HSBC boss Noel Quinn reckons his mega-bank will hit its 10% return target a year early if interest rates rise as markets expect. However, tighter monetary policy brings its own risks. More self-help would be wise, says AntonyMCurrie
HSBC said on Feb. 22 that if central banks lift interest rates as market prices are implying, the resulting improvement in its lending margins would help it hit a 10% return on its tangible equity target in 2023, a year earlier than expected. The profitability figure for 2021 was 8.3%, up from 3.1% in 2020.
The bank reported that its fourth-quarter pretax profit more than doubled, to $2.7 billion, from the same period a year earlier, thanks to lower credit impairment charges and operating expenses. “We carry good business momentum into 2022 in most areas and expect mid-single-digit lending growth over the year,” the bank said in a statement, adding that it expects a weaker performance in Asian wealth management in the first quarter of 2022.A man wearing a protective mask walks past a logo of HSBC at its headquarters, amid the coronavirus disease outbreak in Kuala Lumpur, Malaysia September 9, 2020.
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