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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)
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Comments (1)
  • vtorch
    , contributor
    Comments (313) | Send Message
    HSBC's biggest non-core asset: UK business and the cost of expensive UK bankers.
    5 Aug 2013, 10:15 AM Reply Like
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