As global interest rates rose, HSBC Holdings (HSBA.L) reported a 212% quarterly profit increase on Tuesday.
Europe’s largest bank earned $12.9 billion pretax for the first quarter ended March, up from $4.2 billion a year earlier.
HSBC’s 17 analysts’ $8.64 billion average forecast was exceeded.
HSBC’s headline earnings were boosted by a $2 billion impairment reversal against the planned sale of its French subsidiary, indicating the deal’s potential failure.
The bank said the $10 billion sale of its Canadian business, initially scheduled for this year, will likely occur in the first quarter of 2024.
The bank warned last month that regulatory capital issues for the bidder might jeopardize its France disposal.
The London-based bank announced a fresh repurchase cycle and up to $2 billion in earnings. Its first quarterly dividend since 2019 was $0.10 per share.
