HSBC Reports 2% Decline in 2021 Revenue

HSBC Holdings plc (HSBC) has published its annual results in 2021, revealing an increase in profit among all regions.

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Noel Quinn, Group Chief Executive, said:"We made good progress against our strategy in 2021, which contributed to a strong financial performance that was supported by the global economic recovery. All of our regions were profitable and we saw growth in the fourth quarter of 2021 in many of our business lines."

"We have good momentum coming into 2022 and are confident that we can continue to execute against our strategy. We also remain cognisant of the potential impact that further Covid-19-related uncertainty and continued inflation might have on us and our clients."

In 2021, reported profit after tax up $8.6bn to $14.7bn and reported profit before tax up $10.1bn to $18.9bn. All regions were profitable in 2021, notably HSBC UK Bank plc, where reported profit before tax increased by $4.5bn to $4.8bn.

Reported revenue down 2% to $49.6bn, primarily reflecting the impact of lower global interest rates and a decrease in revenue in Markets and Securities Services (MSS) compared with a strong comparative period.

During the fourth quarter in 2021, reported profit after tax up $1.1bn to $2.0bn and reported profit before tax up $1.3bn to $2.7bn. Adjusted profit before tax up 79% to $4.0bn.

Reported revenue up 2% to $12.0bn, mainly in Commercial Banking (CMB) from growth in Credit and Lending and GTRF. Adjusted revenue up 2% to $12.1bn.