- Title: HSBC profit more than doubles, better than expected
- Date: 2nd August 2021
- Summary: HONG KONG, CHINA (FILE - JUNE 4, 2020) (REUTERS) EXTERIOR OF HSBC BUILDING HSBC LOGO, TRAM PASSING BY VARIOUS OF HSBC ADVERTISEMENTS ON EXTERIOR OF HSBC BUILDING MAN WALKING INSIDE LOBBY OF HSBC BUILDING VARIOUS OF PEDESTRIANS CROSSING STREET NEAR HSBC BUILDING LONDON, ENGLAND, UNITED KINGDOM (FILE - MARCH 5, 2020) (REUTERS) EXTERIOR OF HSBC TOWER, TRAFFIC PASSING ENTRANCE TO HSBC TOWER VARIOUS OF HSBC TOWER
- Embargoed: 16th August 2021 05:44
- Keywords: China FTSE HSBC Hang Seng index Hong Kong United Kingdom banks economy financial results
- Location: HONG KONG, CHINA / LONDON, UNITED KINGDOM
- City: HONG KONG, CHINA / LONDON, UNITED KINGDOM
- Country: Hong Kong
- Topics: Asia / Pacific,Company News Markets,Economic Events
- Reuters ID: LVA001EOL51L3
- Aspect Ratio: 16:9
- Story Text: HSBC Holdings said on Monday (August 2) first-half pretax profit had more than doubled, beating expectations as the bank benefited from an economic rebound in Hong Kong and Britain, its two biggest markets.
Pretax profit for Europe's biggest bank by assets came in at $10.8 billion versus $4.32 billion in the same period a year earlier and was higher than the $9.45 billion average of 15 analysts' estimates compiled by the bank.
Revenue, however, fell 4% due to the low interest rate environment.
HSBC said given the brighter outlook globally as economies recover better than expected from the pandemic, it expects credit losses to be below its medium-term forecast of 0.3%-0.4% of its loans.
(Production: Aleksander Solum)
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