HSBC’s profit soars
(6 August 2010−Australia)HSBC Bank Australia has reported a 28 percent jump in pre-tax profits for the first half of 2010 to A$152 million.
The bank’s commercial banking pre-tax profits rose to A$47 million, up from A$13 million in the first half of 2009.
The personal financial services unit at the bank also enjoyed an increase of 53 percent to A$26 million, with customer accounts growing 26 percent to A$14,926 million.
HSBC’s chief executive officer, Paulo Maia, said that the result reflected strong performance across all business lines, underpinned by three key elements. First, HSBC’s strategic focus on international connectivity, especially with Asia, puts HSBC in an unparalleled position to support Australia’s increasingly international population and its growing trade and investment links with the emerging markets of Asia.
Mr Maia added that the bank’s diversified business model supports revenue generation by focusing on relationship banking across retail, commercial and corporate and institutional sectors.
HSBC is investing in its branch network in Australia and increasing headcount in 2010 by 15 percent with the bank continuing to look at new business areas, bringing international products and services to the Australian market and providing a gateway for Australians and their businesses to international markets, Mr Maia noted.
HSBC said that in the second half of 2010 it will increase its presence in Australia with growth initiatives across retail, commercial and corporate and institutional sectors.
The personal financial services unit at the bank also enjoyed an increase of 53 percent to A$26 million, with customer accounts growing 26 percent to A$14,926 million.
HSBC’s chief executive officer, Paulo Maia, said that the result reflected strong performance across all business lines, underpinned by three key elements. First, HSBC’s strategic focus on international connectivity, especially with Asia, puts HSBC in an unparalleled position to support Australia’s increasingly international population and its growing trade and investment links with the emerging markets of Asia.
Mr Maia added that the bank’s diversified business model supports revenue generation by focusing on relationship banking across retail, commercial and corporate and institutional sectors.
HSBC is investing in its branch network in Australia and increasing headcount in 2010 by 15 percent with the bank continuing to look at new business areas, bringing international products and services to the Australian market and providing a gateway for Australians and their businesses to international markets, Mr Maia noted.
HSBC said that in the second half of 2010 it will increase its presence in Australia with growth initiatives across retail, commercial and corporate and institutional sectors.
Subscribe