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)