HSBC sees half year post-tax profits reach £7.5bn

HSBC sees half year post-tax profits reach £7.5bn

Noel Quinn

HSBC has released its 2022 H1 results and reported profit after tax of $9.2 billion (£7.5bn).

Pre-tax profit has fallen but has come ahead of expectations. The bank has said it expects net interest income of at least $31bn (£25bn) for 2022 and at least $37bn (£30bn) for 2023, and plans to restore dividend payments to pre-pandemic levels.

Noel Quinn, group chief executive, said: “Our first-half performance reflects the continued impact of our strategy, with gathering revenue momentum and tight cost control.



“The progress that we’ve made growing and transforming HSBC means we are in a strong position as we enter the current rates cycle. We are confident of achieving a return on tangible equity of at least 12% from 2023 onwards, which would represent our best returns in a decade.

“As a result, we are providing more specific dividend payout ratio guidance of around 50% for 2023 and 2024. We understand and appreciate the importance of dividends to all of our shareholders. We will aim to restore the dividend to pre-Covid-19 levels as soon as possible. We also intend to revert to quarterly dividends in 2023.”

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