UK news HSBC improves on expectations as profits drop 34% to £6.2 billion last news
MetiNews.Com - HSBC suffered a 34% drop in pre-tax profit to 8.8 billion US dollars (£6.2 billion) for the year ending December 31, though Europe’s largest bank still managed to beat estimates.
Breaking News ! "HSBC suffered a 34% drop in pre-tax profit to 8.8 billion US dollars (£6.2 billion) for the year ending December 31, though Europe’s largest bank still managed to beat estimates. Pre-tax profit was down from 13.3bn dollars (£9.4bn) for the same period in 2019, while the adjusted profit before tax of 12.1bn dollars (£8.6bn) fell 76% on the year before.
.4bn dollars (£35.8bn), representing a fall of just 8% on 2019’s 54.9bn dollars (£39bn), with shares shooting up 3% in early trading in Hong Kong following Tuesday’s announcement.Group chief executive Noel Quinn said the company’s mandate in 2020 was to “provide stability in a highly unstable environment for our customers, communities and colleagues”.He added: “I believe we achieved that in spite of the many challenges presented by the Covid-19 pandemic and heightened geopolitical uncertainty.“Our people delivered an exceptional level of support for our customers in very tough circumstances, while our strong balance sheet and liquidity gave reassurance to those who rely on us.“We achieved this while delivering a solid financial performance in the context of the pandemic – particularly in Asia – and laying firm foundations for our future growth.”"
Source = MetiNews.Com