Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

HSBC buoyed by 'great quarter' for global banking

Profits before impairments at the Asia-focused bank rose 12% to US$5.94bn
picture of HSBC logo
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.

CLICK HERE: For a daily round-up of all the Proactive news

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.

View full HSBA profile View Profile

HSBC Timeline

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use