London-based HSBC’s Asia business benefited from the post-pandemic environment, with all markets in the region registering higher profits.
HSBC’s Asia business – including Hong Kong, Australia, India, Indonesia, mainland China, Malaysia, Singapore and Taiwan – registered a pre-tax profit of $10.5 billion in the first half of 2023, according to the bank’s financial results. Year-on-year, the 8-market region saw pre-tax profits rise 84 percent.
Every single one of the markets in the region recorded higher pre-tax profits, including three that surged by more than 100 percent. They are Hong Kong (169 percent increase to $6.1 billion), Singapore (189 percent increase to $719 million) and Taiwan (103 percent increase to $193 million).
«China’s reopening at the start of the year lifted both its economy and the prospects for global GDP growth in 2023, although weaker recent data underlines that its recovery may be slower than previously expected,» the bank noted. «Other parts of Asia, such as India and the ASEAN region, are growing robustly.»
