Business & Economy

HSBC reported profit grew 268% in first half of 2021

Shanghai, China, Aug 2 (EFE).- British bank HSBC on Monday announced that its reported profit attributable to ordinary shareholders was $7.28 billion in the first half of the year, increasing its earnings by 268 percent over the same period in 2020.

Between January and June, HSBC’s revenue decreased by 4.46 percent to $25.55 billion, which the bank attributes to interest rate cuts in 2020 and lower revenue in Markets and Securities Services (MSS).

“These are good results that reflect the return of growth in our main markets and marked progress in the execution of our strategy,” Noel Quinn, Group Chief Executive, said in the bank’s interim results posted on its website.

All regions proved to be profitable in the first year of 2021, especially Asia, where profit before tax rose by 64 percent to $6.94 billion.

In Europe, the bank managed to get out of losses to post a pre-tax profit of $1.97 billion.

In North America, HSBC’s profit before tax increased by 7.4 percent and in the Middle East and North Africa by 6.7 percent.

The largest bank in Europe’s total profit before tax grew 151 percent year-on-year to $10.84 billion.

The bank’s net operating income was $26.52 billion in the first half of the year, an increase of 30.6 percent over the first six months of 2020, when the group had begun to suffer the effects of the crisis caused by the Covid-19 pandemic.

Net loans and advances to customers increased by $21.52 billion to $1.06 trillion while deposits grew by $26.3 billion to $1.67 trillion.

In view of the bank’s results, the Board has approved a dividend of $0.07 per ordinary share for the first half of 2021. EFE

Related Articles

Back to top button