HSBC profits surge 32%, sparking fresh calls for bank taxes in the budget – business live
Rolling coverage of the latest economic and financial news The TUC are also urging the Chancellor to increase taxes on banks in tomorrow’s Budget, arguing the sector could pay tens of billions of pounds more. Rather than simply reversing Jeremy Hunt’s cut to the bank surcharge from 8% to 3%, the TUC argue that the surcharge – additional corporation tax – should be increased further. “Some in the…
HSBC reported a 32% surge in profits, handing $2.7 billion to shareholders. This comes as he prepares to finish the budget, with John Healey considering whether banks can bear a tax hike. The London-based bank saw profits rise nearly a third to $9.6 billion in the July to September quarter, driven by higher interest rates, lower loan losses, and smaller legal provisions.
HSBC also announced a $1 billion share buyback and an interim dividend of $0.1 per share. Net interest income rose to $9.3 billion, though UK deposits remained flat. HSBC is facing scrutiny over the Google Cloud outage and potential AI job cuts in its UK wealth management business. The TUC urges the Chancellor to increase taxes on banks in the budget, arguing that the sector could pay tens of billions more.
HSBC's CFO, Pam Kaur, supports the government's growth agenda and expresses encouragement for the measures.
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