HSBC profits up 13 per cent

30-07-2007

HSBC profits up 13 per cent
Europe's largest bank, HSBC, has announced a 13 per cent increase in profits to £6.97 billion after strong performances in emerging markets and investment banking.

Total operating income increased by 14 per cent from $34,334 (£16,941) million to $42,092 million (£20,769 million).

Group chairman Stephen Green said "excellent performances" across Asia were responsible for the strong results, saying they had "offset the impact of higher consumer finance impairment charges in the US and a challenging environment for our personal business in Europe".

HSBC's commercial banking division's pre-tax profits improved by 20 per cent on last year's results.

However, the personal financial services division suffered a fall of 20 per cent in profits due to "challenging conditions in the UK and to the weaknesses we have already highlighted in our US correspondent mortgage business."

Mr Green said the company was focussing its operations on three trends to ensure growth. He said concentrating on developments such as the growth of emerging markets outpacing mature markets; world trade growing faster than world gross domestic product; and an increase in longevity across the world.

The group has also announced an interim dividend of $0.17 (£0.08) per share in its second dividend announcement for 2007.


Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure