HSBC Bangladesh pre-tax profit up 23pc in
FE Report | Tuesday, 3 March 2009
HSBC Group made US$9.3 billion pre-tax profit for 2008, a decrease of $14.9 billion, or 62 per cent, compared with 2007.
The result came at a media briefing in United Kingdom (UK) Monday, said a press release.
The pre-tax profit for 2008, excluding goodwill impairment was $19.9 billion, down 18 per cent.
Net interest income of $42.5 billion was $4.7 billion, or 13 per cent, higher than that of the previous year -- 2007.
Net operating income before loan impairment charges and other credit risk provisions of $81.6 billion was $2.7 billion, or 3.0 per cent, higher than that of 2007.
Total operating expenses (excluding goodwill impairment) of $38.5 billion declined by $507 million, or 1.0 per cent, compared with 2007.
The tier 1 ratio and total capital ratio for the group remained strong at 8.3 per cent and 11.4 per cent respectively in December 31 last.
The group's total assets in December 31 last were $2,527 billion, an increase of $173 billion, or 7 per cent, since December 31, 2007.
Commenting on the results, HSBC Group Chairman Stephen Green said, "Volatility is expected to remain a feature of global economic and market conditions for much of 2009. Overall, Asia is better prepared to weather the economic difficulties ahead due to its large cushions of foreign exchange reserves, lower consumer debt and the various government stimulus measures."
Chief Executive Officer (CEO) of the group Michael Geoghegan said, "In these challenging times, we are focusing on staying close to our loyal customers. We will concentrate on the opportunities our scale, international connectivity and emerging market dominance provide to do profitable, responsible business, despite the downturn."
HSBC Bangladesh CEO Sanjay Prakash said, "We reported a strong performance in Bangladesh in 2008, profit before tax (PBT) at $58 million was 23 per cent higher against history. This is attributable to the growth in balance sheet footings across business lines and is a testament of the strength of our business as well as the performance of our employees in these challenging limes."
The result came at a media briefing in United Kingdom (UK) Monday, said a press release.
The pre-tax profit for 2008, excluding goodwill impairment was $19.9 billion, down 18 per cent.
Net interest income of $42.5 billion was $4.7 billion, or 13 per cent, higher than that of the previous year -- 2007.
Net operating income before loan impairment charges and other credit risk provisions of $81.6 billion was $2.7 billion, or 3.0 per cent, higher than that of 2007.
Total operating expenses (excluding goodwill impairment) of $38.5 billion declined by $507 million, or 1.0 per cent, compared with 2007.
The tier 1 ratio and total capital ratio for the group remained strong at 8.3 per cent and 11.4 per cent respectively in December 31 last.
The group's total assets in December 31 last were $2,527 billion, an increase of $173 billion, or 7 per cent, since December 31, 2007.
Commenting on the results, HSBC Group Chairman Stephen Green said, "Volatility is expected to remain a feature of global economic and market conditions for much of 2009. Overall, Asia is better prepared to weather the economic difficulties ahead due to its large cushions of foreign exchange reserves, lower consumer debt and the various government stimulus measures."
Chief Executive Officer (CEO) of the group Michael Geoghegan said, "In these challenging times, we are focusing on staying close to our loyal customers. We will concentrate on the opportunities our scale, international connectivity and emerging market dominance provide to do profitable, responsible business, despite the downturn."
HSBC Bangladesh CEO Sanjay Prakash said, "We reported a strong performance in Bangladesh in 2008, profit before tax (PBT) at $58 million was 23 per cent higher against history. This is attributable to the growth in balance sheet footings across business lines and is a testament of the strength of our business as well as the performance of our employees in these challenging limes."