From Morningstar:

Shares in HSBC fell nearly 9% after it released annual results, with investors reacting to a writedown on a Chinese bank and exposure to weaker commercial property. The UK bank saw a surge in pre-tax profit in 2023, up 78% to $30.35 billion. Total revenue rose 30% to $66.06 billion, driven by higher net interest income.

Non-interest income increased by $10 billion, while profit got a boost from the sale of its retail banking operations in France and the acquisition of Silicon Valley Bank UK Ltd. HSBC doubled its dividend to $0.61 per share, compared to $0.32 in 2022, and announced a share buyback of up to $2.0 billion.



Read more: HSBC Shares Slide After Earnings