HSBC delivers large rise in profits as it pivots to Asia

HSBC has reported a 141.4% jump in pre-tax profit for the year to December 31 to 17.2 billion US dollars (£12.3 billion).

Tuesday, 20th February 2018, 8:17 am
Updated Tuesday, 20th February 2018, 8:20 am
HSBC has published its results Photo: Joe Giddens/PA Wire

That was amid a rise in reported revenue to 51.4 billion US dollars (£36.8 billion) from 48 billion US dollars (£34.4 billion) a year earlier.

The bank said its “pivot to Asia” generated returns and drove over 75% of both reported and adjusted profit in 2017.

The results are the last under chief executive Stuart Gulliver, who is set to hand over the reins to John Flint this week.

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Mr Gulliver said: “These good results demonstrate the strength and potential of HSBC. All our global businesses grew adjusted profits and we concluded the transformation programme that we started in 2015.

“HSBC is simpler, stronger and more secure than it was in 2011. It has been my great privilege to lead HSBC for the last seven years, and in handing over to John I am confident the organisation is in great hands.”

Mr Flint, HSBC’s chief executive designate, said: “These results and the achievements of the last couple of years give us a great platform to build on.

“I am working with the management team and the board to evolve our strategy and execute it at pace, and I will update shareholders on this work by our half-year results.

“The fundamentals of HSBC will remain the same as they always have - strong funding and liquidity, strong capital and a conservative approach to credit.”