charges in Commercial Banking ('CMB') in the UK. The 1H22 charge of $1.1bn reflected heightened economic uncertainty, mainly due to the Russia-Ukraine war and inflationary pressures, and also included $0.3b...