HSBC’s profit soared more than 100% during the first half of 2021, following an economic rebound in its key markets.
HSBC, Europe’s largest lender by assets, reaped greatly from the recovery, as pre-tax profits soared to $10.8bn (£7.8bn), from the $4.3bn recorded during the first half of 2020.
The bank also announced that its UK banking operations alone recorded a pre-tax profit of $2.1bn in the same time frame. The figures released have shown that the rise of profit is primarily driven by the laudable growth recorded in the UK and Hong Kong.
The UK-based lender indicated that it recorded growth in profits across all its regions. These impressive figures come as the world economy gradually recovers from the effect of the pandemic.
“I’m pleased with the momentum generated around our growth and transformation plans, with good delivery against all four pillars of our strategy. In particular, we have taken firm steps to define the future of our US and continental Europe businesses”, said HSBC chief executive Noel Quinn.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.