HSBC annual profit jumps 6.5%, marginally misses estimates

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HSBC annual profit jumps 6.5%, marginally misses estimates

A view of the logo of HSBC bank on a wall outside a branch in Mexico City, Mexico June 14, 2024. 

Henry Romero | Reuters

Europe’s largest lender HSBC on Wednesday reported annual pre-tax profit of $32.31 billion, marginally missing analysts’ estimates. 

For the full year, HSBC reported revenue of $65.85 billion, down from $66.1 billion in 2023.

Here are HSBC’s full-year results compared with LSEG mean estimates:

Pre-tax profit: $32.31 billion vs. $32.63 billionRevenue: $65.85 billion vs. $66.52 billion

The bank’s profit before tax for the fourth quarter nearly doubled from a year earlier to $2.3 billion.

These are the lender’s first full-year results with Georges Elhedery’s as CEO of the London-headquartered bank. Elhedery, who was the bank’s chief financial officer, was chosen to lead the company in July following the retirement of Noel Quinn.

On Tuesday, HSBC dismissed about 40 investment bankers in Hong Kong,

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. The sectors hit hardest are reportedly M&A, consumer, real estate and resources and energy.

Last October, the bank revealed plans to reorganize its business into four units, separating its operations into an “Eastern markets” sector and a “Western markets” division.

Shares of HSBC in Hong Kong gained over 23% last year, LSEG data showed. 

This is a breaking news story. Please check back for updates.

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