HSBC reports net profit at $12.6B in 2018
Posted February 18, 2019 9:24 pm.
This article is more than 5 years old.
LONDON — Europe’s biggest bank has reported its net profit jumped 30 per cent in 2018 from the previous year to $12.6 billion.
The London-based bank, whose profit is mainly from Asia, said its revenue rose 5 per cent from a year earlier to $53.8 billion.
Pre-tax profit rose 16 per cent to $19.9 billion, but lagged analysts’ estimates. For the fourth quarter, adjusted pre-tax profit was $3.4 billion, also below forecasts.
Market corrections in late 2018 took a toll on HSBC and many other banks. Net profit in the October to December quarter was $1.5 billion.
HSBC has been carrying out a corporate overhaul designed to boost profitability by focusing on its high-growth markets in Asia while shedding businesses and workers in other countries. Asia accounted for 89.5 per cent of pre-tax profit in 2018.
The Associated Press
