HSBC Malaysia performed well in 2022 after a lacklustre 2021.
Profits before tax more than trebled to RM1.5 billion ($330 million) in the 2022 financial year, from RM447 million in 2021. Total operating income rose 17.8% to RM3.2 billion and non-interest income by 16.5% to RM1.8 billion. The average return on assets improved to 1% at the end of 2022 from 0.5% the previous year, while average return on tangible equity rose to 8.9% from 3.7%.
HSBC’s clear four-pronged strategy for Malaysia – focus on strengths, digitize at scale, make investments, and help with the transition to a net-zero world – is paying off.
The bank, whose Malaysia chief executive is Omar Siddiq, has focused on cross-border deal and trade flow, bringing together a new dashboard and mobile app for high net-worth clients, unveiling a new headquarters in Kuala Lumpur and mobilizing capital for ESG investment.
In May 2022, HSBC launched a new feature that allows customers to open an investment account digitally – roughly half of all investment accounts are now opened in this way.
HSBC also scaled up EZInvest, a platform on its app that allows customers to diversify their unit trust investments easily.