HSBC's Annual Profits Surge To US$9.6 Billion
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2018-02-20 HKT 12:55
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HSBC has posted a surge in annual net profit for last year, to a whopping US$9.68 billion – up from just under US$1.3 billion in 2016.
Its businesses recorded strong performances across the board, with 89 percent of its profit coming from Asia.
Analysts had expected higher interest rates to boost HSBC's lending profitability, resulting in the improved financial performance. But the bank didn't announce another round of share buybacks as expected. HSBC said it will do so "as and when appropriate".
It has bought back US$5.5 billion worth of shares from shareholders since August 2016. The bank has maintained its dividend at 51 US cents per share.
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