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Tuesday 21 November 2017

HSBC pre-tax profit rises 12%

The bank reported earlier this year that its 2016 net profit tumbled by more than 80%
The bank reported earlier this year that its 2016 net profit tumbled by more than 80%

HSBC has said its quarterly pre-tax profits rose 12% as improved trading and rising interest rates helped support the London-based global bank's businesses.

The bank said on Thursday that profit for the first three months of the year, adjusted for one-time items and currency fluctuations, came in at 5.9 billion dollars (£4.5bn) compared with 5.3 billion (£4.1bn) a year ago.

Adjusted revenue edged 2% higher to 12.8 billion dollars (£9.9bn).

The results came after the bank reported earlier this year that its 2016 net profit tumbled by more than 80%.

HSBC is Europe's biggest bank, but the bulk of its earnings come from Asia.

It is in the middle of a sweeping revamp aimed at improving profitability.

The banking giant is shedding tens of thousands of workers and leaving some markets to focus even more on Asia.

AP

Press Association

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