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HSBC buoyed by 'great quarter' for global banking

Profits before impairments at the Asia-focused bank rose 12% to US$5.94bn
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Global banking was the star

Underlying profits at Asia–focused bank HSBC (LON:HSBA) rose by 12% after what chief executive Stuart Gulliver described as a great quarter for its global banking business.

Profits before impairments rose 12% to US$5.94bn, though after taking US$1.2bn of adjustments on its loan book statutory profits fell 19% to US$5bn.

Stated revenues were also hit by adverse currency movements and the absence of the now sold Brazil business, though they rose by 3% on an adjusted due to a good performance in wealth management in Asia as well as in global banking.

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Gulliver said three of its four global businesses had performed strongly.

“Commercial Banking delivered higher revenue from our liquidity and cash management activities; and Retail Banking and Wealth Management was supported by rising interest rates and renewed customer investment appetite.”

He added the cost-savings programme also remains on track.

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