HSBC’s Middle East unit increases lending in Q4

HSBC’s Middle East unit increases lending in Q4

HSBC’s Middle East subsidiary expanded its loan book in the fourth quarter, outperforming the bank’s other units. Customer lending at HSBC Bank Middle East was $20 billion on December 31, up $1.6 billion, or 8 percent, on three months earlier. Worldwide, HSBC’s customer lending fell by 2 percent over the same period. The Middle East […]

Loan book at $20bn

Outperforms other regions

Outlook ‘strong for 2024’

HSBC’s Middle East subsidiary expanded its loan book in the fourth quarter, outperforming the bank’s other units.

Customer lending at HSBC Bank Middle East was $20 billion on December 31, up $1.6 billion, or 8 percent, on three months earlier.

Worldwide, HSBC’s customer lending fell by 2 percent over the same period.

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The Middle East subsidiary, which is wholly owned by HSBC, made a pre-tax profit of $1.2 billion in 2023, up from $728 million in 2022.

“The Middle East region performed very well economically in 2023 and the outlook remains strong for 2024, notwithstanding the risks arising from conflicts in the region,” states HSBC’s 2023 annual report, which was published on Wednesday.

“As countries like Saudi Arabia and the UAE continue to diversify their economies,