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HSBC Reports Sharp Revenue Decline in 2020

The reported profit after tax reached $6.1 billion in 2020, which is a 30% drop compared to 2019.

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HSBC Holdings announced its latest financial results today and reported a sharp decline in revenue. The bank saw revenue of $50.4 billion in 2020, which is a 10% drop compared to 2019. The reported profit before tax stood at $8.8 billion, which is down 34% compared to 2019. The profit after tax reached $6.1 billion.

According to the official press release, HSBC will give an interim dividend of $0.15 per ordinary share for 2020 despite the drop in profit and revenue. The interim dividend will be paid in cash.

HSBC saw a 12% decline in reported revenue in Q4 of 2020 compared to the same period in 2019. The bank termed the lower interest rate environment as a primary reason for a decline in profit and revenue.

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Commenting on the recent financial results, Noel Quinn, Group Chief Executive at HSBC, said: “In 2020, our people delivered an exceptional level of support for our customers in very tough circumstances, while our strong balance sheet and liquidity gave reassurance to those who rely on us. We achieved this while delivering a solid financial performance in the context of the pandemic particularly in Asia and laying firm foundations for our future growth. I am proud of everything our people achieved and grateful for the loyalty of our customers during a very turbulent year.”

2021 Outlook

Despite the challenges in 2020, HSBC mentioned that its deposits grew by $204 billion on a reported basis during last year. The bank saw growth in all global businesses with a jump in the revenue of global markets. HSBC mentioned that it is cautiously optimistic about 2021 as the bank saw good numbers in January 2021.

“We intend to increase our focus on areas where we are strongest, increase and accelerate our investments, and continue to progress with the transformation of our underperforming businesses. As part of our climate ambitions, we have also set out our plans to capture the opportunities presented by the transition to a low-carbon economy,” the official press release states.

Source: https://www.financemagnates.com/institutional-forex/hsbc-reports-sharp-revenue-decline-in-2020/

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