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HSBC says half-year net profit jumps 22%

AFP  London, August 05, 2013
First Published: 15:00 IST(5/8/2013) | Last Updated: 15:03 IST(5/8/2013)
Global banking giant HSBC announced on Monday a 22% increase in half-year net profits to $10.28 billion (7.73 billion euros) on lower costs and falling bad-debt charges.
"These results confirm the value which is being delivered from the continuing reshaping of the group and from enforcing appropriate cost discipline," chairman Douglas Flint said in the British bank's earnings statement.
The result came in slightly below analysts' consensus forecast of profit after tax totalling $10.52 billion, according to a survey by Dow Jones Newswires.
Pre-tax profit rose 10.0 percent to $14.1 billion in the six months to the end of June compared with the first half of 2012, HSBC said.
Total operating expenses decreased 13 percent and loan impairment charges and other credit risk provisions dropped to $3.1 billion in the first half, the bank added.
"HSBC's performance during the first six months of 2013 reflected the trends we saw in the first quarter," said HSBC chief executive Stuart Gulliver.
"Economic growth remained muted and regulatory changes continued to impact available returns."
Regarding the outlook, HSBC said that "despite slower growth in the short term, the long-term economic trends remain intact. The global economy will continue to rebalance towards the faster-growing markets such as China."

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