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Home Business and Economics

HSBC shareholders bank bumper payouts as profits soar

Positive Money has called for a windfall tax on banks’ excess profits as millions of people endure financial hardship.

Jack Peat by Jack Peat
2023-02-21 09:07
in Business and Economics
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HSBC has reported a near-doubling of profits at the end of 2022 and revealed plans for a special shareholder payout on top of its highest dividend for four years as it defends itself in the face of break-up calls from its biggest investor.

The banking giant unveiled a better-than-expected jump of more than 90 per cent in pre-tax profits to 5.2 billion US dollars (£4.3 billion) for the final three months of the year.

Overall for 2022, it posted a slight drop in pre-tax profits, down by 7.3 per cent to 17.5 billion dollars (£14.6 billion).

The group announced total dividends of 32 cents a share for 2022 – the highest level since 2018 – and looked to further appease shareholders by saying it will hand out a special dividend after the sale of its business in Canada later this year.

It comes as HSBC has been under pressure from its largest shareholder Ping An, a Chinese insurance group, which has been leading a campaign to push for a split of HSBC’s Asian and western banking businesses to boost profits.

Noel Quinn, group chief executive, said the results marked “another good year for HSBC”.

But others have been more critical.

Positive Money has called for a windfall tax on banks’ excess profits as millions of people endure financial hardship.

They are calling for Chancellor Jeremy Hunt to introduce this tax, with more bumper profits and bonuses likely to be announced by Lloyds Bank tomorrow.

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Fran Boait, executive director at Positive Money, commented: “It should come as no surprise that a bank with a track record of financing all things detrimental to the climate, nature and human rights is happy to reap the rewards of interest rate rises that have burdened families already struggling with the cost of living.

“These profits are the chiefly result of higher interest rates paid by the public, rather than any increased efficiency or better service to customers.

“Rather than imposing more costs on ordinary households, the government should tax the windfall profits of banks in order to lift households out of fuel poverty and end the dependence on food banks that has come to mark so many families’ daily experience.”

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