Share

HSBC profit more than doubles

London - Banking giant HSBC said on Monday that its net profit more than doubled to $13.16bn last year as bad debts plunged to the lowest level since 2006.

HSBC said in a results statement that pre-tax profits soared by nearly 170% to $19bn in 2010, while loan impairments and other credit risk provisions nosedived 47% to $14.04bn.

Market expectations had been for net earnings of $14.02bn, according to Dow Jones Newswires. Group revenues meanwhile increased by 3.1% to $68.3bn last year.

"Underlying financial performance continued to improve in 2010," HSBC chief executive Stuart Gulliver said in the results statement.

"All regions and customer groups were profitable, as Personal Financial Services and North America returned to profit," he said.

"Commercial Banking made an increased contribution to underlying earnings and Global Banking and Markets also remained strongly profitable, albeit behind 2009's record performance, reflecting a well-balanced and diversified business."

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.3%
Rand - Pound
23.82
+0.4%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.3%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders