The Strategist

HSBC's January-September net profit falls by six percent

10/25/2022 - 10:45

In the period from January to September 2022, according to financial documents, the British-Hong Kong-based HSBC Holdings plc's net income attributable to shareholders decreased by 5.7 percent year over year to $10.202 billion.

Håkan Dahlström via flickr
Håkan Dahlström via flickr
Net interest income, on the other hand, grew by 16.8% to $23.032 billion.

Diluted earnings per share were $0.51 this year after $0.53 last year. Revenue decreased 1.9% to $36.852 billion.

In the third quarter, HSBC's net income decreased 1.9 times, to $1.913 billion. Meanwhile, the net interest income for the three months increased by over 30% to $8.581 billion. Compared to $0.17 a year earlier, diluted earnings per share were $0.1. Revenue for the third quarter fell 3.3% to $11.616 billion.

Despite increasing inflation and a gloomier prognosis for the economy, HSBC maintains a favorable earnings outlook for the current year.