HSBC first-half pretax profit rises 4.6 percent, second quarter…

Published 06/08/2018 in Uncategorized

HSBC first-half pretax profit rises 4.6 percent, second quarter…

HONG KONG/LONDON (Reuters) – HSBC Holdings Plc (HSBA.L) said on Monday its pretax profit rose 4.6 percent for the first half of the year, as Europe’s biggest bank showed early progress in its strategy of returning to growth mode after years of restructuring.

Flint set out in June a three-year plan to invest $15 billion-$17 billion in areas such as technology and in China, as part of the bank’s swing from a strategy of cost-cutting to one of growth.

HSBC’s retail banking and wealth management, and commercial banking divisions performed most strongly, Flint said, adding both continued to gain from a positive interest rate environment.

Pretax profits for the first half from Asia jumped 23 percent to $9.4 billion, representing 88 per cent of the group’s pretax profits. Flint re-empahsized Asia as one of the bank’s strategic targets in his June presentation.

The bank also announced that it had appointed Jonathan Symonds, formerly chairman of HSBC Bank plc, as its deputy chairman.

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