HSBC net up 28% at $16.79 bn in 2011
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HSBC net up 28% at $16.79 bn in 2011

Last Updated: Monday, February 27, 2012, 23:34
 
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HSBC net up 28% at $16.79 bn in 2011
London: Global banking giant HSBC Holdings Plc on Monday posted a 28 percent jump in its net profit at USD 16.79 billion for the year ended December 31, driven by robust performance of emerging markets, including India.

The Asia-focused bank had a net profit of USD 13.15 billion in 2010.

Net interest income, main source of revenue, grew to USD 40.66 billion for the year ended December 31, 2011, from USD 39.44 billion in 2010, HSBC said in a statement.

"2011 was a year of major progress for HSBC. We gained traction in our strategy designed to simplify the structure and improve the management and control of the Group, thereby improving returns and positioning HSBC for growth," HSBC Group Chief Executive Stuart Gulliver said.

In terms of geographical analysis, HSBC's profit from Asia Pacific region surged to USD 7.47 billion in 2011 from USD 5.9 bilion in 2010, Hong Kong grew to USD 5.82 billion from USD 5.69 billion and profit from Europe increased to USD 4.67 billion from USD 4.3 billion in 2010.

"We recorded a strong performance in faster-growing markets and had a record year in commercial banking. I am pleased with our progress but there is a lot more to do and we remain focused on delivering our targets," he added.

The UK-based bank has recorded strong performance in faster-growing markets as revenue up 12 percent in Asia, Latin America and Middle East and North Africa which now account for 49 per cent of overall revenue.

"We achieved strong revenue growth in key markets, including mainland China, India, Malaysia, Brazil and Argentina, driving increases in profit before tax," the company said.

HSBC's loan impairment charges and other credit risk provisions were USD 12.12 billion in 2011 which was USD 1.91 lower than 2010

As per sectoral analysis, the group posted 31 per cent growth in profit before tax at USD 7.9 billion in the
commercial banking division and retail banking and wealth management profit before tax stood at USD 4.3 billion, up 11 per cent.

"In 2011 in our heartland of Asia, throughout the Middle East and in Latin America, we made good progress in developing customer business in line with the risk appetite endorsed by the Board. Largely driven by growth in lending in these faster-growing regions, our commercial banking business delivered a record performance.

"In Europe and the US we concentrated on supporting our core customer base, targeting trade services while constraining risk appetite within the financial sector. We also made significant further progress in working down our exit businesses in the US," Gulliver added.

PTI



First Published: Monday, February 27, 2012, 23:34


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