HSBC has today announced that its profits for 2022 were £14.5 billion. Its profits for the last quarter of 2022 were £4.3 billion, up more than 90% from the same period in 2021.
The results follow news last week that NatWest and Barclays made a collective £12.1 billion of profits for 2022. HSBC is using its profits to make its largest dividend payout to shareholders since 2018.
This, coupled with the source of these profits being largely due to interest rate rises from the Bank of England, has renewed calls from Positive Money for a windfall tax on banks’ excess profits.
They are directing supporters to a petition, calling for Chancellor Jeremy Hunt to introduce this tax, with more bumper profits and bonuses likely to be announced by Lloyds Bank tomorrow.
— source positivemoney.org | 21 Feb 2023