Home Business NewsBusinessBanking News HSBC reports a rise in profits

HSBC reports a rise in profits

by LLB Reporter
30th Oct 23 11:34 am

HSBC quarterly profits more than doubled helped by higher borrowing costs and revealed in the three months to September pre-tax profits rose by £3.7 billion to £6.4 billion compared to the same period last year.

The rise in quarterly profit was driven by higher interest rates in the UK which helped the rise in profits from their mortgages and loans.

HSBC said: “The mainland China commercial real estate sector performance has continued to deteriorate over 2023, as a sustained recovery failed to materialise following government measures introduced in the fourth quarter of 2022.

“We continue to closely monitor, and seek to proactively manage, the potential implications of the prolonged recovery of the real estate sector and the overall Chinese economic outlook for our customers and our business.”

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