27 Feb '12, 9am

HSBC says 2011 net profit jumps 28% to US$16.8b

HSBC says 2011 net profit jumps 28% to US$16.8b

LONDON: Europe's largest bank HSBC announced surging annual net profits of almost $17 billion on Monday as growth in Asia and other emerging markets offset eurozone debt losses and costs linked to its US exit. Profit after tax jumped by 28 percent to $16.8 billion (12.5 billion euros) in 2011 compared with the previous year when it had stood at $13.2 billion, London-headquartered HSBC said in a statement. "2011 was a year of major progress for HSBC," the Asia-focused bank's chief executive Stuart Gulliver said in the release. "We gained traction in our strategy designed to simplify the structure and improve the management and control of the group, thereby improving returns and positioning HSBC for growth. "We recorded a strong performance in faster-growing markets and had a record year in commercial banking. I am pleased with our progress but there is a lot more to do and ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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