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Monday, Aug 5
More on HSBC H1: Underlying pretax profit +47% to $13.1B
- HSBC's (HBC) underlying pretax profit +47% to $13.1B, helped by lower loan-impairment charges and operating costs.
- Attributable profit +23% to $10B.
- Net interest income -8% to $17.8B.
- Western economic growth continued to be tepid while growth in China and the rest of Asia stuttered; regulatory reforms added to costs.
- Impairment charges and credit risk provisions -$1.7B to $3.1B.
- Grew revenues in key areas: Financing & Equity Capital Markets, Credit businesses, residential mortgages in the U.K. and Hong Kong, and from collaboration between global businesses.
- Return on equity rises to 12% from 10.5% last year.
- Underlying expenses -8%, helped by $800M of cost savings across all regions, taking the annualized total to $4.1B since the start of 2011.
- Core tier 1 ratio 12.7%, common equity tier 1 ratio 10.1%.
- Total assets -2% since December to $2.645T.
- Declares second interim dividend for 2013 of $0.10 a share.
- Shares -3%. (PR)