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October 25, 2022updated 26 Oct 2022 11:07am

HSBC post-tax profit plummets 40% in Q3; names new CFO

British banking giant HSBC has posted a profit after tax of $2.56bn for the third quarter of 2022, down almost 40% compared with $4.24bn a year ago.

The results included a hit of $2.4bn from the proposed divestment of the bank’s retail operations in France.

For the quarter ended 30 September 2022, the banking group’s pre-tax profit plummeted to $3.15bn from $5.4bn a year ago.

However, total operating income rose to $15.47bn from $14.77bn in the third quarter of 2021.

The bank’s net interest income during the quarter rose to $7.45bn from $6.61bn a year earlier.

Wealth and Personal Banking

The Wealth and Personal Banking division of the group posted adjusted revenue of $5.52bn for the third quarter of 2022 as against $5.04bn year earlier.

The unit’s adjusted profit before tax during the quarter remained flat at $1.77bn.

Commenting on the performance, HSBC group chief executive Noel Quinn said: “We maintained our strong momentum in the third quarter and delivered a good set of results. Our strategy produced good organic growth in all three global businesses, and net interest income increased on the back of rising interest rates. We retained a tight grip on costs, despite inflationary pressures, and remain on track to achieve our cost targets for 2022 and 2023.

“We are focused on executing our plans and delivering our returns target of at least 12% from 2023 onwards and, as a result, higher distributions to our shareholders.”

Furthermore, HSBC named Georges Elhedery as its new group CFO and Greg Guyett as the new  CEO of Global Banking and Markets (GBM), effective immediately. Elhedery will succeed Ewen Stevenson, who will step down from his role on 31 December 2022 and will leave HSBC in April next year.

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