UNB: Global bank HSBC reported Monday that its pre-tax profit in the first half of the year rose 4.6 percent as its strategy focused on growing markets paid off. The London-based bank’s $10.7 billion pre-tax profit in January-June compared with $10.2 billion a year earlier. Quarterly pre-tax profit surged to $5.96 billion from $4.8 billion in April-June 2017. The bank said Monday that net profit was $7.2 billion in the first half, up from $7 billion a year earlier. Revenue rose 4.2 percent from a year earlier to $27.2 billion from $26.2 billion a year earlier. The bank’s total assets climbed to $2.61 trillion as of June 30 from $2.52 trillion as of Dec. 30, 2017. HSBC is Europe’s biggest bank, but earns most of its profits from Asia. Last year it completed a corporate overhaul to raise profitability by focusing more on high-growth Asian emerging markets while shedding businesses.
Our time is a news portal