Shares
in
UK
bank
HSBC
(HSBA)
were
the
biggest
faller
in
the
FTSE
100
on
Wednesday
after
it
released
annual
results,
losing
nearly
9%.
Investors
reacted
to
a
writedown
on
a
Chinese
bank
and
exposure
to
weaker
commercial
property.
Analysts
from
described
the
results
as
“messy”
despite
the
rise
in
annual
profits.
While
pretax
profit
in
2023
surged
78%
to
$30.35
billion
(£24
billion)
from
$17.06
billion,
quarterly
profit
dropped
81%
to
$977
million
from
$5.05
billion,
partly
due
to
a
$3.0
billion
impairment
related
to
its
investment
in
Shanghai-based
BoCom;
the
chief
executive
described
this
writedown
as
an
accounting
adjustment
rather
than
a
sign
of
a
wider
malaise
in
China,
whose
economy
has
been
struggling.
Total
revenue
rose
30%
to
$66.06
billion,
from
$50.62
billion.
HSBC
said
this
was
driven
by
an
increase
in
net
interest
income
from
all
three
of
its
global
businesses,
reflecting
the
higher
interest
rate
environment.
Net
interest
income
rose
18%
to
$35.80
billion
from
$30.38
billion,
while
the
net
interest
margin
improved
to
1.66%
from
1.42%.
Read
more:
Top
FTSE
100
Dividend
Paying
Stocks
Key
Morningstar
Metrics
for
HSBC
•
Fair
Value
Estimate:
850p
•
Current
Price:
588p
•
Morningstar
Rating:
★★★
•
Morningstar
Economic
Moat
Rating:
None
•
Morningstar
Uncertainty
Rating:
Medium
HSBC
Dividend
Doubled
In
addition,
non-interest
income
increased
by
$10
billion,
thanks
to
increased
trading
and
$6.4
billion
in
fair
value
income,
mostly
in
Global
Banking
and
Markets.
Profit
also
got
a
boost
from
the
sale
of
its
retail
banking
operations
in
France,
and
the
acquisition
of
Silicon
Valley
Bank
UK
Ltd.
HSBC
said
it
has
approved
a
fourth
interim
dividend
of
$0.31
per
share,
bringing
the
total
dividend
to
$0.61
per
share,
almost
double
that
of
$0.32
in
2022.
HSBC
also
said
it
will
begin
a
share
buyback
of
up
to
$2.0
billion,
which
it
expects
to
complete
by
the
announcement
of
its
first
quarter
results.
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