HSBC Holdings reported a 23% jump in pre-tax profits, capping a strong reporting season for Britain’s major lenders.
The bank’s chief executive argued that robust capital generation is essential for supporting broader economic expansion, pushing back against growing political calls to increase levies on financial sector earnings.
This performance comes as Barclays also signaled strength, having expanded its banker bonus pool by nearly 30% following a period of robust trading revenue.
The results underscore the resilience of UK banking stocks despite a challenging macroeconomic backdrop.
HSBC’s profit rise to $10.1 billion in the quarter highlights the success of its strategic overhaul, which has shifted focus toward higher-margin wealth management and international markets.
This performance comes as Barclays also signaled strength, having expanded its banker bonus pool by nearly 30% following a period of robust trading revenue.
The surge in profitability has reignited debate over a potential UK bank tax.