Monday, July 30, 2012

HSBC profits jump on asset sales

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Pre-tax profit for the first six months of 2012 was $12.7bn (£8.1bn), up 11% on the $11.5bn the bank made a year ago.

Revenue growth was driven by investment and commercial banking in emerging markets.

Earlier this month, a US Senate report found that lax controls at HSBC left it vulnerable to being used to launder dirty money from around the world.

"HSBC has made mistakes in the past, and for them I am very sorry," said group chairman Douglas Flint.

"We cannot undo the mistakes but I can assure you that [chief executive] Stuart Gulliver and I are determined, and have made it our most important priority, to strengthen HSBC and reinforce our values."



Source & Image : BBC

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