HSBC reports 4.6% increase in profits in first half of the year

By Bruno Reis

The London-headquartered financial services firm, HSBC, has announced a 4.6% increase in its pre-tax profits during the first six months of 2018, compared to the same period of the previous year.

The company’s profits before tax reached US$10.7bn in the review period. Asia accounted for $9.4bn of the profit with the continent’s figures rising by 23%.

The second quarter saw HSBC’s pre-tax profits perform better than forecast, reaching $5.96bn despite the predicted $5.79bn from analysts compiled by the bank.

The firm’s revenues hit $27.3bn in the six months ending June, a year-on-year increase of 4.2%.

The bank is entering a growth mode following years of shrinking and restructuring, Reuters reported.


The firm’s costs grew by 6%, increasing to $17.5bn in the first six months of the year – the financing was spent on investing in digital capabilities and hiring frontline staff.

HSBC announced its three-year strategy in June, noting it intended to make between $15bn-$17bn in investments, including focusing on technology in China.

“We are taking firm steps to deliver the strategy we outlined in June,” commented Group CEO of HSBC, John Flint.

“We are investing to win new customers, increase our market share, and lay the foundations for consistent growth in profits and returns.”

The company’s wealth management, retail banking, and commercial banking operations were the strongest performers in the review period.


Featured Articles

Colliers MENA CEO Raja Alameddine on leadership and strategy

As the just appointed CEO of Colliers MENA, real estate veteran Raja Alameddine talks strategy, leadership style, and skills critical for today’s C-Suite

Top 10 outsourcing companies in the world

The Time Doctor OA500 index – compiled by Time Doctor and Outsource Accelerator – has ranked the biggest outsourcing providers in the world

Red Sea Global: Building sustainable tourism in Saudi Arabia

Luxury property developer Red Sea Global is transforming Saudi Arabia into an incredible, sustainable tourism destination. We speak to the CEO John Pagano

Leena Nair – from Unilever people pioneer to CEO of Chanel

Leadership & Strategy

Top 10 female CEOs of the Fortune Global 500

Leadership & Strategy

UAE cyber leaders told to go on the attack against hackers