HSBC sees earnings growth sustainable
Print Edition
HSBC is confident that its earnings growth on China’s mainland is sustainable in the future but they won’t be as high as that in the past three years given economic uncertainties, the bank’s Asia Pacific chief executive said yesterday.
The bank’s earnings on the Chinese mainland were robust, Peter Wong, HSBC’s chief executive for Asia Pacific and chairman for China, said in neighboring Yangzhou as the UK-based bank opens its 150th outlet on the mainland. It now boasts the largest network among all international banks operating in China. HSBC China now has over 10,000 employees on the mainland.
The bank’s growth rates for the past three years were 93 percent in 2010, 230 percent in 2011, and 12 percent in 2012 — a sharp drop from the previous two years.
Wong said the bank posted increases in both loans and deposits in China during the first six months, but he didn’t disclose any specific figures.
According to HSBC’s interim results, the net profit of the mainland market including contributions from local associates was US$2.9 billion, 45 percent up from a year ago.
Its wholly-owned Chinese subsidiary made a net profit of 3.8 billion yuan (US$617 million) for the whole of 2012, up 11.7 percent from 2011.
Wong also said HSBC wants to open as many outlets as the government allows on the mainland as an expanded network will help the bank develop deposits and trade settlement business.
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