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August 2, 2010

HSBC pre-tax profit doubles to $11.1bn

by Gill Montia

Story link: HSBC pre-tax profit doubles to $11.1bn

HSBC recorded pre-tax profits of $11.1 billion in the first half of 2010, with profit having more than doubled when compared to a year earlier.

Total operating income rose 1%, to over $40 billion, while loan impairment charges and other credit risk provisions fell to $7.5 billion, the lowest level since the start of the financial crisis.

The group was profitable in every customer group and across all regions outside North America, where it recorded a pre-tax loss of $80 million.

Strong Asian profits reflected the bank’s increased presence across the region, while in Europe, pre-tax profits were also “strongly ahead” in Personal Financial Services, and higher in Commercial Banking.

The UK accounted for 52% of the group’s European earnings, as international trade volumes and mortgage lending increased.

Looking ahead, group chief executive, Michael Geoghegan, said the company would continue to rebalance towards the needs of a fast changing global economy.

He explained: “Our focus is therefore to build upon our unrivalled franchise in emerging markets, while delivering connectivity for our customers everywhere in an increasingly connected world.”

Earnings per share are up 81%, to $0.38.

 

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