Banking giant HSBC has recorded a slight drop in pre-tax profits as it released its annual results for 2022.
The group’s reported profit before tax fell by 1.4 billion US dollars (£1.16 billion) to 17.5 billion dollars (£14.5 billion) compared to the year previous. It comes as reported revenue increased by 4% to 51.7 billion dollars (£42.9 billion), driven in part by strong growth in net interest income across all of the group’s global businesses.
Noel Quinn, group chief executive, said the results marked “another good year for HSBC”. He said: “We completed the first phase of our transformation and our international connectivity is now underpinned by good, broad-based profit generation around the world.
