Date
24 October 2017

HSBC pre-tax profit up 9% to US$22.57 bln, filing says

HSBC Holdings Plc. (00005.HK) posted a pre-tax profit at US$22.57 billion for 2013, up 9 percent from a year earlier, the company said in a stock exchange filing Monday. Underlying profit before tax surged 41 percent to US$21.59 billion, driven by lower charges for loan impairment, fines, penalties and customer redress.

Return on equity rose 0.8 percentage point to 9.2 percent.

HSBC plans to recycle risk-weighted assets from lower return to higher return in a bid to progressively increase dividends. 

Also, it will continue to improve its global governance program and strengthen its response mechanism to financial crime, the filing said.

At the same time, it aims to deliver a further US$2 billion to US$3 billion of sustainable savings by streamlining its processes and procedures.

It expects China’s economy to grow 7.4 percent this year and the United Kingdom economy to expand 2.6 percent. Gross domestic product growth for the United States should come in at 2.5 percent and that for western Europe at 1.2 percent, it said.

– Contact HKEJ at [email protected]

AM/JP/RA

 

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