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HSBC’s Profit Up 10% in First Half Of The Year

Profit at Europe’s largest bank, HSBC, was up 10% in the first half of this year compared to a year ago on strong earnings in Hong Kong.


Its profit before tax was $13.6bn (£8.7bn) in the first six months, compared to $12.3bn a year ago – beating forecasts of $12.5bn.

The lender also announced the sale of its Brazil unit to banking giant Banco Brandesco for $5.2bn.

The move comes as it tries to reduce costs with plans to cut 50,000 jobs.

“We are executing the actions that we announced at our investor update in June and our focus is on making significant progress during the remainder of the year,” the London-based bank said in a statement on Monday.

The sale of its Brazilian operations marks the bank’s retreat from the second-largest emerging market, where it has about 21,000 employees.

HSBC has also been considering moving its global headquarters from London and confirmed the decision by its board would be made by the end of this year.

HSBC’s Hong Kong listed shares were trading flat after the results.

The stock outperformed the benchmark Hang Seng index, which is down over 1%.

Tony Williams
Tony Williams
Tony Williams is a seasoned journalist with over 10 years of experience covering a wide range of topics, from local news to international events. With a keen eye for detail and a passion for uncovering the truth, Tony has won numerous awards for his investigative reporting. He holds a degree in journalism from the University of California and has worked for several top-tier newspapers. Tony is known for his tenacity and commitment to delivering high-quality journalism to his readers, and he is widely respected in the industry for his integrity and professionalism.
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