HSBC achieved robust growth in 2023 with net profit growing 26% to total $566 million, with growth coming from its commercial, wealth and personal banking businesses.
AfE 2024
The bank relaunched its international offering in line with its International 3.0 proposition in 2023. This incorporates remote digital onboarding for both domestic and international customers and the simplification of cross-border banking transactions. The bank showed strong momentum in onboarding new customers – retail account balances in 2023 grew by $3 billion, a 20% year-on-year increase.
HSBC also worked to improve its digital offering in 2023, introducing its AI Markets feature. This uses purpose-built natural language processing to facilitate interaction using FX analytics, insights from HSBC's own research and proprietary cross-asset data.
HSBC also played a significant role in sustainable finance in Australia in 2023, with the bank leading Air Trunk’s A$4.76 billion ($3.2 billion) debt deal linked to its carbon, energy and water usage. Additionally, the bank provided A$1.1 billion in debt financing of Neoen’s development and construction for a 1.5-gigawatt portfolio of solar, wind and battery energy storage assets in Australia.