![]() HSBC has tried recently to accelerate its Asian pivot, in part to head off calls from its biggest shareholder, Ping An Insurance Group Co of China (601318.SS), to spin off the Asia unit to boost shareholder returns. HSBC said the planned $10 billion sale, originally slated to be completed by the end of this year, will now only likely go through in the first quarter of 2024. London-headquartered HSBC also reported a delay in the sale of its Canada business, a key part of its strategy to shrink in slow-growing Western markets where it lacks scale. ![]() It warned last month the disposal could be in jeopardy over regulatory capital concerns for the buyer. HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. The average estimate of 17 analysts compiled by the bank was $8.64 billion. HSBC posted a pretax profit of $12.9 billion for the quarter ended March, versus $4.2 billion a year earlier. We do not see a negative impact on our business". "We do not believe there is a global banking crisis on the horizon. With the rate cycle nearing a peak, the challenge for the likes of HSBC, Europe's largest bank, will be to sustain its margins this year and beyond.ĬEO Noel Quinn said on a call the results showed HSBC's strengths in a rising rate environment, and played down the risks of further contagion after First Republic's rescue. bank failure since the 2008 financial crisis and draw a line under the bank sector jitters. On Monday, regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N), in a deal to resolve the largest U.S. The strong results reported by HSBC and Asian rival DBS (DBSM.SI) on Tuesday underscore how aggressive policy tightening has lifted profit margins, even though it has also sparked banking sector turmoil in the U.S. ![]() ![]() HONG KONG, May 2 (Reuters) - HSBC (HSBA.L) tripled its profit in the first quarter as rising interest rates boosted its income, beating analyst forecasts and helping the bank pay its first quarterly dividend since 2019. ![]()
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