HSBC reports $21.7b half-year profit

HSBC on Tuesday reported that its pre-tax profit for the first half of this year had reached 21.7 billion U.S. dollars. The figure was up by 12.9 billion dollars from a year earlier, amid rising interest rates, reported Xinhua.

This included a reversal of an impairment relating to the planned sale of its retail banking operations in France, and a provisional gain on the acquisition of Silicon Valley Bank UK, the company said.

"There was good broad-based profit generation around the world, higher revenue in our global businesses driven by strong net interest income, and continued tight cost control," said Noel Quinn, Group Chief Executive.

Given the current market consensus for global central bank rates, HSBC said it has raised its 2023 full-year guidance for net interest income to above 35 billion dollars.