SINGAPORE/LONDON :HSBC Holdings on Tuesday reported annual pre-tax profit more than doubled as the Asia-focused bank reversed hefty credit charges booked previously, saying it now expects to meet a key profitability goal a year ahead of schedule.
The bank said that if central bank interest rates rise worldwide as expected, the resulting improvement in its lending margins would mean it hits its goal of a double-digit return on equity in 2023, a year earlier than expected. "We have good momentum coming into 2022 and are confident that we can continue to execute against our strategy," Group Chief Executive Noel Quinn said in the results statement.
HSBC said it released $900 million in cash it had put aside in case pandemic-related bad loans spiked, as opposed to the same time a year earlier when it took a charge of $8.8 billion against expected losses.
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