HSBC Q1 profit jumps 58%
Source: Agencies |
May 10, 2011, Tuesday
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Print Edition
Print Edition
BANKING group HSBC yesterday reported a 58 percent jump in first-quarter profit due to less provisions for bad loans and lower taxes.
For the quarter ended March 31, HSBC Holdings PLC posted a net profit of US$4.4 billion compared with US$2.9 billion a year earlier. Net operating income fell 5 percent to US$17 billion.
HSBC said it increased lending in all regions except North America, with strong growth in Asia and Latin America.
The bank said charges for bad loans fell to US$2.8 billion from US$3.8 billion a year ago. Taxes paid fell sharply to US$1.1 billion from US$3.2 billion a year ago, when the bank paid a big tax bill on the sale of HSBC Bank Canada by HSBC North America Holdings Inc to HSBC Holdings PLC.
The bank reported a provision of US$440 million for compensating customers who were mis-sold payment protection interest, a more modest provision than the 3.2 billion pounds (US$5.2 billion) marked in by Royal Bank of Scotland and 1.1 billion pounds by Barclays.
The British Bankers' Association said yesterday it would not appeal a court verdict to pay compensation.
For the quarter ended March 31, HSBC Holdings PLC posted a net profit of US$4.4 billion compared with US$2.9 billion a year earlier. Net operating income fell 5 percent to US$17 billion.
HSBC said it increased lending in all regions except North America, with strong growth in Asia and Latin America.
The bank said charges for bad loans fell to US$2.8 billion from US$3.8 billion a year ago. Taxes paid fell sharply to US$1.1 billion from US$3.2 billion a year ago, when the bank paid a big tax bill on the sale of HSBC Bank Canada by HSBC North America Holdings Inc to HSBC Holdings PLC.
The bank reported a provision of US$440 million for compensating customers who were mis-sold payment protection interest, a more modest provision than the 3.2 billion pounds (US$5.2 billion) marked in by Royal Bank of Scotland and 1.1 billion pounds by Barclays.
The British Bankers' Association said yesterday it would not appeal a court verdict to pay compensation.
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