The Strategist

HSBC's net profit declines in Q1

04/26/2022 - 09:23

According to the United Kingdom and Hong Kong-based HSBC Holdings plc, the bank saw its first-quarter net profit drop 26.8% to $3.443 billion from since 2021.

Can Pac Swire
Can Pac Swire
Diluted earnings per share were $0.14, down from $0.19 in January-March previous year. The banking group's revenue declined 4% to $12.464 billion over the period.

Net interest income increased 7.4% year over year to $6.997 billion. Profit before taxes dropped by 28% to $4.166 billion.

According to the bank, the drop in income last quarter was affected by inflation risks due to the Ukrainian crisis, as well as an increase in predicted credit losses.

The HSBC Holdings plc group was established in 1990 as the holding company for HSBC (Hong Kong and Shanghai Banking Corporation), which has been in existence since 1865.


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