HSBC - Why HSBC Shares Are Diving Premarket Wednesday | Benzinga
HSBC Holdings PLC (NYSE:HSBC) shares are trading lower after it reported fourth-quarter and 2023 results.
Fourth-quarter revenue declined 11% Y/Y to $13.021 billion as NII fell 7% Y/Y to $8.28 billion, impacted by notable items of $(2.7) billion booked in the quarter. Net interest margin (NIM) contracted to 1.52% from 1.68% a prior-year quarter.
Revenue rose over 30% Y/Y to $66.1 billion in FY23, including growth in NII of $5.4 billion. In FY23, operating expenses fell 2% Y/Y to $32.1 billion due to lower restructuring and other related costs of $3.0 billion following the completion of its cost-to-achieve program that was completed in 2022.
Profit before tax rose significantly to $30.3 billion for FY23 (vs. analysts’ forecast of $34.1 billion, per Reuters) ...