Trade
6 years ago

HSBC Asia profits surge to $17.2b

People exit an HSBC branch at Dubai Internet City in Dubai January 4, 2012. Reuters/File Photo
People exit an HSBC branch at Dubai Internet City in Dubai January 4, 2012. Reuters/File Photo

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HSBC, Europe’s biggest bank according to its assets, has posted a pre-tax profit of $17.2 billion (£12.3 billion) in 2017, saying its focus on Asia was driving its growth triggering an up rise in profits.

The results represent a 142 per cent jump on the $7.1 billion profit of the previous year.

But that comparison is flattering, given 2016 saw the bank incur a string of one-off costs including the sale of its Brazil business, which proved to be heavy for the giant financial institution.

Though it is well known on the UK High Street, HSBC makes most of its money outside of Britain with Asia accounting for the bulk of its global profits.

"A large increase in reported profit before tax reflected both a healthy business and the non-recurrence of significant items from 2016," said group chairman Mark Tucker.

HSBC, Europe's biggest bank, is on the verge of leadership change with chief executive Stuart Gulliver handing over the reins to current retail banking and wealth management head John Flint from Wednesday, reports BBC.

Flint has been with the bank since 1989.

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