HSBC Australia’s profit soars
(3 March 2010 – Australia) HSBC Australia has increased its year-on-year profit before tax by 25 percent to A$251 million, up from A$201 million in 2008.
Commenting on the results, Paulo Maia, chief executive officer, HSBC, said that the strong results can be attributed to three key elements; the bank’s strategic focus on international connectivity, its relationship banking business model and its financial strength.
The bank’s Personal Financial Services division announced a before tax increase of 81 percent to A$39 million and the Global Banking and Markets unit also announced an increase of 45 percent to A$177 million for 2009.
However, HSBC’s Commercial Banking unit reported a decrease of A$41 million for 2009, down from A$81 million for the corresponding period.
The bank attributed the unit loss to challenging market conditions for its clients and the effect of increased loan impairment charges on the middle-market business sector as a whole.
Mr Maia added that the bank’s 2009 success was a result of HSBC’s commitment to prudent banking fundamentals.
The bank’s Personal Financial Services division announced a before tax increase of 81 percent to A$39 million and the Global Banking and Markets unit also announced an increase of 45 percent to A$177 million for 2009.
However, HSBC’s Commercial Banking unit reported a decrease of A$41 million for 2009, down from A$81 million for the corresponding period.
The bank attributed the unit loss to challenging market conditions for its clients and the effect of increased loan impairment charges on the middle-market business sector as a whole.
Mr Maia added that the bank’s 2009 success was a result of HSBC’s commitment to prudent banking fundamentals.
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