HSBC's quarterly profit surged 92% as rising interest rates swelled net interest income, but its Hong Kong shares fell 2% as a cautious outlook left investors pondering whether the rates boost may already have peaked.
"With the delivery of higher returns, we will have increased distribution capacity, and we will also consider a special dividend once the sale of HSBC Canada is completed," Group Chief Executive Noel Quinn said in a statement.
The outlook echoed that of British rival NatWest, which warned last week that rising interest rates may not deliver the long-lasting earnings bonanza investors hope for, sending its shares down nearly 10%. Since Quinn took charge in March 2020 just as the COVID-19 pandemic swept the globe, the shares have gained 25% though still underperforming a 50% rise in the broader market. So far this year, the shares have risen 20% versus a 7% rise in the FTSE indexFor the fourth quarter, HSBC said expected credit losses nearly trebled to $1.4 billion, and included charges relating to exposure in China's commercial real estate sector, as well as corporate exposures in Britain.
The Asia-focused bank, which counts Hong Kong as its biggest market, also said it will return to paying quarterly dividends in 2023, and would bring forward the consideration of fresh share buybacks to the first quarter of 2023.
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