The UK bank is expected to close Q1 22 with a slower momentum in its wealth management activities after booking a strong recovery in 2021 compared with a year ago.
Net profit at HSBC increased 150% to US$14.7 billion in 2021 year-on-year (YoY) driven by ‘a net release of expected credit losses and other credit impairment charges and a higher share of profit from [its] associates’. We carry good business momentum into 2022 in most areas and expect mid-single-digit lending growth over the year Revenue dropped two percent to US$49.6 billion primarily reflecting the impact of lower global interest rates and a decrease in revenue in markets and
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