{"id":7463,"date":"2018-02-20T08:29:37","date_gmt":"2018-02-20T08:29:37","guid":{"rendered":"https:\/\/english.thesunrisetoday.com\/?p=7463"},"modified":"2018-02-20T12:31:58","modified_gmt":"2018-02-20T12:31:58","slug":"hsbc-profits-jump-to-17-2bn-on-asia-growth","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/hsbc-profits-jump-to-17-2bn-on-asia-growth\/","title":{"rendered":"HSBC profits jump to $17.2bn on Asia growth"},"content":{"rendered":"

\"HSBC\"HSBC has posted a pre-tax profit of $17.2bn (\u00a312.3bn) in 2017, saying its focus on Asia was driving growth.
\nThe results represent a 141% jump on the $7.1bn profit of the previous year.
\nBut that comparison is flattering, given 2016 saw the bank incur a string of one-off costs including the sale of its Brazil business.
\nThough well known on the British High Street, HSBC makes most of its money outside the UK, with Asia accounting for the bulk of global profits.
\nAnd the bank said the prospect of regional Asian trade deals and lending linked to China\u2019s Belt and Road projects \u201cprovided cause for optimism\u201d.
\n\u201cA large increase in reported profit before tax reflected both a healthy business and the non-recurrence of significant items from 2016,\u201d said group chairman Mark Tucker.
\nWhile an stark improvement on 2016\u2019s results, the profit is still lower than the $18.9bn reported in 2015.
\nHSBC, Europe\u2019s largest bank, has been focussing on a drive to streamline its business and slash costs.
\nLater this week, chief executive Stuart Gulliver will hand over the reins to current retail banking and wealth management head John Flint, after seven years at the helm.
\nMr Flint has said he wants to speed up the pace of change at the firm. -BBC<\/em><\/p>\n

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