Higher profit: HSBC UK headquarters are seen at the Canary Wharf financial district of London.Europe’s biggest bank, which is shifting into growth mode after years of shrinking its global empire and restructuring the business, reported a pre-tax profit of US10.7bil in the six months through June, up 4.6 from the year-ago period. — AFP
HONG KONG: HSBC Holdings Plc posted a small increase in first half pretax profit, as rising expenses from investments in a new growth strategy and a US$765mil provision against sale of US mortgage securities ate into higher revenues.
Europe’s biggest bank, which is shifting into growth mode after years of shrinking its global empire and restructuring the business, reported yesterday a pretax profit of US$10.7bil in the six months through June, up 4.6% from the year-ago period.
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