Analyst estimates compiled by the bank had expected a jump of 87% to $4.97 billion.
The bank said its fourth-quarter results reflect strong reported revenue growth and lower reported operating expenses.HSBC, Europe's largest bank by assets, said higher global interest rates support the firm's confidence in achieving its target of at least 12% return on average tangible equity in 2023.
"We completed the first phase of our transformation and our international connectivity is now underpinned by good, broad-based profit generation around the world," Noel Quinn, group chief executive said in the release. "We are on track to deliver higher returns in 2023 and have built a platform for further value creation," he said.
Banks globally have seen strong net interest income as central banks around the world raised rates to tame inflation. HSBC said it expects net interest income of at least $36 billion in 2023.
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