LONDON (dpa-AFX) - British lending major HSBC Holdings Plc (HSBA.L, HSBC) reported Wednesday that its fourth-quarter profit increased from last year, despite weak revenues.
For the quarter, profit before tax was $2.3 billion, a growth of $1.3 billion from the prior year. The company noted that the increase reflected the non-recurrence of an impairment charge in the prior year of $3.0 billion relating to the investment in associate BoCom.
Reported profit after tax was $0.6 billion, up $0.4 billion from the prior year.
Revenues for the quarter, meanwhile, dropped 11 percent from last year to $11.6 billion, due to the recycling of foreign currency losses and other reserves relating to the sale of business in Argentina.
In fiscal 2024, profit before tax grew to $32.31 billion from last year's $30.35 billion. Earnings per share were $1.24, up from $1.14 a year ago. Revenue dropped to $65.85 billion from $66.06 billion in the prior year.
Looking ahead, the company projects banking net interest income of around $42 billion in 2025. In fiscal 2024, banking net interest income was $43.7 billion.
The bank is targeting growth in target basis operating expenses of approximately 3 percent in 2025.
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