HSBC’s net profit doubles, structured note liabilities tick up

HSBC has reported robust earnings for the first half of 2023, with net profit doubling to US$18.1 billion, according to the bank’s 2023 interim report. The bank’s profit before tax jumped 147% to US$21.7 billion year-on-year (YoY) – this included a US$2.1 billion reversal of an impairment relating to the planned sale of its retail banking operations in France and a provisional gain of US$1.5 billion on the acquisition of Silicon Valley Bank UK. Reported revenue rose 50% YoY t