HONG KONG/LONDON: HSBC Holdings reported a 78% jump in full-year profit, a record high gain on high interest rates, but missed forecasts as it was hit by an impairment from its stake in a Chinese bank.

Europe’s largest lender with a market value of $160 billion reported on Wednesday a pretax profit of $30.3 billion for 2023, versus $17.5 billion a year earlier.

The results were worse than the $34.1 billion mean average estimate of brokers compiled by HSBC.

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The record-high annual profit was marred by a $3 billion impairment on the bank’s stake in China’s Bank of Communications.

The London-headquartered bank announced a fourth interim dividend of $0.31 per share, resulting in a total for 2023 of $0.61 per share.