How did this bank double its profits in China?

HSBC is set to nearly double its annual profits on the back of higher interest rates as it shrugs off concerns about its exposure to China’s stagnating economy and stock market. The Asia-focused giant will report its full-year results next Wednesday, with company-compiled analyst estimates forecasting a surge in pretax profit to $34.1bn (£27.2bn), from $17.5bn (£14bn) in 2022. Britain’s biggest lenders have benefited from a jump in net interest income (NII) – the difference between what a bank pays out to savers and receives in interest from loans – since late 2021 as the Bank of England hiked borrowing costs in an effort to slow down inflation. However, the final quarter of 2023 is expected to show more pressure on banks’ net interest margins as rates have likely peaked and lenders come under pressure to offer savers better deals. Read the full story ⬇️ https://www.cityam.com/hsbc-set-to-nearly-double-annual-profits-as-it-shrugs-off-china-worries/ Get more of City A.M. ⬇️ 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: http://www.linkedin.com/company/cityam #banking #hsbc #china #bankingnews #uknews #chinanews #trendingnews #money #personalfinance #investing #bank