Finance Update World News

HSBC reports net profit at $12.6 billion in 2018

Europe’s biggest bank has reported its net profit jumped 30% in 2018 from the previous year to $12.6 billion.

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Market corrections in late 2018 took a toll on HSBC and many other banks. Net profit in the October to December quarter was $1.5 billion.

By The Associated Press

Europe’s biggest bank has reported its net profit jumped 30% in 2018 from the previous year to $12.6 billion.

The London-based bank, whose profit is mainly from Asia, said its revenue rose 5 percent from a year earlier to $53.8 billion.

Pre-tax profit rose 16% to $19.9 billion, but lagged analysts’ estimates. For the fourth quarter, adjusted pre-tax profit was $3.4 billion, also below forecasts.

Market corrections in late 2018 took a toll on HSBC and many other banks. Net profit in the October to December quarter was $1.5 billion.

HSBC has been carrying out a corporate overhaul designed to boost profitability by focusing on its high-growth markets in Asia while shedding businesses and workers in other countries. Asia accounted for 89.5 percent of pre-tax profit in 2018.

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