HSBC profits soar
COMPANY RESULT: HSBC announced its results for the first half of
2006.
Pre-tax profits has increased by 18 per cent to USD12,517 million
from USD10,640 million in 2005. Net operating income has grown by USD4.5
billion, or 14 per cent, to USD28.3 billion. The cost efficiency ratio
has improved to 50.1 per cent from 51.4 per cent in the first half of
2005. Underlying growth, which exceeded USD1 billion, was approximately
two and a half times the level of underlying growth in the first half of
2005.
Profit attributable to shareholders has risen by 15 per cent to
USD8.7 billion - a new high - and represents earnings per share of
USD0.78, a rise of 13 per cent over the same period last year.
HSBC Group Chairman Stephen Green said: "These results reflect a very
strong performance across geographies and lines of business around the
Group. We have run the businesses with a strong capital structure and a
robust balance sheet and we are well diversified."
HSBC's 'Managing for Growth' strategy is built on growing the
business organically and much of the growth achieved during the period
was achieved in that way, notably in CIBM (Corporate, Investment Banking
and Markets), in PFS (Personal Financial Services) and in direct
channels like HSBCdirect in the US.
The bank's core markets remain Hong Kong, the United States and the
UK. But three other businesses - Mexico, France and the Middle East,
including Saudi Arabia - are now also generating pre-tax profits in
excess of USD1 billion on an annualised basis, with Canada not far
behind. |