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HSBC profits more than double, better than expected

File Photo: The HSBC logo can be seen on March 3, 2016 in the Canary Wharf Financial District in London, England. REUTERS / Reinhard Krause / File Photo

August 2, 2021

Hong Kong / London (Reuters)-HSBC Holdings said Monday that it exceeded expectations as it more than doubled its pre-tax profits in the first half and benefited from the economic recovery in Hong Kong and the United Kingdom.

Europe’s largest bank’s pre-tax profit by asset was $ 10.8 billion, compared to $ 4.32 billion in the year-ago quarter, above the bank’s estimated average of $ 9.45 billion for 15 analysts.

HSBC said it will pay a dividend of 7 cents per share after the Bank of England lifted payment restraints last month.

Given the brighter global outlook as the economy recovers more than expected from the pandemic, it currently expects credit losses to fall below its medium-term forecast of 0.3-0.4% of loans.

(Report by Alun John in Hong Kong and Lawrence White in London, edited by Edwina Gibbs)



HSBC profits more than double, better than expected

Source link HSBC profits more than double, better than expected

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