HSBC has reported a 78 per cent jump in full-year pre-tax profit, resulting in a record-high gain on high interest rates. It did, however, miss forecasts due to a three billion dollar (£2.3 billion) impairment from its stake in a Chinese bank, the Bank of Communications.
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NewsTranscript
00:00 Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post. Here
00:06 are your business headlines for this morning. The banking giant HSBC has reported a 78%
00:12 jump in full year pre-tax profit. It did, however, miss forecasts due to a $3 billion
00:18 impairment from its stake in a Chinese bank, the Bank of Communications. The London-headquartered
00:23 bank, which has a market value of $160 billion, reported a total pre-tax profit of $30.3 billion
00:30 for 2023. The year prior, the bank reported $17.5 billion for 2022. HSBC Group's Chief
00:40 Executive Noel Quinn said, "Our record profit performance in 2023 enabled us to reward our
00:46 shareholders with our highest full year dividend since 2008." He said the performance reflected
00:53 four years of hard work and the strength of the bank's balance sheet in a higher interest
00:57 rate environment. So, business news this morning. HSBC has reported a 78% jump in full year
01:05 pre-tax profit. My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire
01:10 Post.
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