Key facts: HSBC posts $29.9B pre-tax profit; CFO: AI to cut costs
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HSBC reported a FY revenue of $68.3 billion and a pre-tax profit of $29.9 billion, after accounting for a $4.9 billion notable-item hit. The bank reaffirmed its 17% return on tangible equity (RoTE) target and anticipates net interest income (NII) to be at least $45 billion next year. CFO Pam Kaur announced at a Morgan Stanley conference that HSBC plans to leverage AI to enhance productivity, reduce costs, and reallocate resources from routine tasks to strategic initiatives.
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