HSBC Asia Pacific reports $ 13.3 b pre-tax profit in 2011

HSBC Asia-Pacific has announced profits before tax of US$13.3 billion in 2011 on a reported basis, an increase of 15% year-on-year.

The Asia-Pacific business remains a key contributor to the HSBC Group’s global performance, accounting for 61% of total Group profits before tax in 2011.

HSBC’s financial performance in Asia-Pacific was driven by increasingly diverse sources of income from its Global Businesses around the region. Hong Kong reported pre-tax profits of US$5.8 billion compared with US$5.7 billion in 2010, an increase of 2% on a reported basis.

On an underlying basis pre-tax profit rose by 5%. The Rest of Asia-Pacific contributed record pre-tax profits of US$7.5 billion compared with US$5.9 billion in 2010, an increase of 27%. On an underlying basis pre-tax profit rose 24%. Peter Wong, Chief Executive of HSBC in Asia, said: “As our strong financial performance shows, HSBC’s strategy is delivering results in the Asia-Pacific region across all geographies and the Global Businesses. By focusing on quality assets, fee income-generating activities and opportunities linked to the renminbi’s rise as a world currency, HSBC Asia-Pacific is well positioned for sustainable growth. As economic expansion in our region continues to outpace that of the developed world, I believe our international connectivity is a core strength serving our customers locally, regionally and globally.”