HSBC posts 10% rise in earnings, shares fall

HSBC Holdings, Europe’s largest bank, said first-half earnings rose 10 per cent after US loan impairments fell and it sold assets to focus on more profitable markets.

5th August, 2013
HSBC is reaping the reward of reversing its expansion in US consumer banking.

HSBC Holdings, Europe’s largest bank, said first-half earnings rose 10 per cent after US loan impairments fell and chief executive Stuart Gulliver sold assets to focus on more profitable markets.

HSBC’s pretax profit rose to $14.07 billion from $12.74 billion a year earlier, the London-based lender said in a statement today, just below the $14.15 billion estimate of 10 analysts surveyed by Bloomberg. Loan impairments dropped 35 per cent to $3.1 billion.

Gulliver is reaping the reward of...

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