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The Guardian - UK

Business

Kalyeena Makortoff Banking correspondent

HSBC quarterly profits more than double after interest rate rises

HSBC Ping An Noel Quinn

HSBC reported $5.2bn in pre-tax profit for the last three months of 2022. Photograph: Reinhard Krause/Reuters

HSBC has increased bonus payouts for its chief executive after fourth-quarter profits more than doubled on the back of a jump in mortgage and loan costs for its borrowers.

The London-headquartered lender said it had increased Noel Quinn’s bonus by 36% to nearly $2.2m (£1.8m), taking his overall pay to $5.5m for 2022. That compares with his $4.9m payout in 2021.

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