HSBC profits hit $ 21.9 b, up 15% over 2010

Tuesday, 28 February 2012 01:19 - - {{hitsCtrl.values.hits}}

LONDON (Reuters): HSBC just missed analysts’ expectations with a near $ 22 billion profit last year, which marked the biggest profit among western banks thanks to its strength in Asia and other emerging markets.

HSBC, Europe’s biggest bank, on Monday reported 2011 profits of $ 21.9 billion, up 15 per cent on the year but just below the average forecast of $ 22.2 billion from 13 analysts polled by Reuters. The profit included $ 3.9 billion of gains on the value of its own debt.

Profits at its investment bank were down 24 per cent on 2010 at $ 7 billion, hurt as the euro zone debt crisis slowed capital markets activity in the second half of last year.

CEO Stuart Gulliver is reshaping HSBC to cut annual costs by $ 3.5 billion, lift profitability and sharpen its focus on Asia, and said he will step up the execution of his plan this year.

– See full story on page 8

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.