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Barry Caruth
HSBC's pre-tax profit for the first half-year was $ 10.2 billion, which is 5% more than in the same period a year earlier, the bank said. Analysts polled by the bank, on average, predicted the figure at $ 9.5 billion.
HSBC's net profit in the second quarter increased by 57% compared to the same period last year, from $ 2.47 billion to $ 3.87 billion. Pre-tax profit grew by 46% to $ 5.3 billion.
Net interest income of the group in the first half decreased by 12.58% to $ 13.777 billion. The revenue fell 11% to $ 26.2 billion.
"The management continues to achieve significant success in achieving the strategic goals that were set in June 2015," said Chairman of the Board Douglas Flint in the bank's message. "In the first half of the year, there have been many important events that will strengthen HSBC's market position on two our domestic markets and in the core business."
"The bank demonstrated excellent performance in the first half of the year, and at this rate we will achieve most strategic goals by the end of the year," HSBC’s CEO Stuart Gulliver said.
The Board of Directors of HSBC confirmed the further buyback of the bank's shares for $ 2 billion. Simultaneously, the value of HSBC's shares rose by 0.9% during the bidding in Hong Kong.
The latest financial results of HSBC and the buyback plan will continue to support the price of the bank's shares, said Jackson Wong, deputy director of Huarong International Securities. The shares’ value increased by 23% from the beginning of the year following the close on Friday.
Recall, in the spring it became known that HSBC was officially authorized as an adviser on the initial public offering (IPO) of Saudi Arabia's largest oil company Saudi Aramco.
It is expected that Aramco’s IPO will be the largest primary placement in the world, HSBC’s chief executive said.
Europe's largest bank has joined its colleagues, including JPMorgan Chase & Co and Morgan Stanley, in a deal to raise about $ 100 billion. This is a central element of the Saudi government's ambitious strategy to diversify the oil-dependent economy.
HSBC’s Chief Executive Officer Stuart Gulliver announced appointment of the bank for a deal at a shareholders meeting in Hong Kong. Thereby, he confirmed previously announced information that the bank is close to participating in one of the most attractive deals in the world.
Gulliver also said that HSBC is confident that they will be able to support dividend payments and achieve savings targets.
Despite pressure on profits, HSBC kept the dividend payout ratio at a higher level over the past few years, while some of its peers, including Standard Chartered, did not pay dividends for 2016.
The bank may need to move a few thousand employees from Britain to Paris, depending on how the Brexit negotiations will take place.
source: reuters.com
HSBC's net profit in the second quarter increased by 57% compared to the same period last year, from $ 2.47 billion to $ 3.87 billion. Pre-tax profit grew by 46% to $ 5.3 billion.
Net interest income of the group in the first half decreased by 12.58% to $ 13.777 billion. The revenue fell 11% to $ 26.2 billion.
"The management continues to achieve significant success in achieving the strategic goals that were set in June 2015," said Chairman of the Board Douglas Flint in the bank's message. "In the first half of the year, there have been many important events that will strengthen HSBC's market position on two our domestic markets and in the core business."
"The bank demonstrated excellent performance in the first half of the year, and at this rate we will achieve most strategic goals by the end of the year," HSBC’s CEO Stuart Gulliver said.
The Board of Directors of HSBC confirmed the further buyback of the bank's shares for $ 2 billion. Simultaneously, the value of HSBC's shares rose by 0.9% during the bidding in Hong Kong.
The latest financial results of HSBC and the buyback plan will continue to support the price of the bank's shares, said Jackson Wong, deputy director of Huarong International Securities. The shares’ value increased by 23% from the beginning of the year following the close on Friday.
Recall, in the spring it became known that HSBC was officially authorized as an adviser on the initial public offering (IPO) of Saudi Arabia's largest oil company Saudi Aramco.
It is expected that Aramco’s IPO will be the largest primary placement in the world, HSBC’s chief executive said.
Europe's largest bank has joined its colleagues, including JPMorgan Chase & Co and Morgan Stanley, in a deal to raise about $ 100 billion. This is a central element of the Saudi government's ambitious strategy to diversify the oil-dependent economy.
HSBC’s Chief Executive Officer Stuart Gulliver announced appointment of the bank for a deal at a shareholders meeting in Hong Kong. Thereby, he confirmed previously announced information that the bank is close to participating in one of the most attractive deals in the world.
Gulliver also said that HSBC is confident that they will be able to support dividend payments and achieve savings targets.
Despite pressure on profits, HSBC kept the dividend payout ratio at a higher level over the past few years, while some of its peers, including Standard Chartered, did not pay dividends for 2016.
The bank may need to move a few thousand employees from Britain to Paris, depending on how the Brexit negotiations will take place.
source: reuters.com
