HSBC’s Asia pre-tax profits dipped slightly but continued expansion in the region is underway with growth registered across headcount, clients, fee income and more.
«Despite interest rate headwinds, there was continued strength in Asia,» said HSBC group CEO Noel Quinn in a statement on the bank’s latest first-half results.
Pre-tax profits in Asia fell 5.9 percent to $6.9 billion during the period.
Continued Expansion
Despite the profit dip, the bank continues to expand in the region, highlighting «strong customer acquisition, increased fee income and significant growth in wealth balances».
In mainland China, HSBC grew its digital wealth management business, recruiting more than 350 wealth managers and accelerating coverage expansion to five cities: Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou.
To serve the needs of Asian and Asian diaspora clients, the bank also expanded digital wealth capabilities in Hong Kong, Malaysia and Singapore, and reorganized its wealth businesses in continental Europe and the U.S. to improve connectivity to global opportunity.
More Commitment
The bank expressed even more future commitment to the region including and the relocation of «three global business CEO on a permanent basis», referring to global banking and markets co-head Greg Guyett, wealth and personal banking chief executive Nuno Matos and global commercial banking chief Barry O’Byrne's move to Hong Kong in the second half.
It also underlined its climate change ambitions, including support to transition the energy sector in Asia towards renewables.
In the first half of 2021, Asia represented 64 percent of HSBC’s global pre-tax profits of over $10.8 billion.
