HONG KONG -- HSBC Holdings on Wednesday reported a record annual pretax profit of $30.3 billion in 2023, a 78% jump from the previous year, boosted by the completion of the sale of its French retail banking business, but was hit by write-offs related to its investments in China's Bank of Communications.
Finance
HSBC 2023 record profit spoiled by China investments
Chinese real estate and Bank of Communications brought massive impairment charges
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As part of its effort to improve shareholder return, HSBC is selling HSBC Bank Canada to the Royal Bank of Canada for $10.1 billion. © Reuters
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