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HSBC’s fourth-quarter profit triples as it benefits from commercial lending, global trade financing
- The bank’s net profit jumped to US$1.79 billion in the three months ended in December, from US$562 million in the same quarter in 2020
- That bolstered HSBC’s 2021 net income to US$12.6 billion, from US$3.89 billion in 2020
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Chad Brayin London
HSBC, the biggest of Hong Kong’s three currency-issuing banks, said its fourth-quarter profit more than tripled as it benefited from gains in its commercial lending and global trade financing.
The bank’s net profit jumped to US$1.79 billion in the three months ended in December, from US$562 million in the same quarter of 2020.
That bolstered HSBC’s 2021 net income to US$12.6 billion, from US$3.89 billion in 2020. Pre-tax profit jumped to US$18.9 billion, more than the US$8.8 billion in 2020, but just missed the US$19.1 billion expected by analysts in a consensus estimate, as the lender reported weaker results in its wealth and investment banking operations in the fourth quarter.
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“We have good momentum coming into 2022 and are confident that we can continue to execute against our strategy,” CEO Noel Quinn said in a statement. “We also remain cognisant of the potential impact that further Covid-19-related uncertainty and continued inflation might have on us and our clients.”
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HSBC, which generates the bulk of its profits in Asia, gave a more optimistic outlook for 2022 as central banks from the US Federal Reserve to the Bank of England move to tighten monetary policy in light of surging inflation in several major economies.
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