Asian Pivot Drives HSBC
HSBC's pre-tax profit for 2017 jumped 11 percent from the same period of 2016, fuelled by surging growth in Asia.
HSBC reported profit before tax of $17.2 billion up $10.1 billion on 2016, which included a loss on the operations in Brazil the bank sold the same year. Pre tax profit of $21 billion was $2.1 billion or 11 percent higher. The dividend is unchanged at $0.51 for 2017 the bank said in a statement.
More than three quarters of the profit came from Asia, in particular from the retail banking and wealth management units, where Hong Kong was a major contributor.
«Asia again contributed a substantial proportion of the Group’s profits, particularly in commercial banking and retail banking and wealth management,» said Mark Tucker, HSBC group chairman.
