HSBC remains strong, well-positioned
Wednesday, 5 August 2009
HSBC plc announced its 2009 interim results Monday in London. The results covered the HSBC Group's financial performance for the first half of the year, says a press release.
The interim results show that despite the tough economic environment, HSBC has continued to deliver profit, remain financially strong and is well-positioned for the future,
Pre-tax profit was US$7.5 billion, broadly in line with the first half of 2008, on an underlying basis and excluding movements in fair value on the bank's own debt related to credit spreads.
On a reported basis, pre-tax profit was US$5 billion, down 51 per cent on the first half of 2008, but significantly better than the second half of 2008.
Diversified business model delivered strong revenues - 10 per cent higher than in the first half of 2008, on an underlying basis and excluding movements in fair value on the bank's own debt related to credit spreads. On a reported basis, revenues were down 12 per cent.
Stephen Green, Group Chairman stated that in this unprecedented economic environment, every financial institution has had to consider carefully what level of risk is appropriate for its business model. HSBC has continued to position its balance sheet conservatively, while focusing on enhancing the capabilities which will enable the Bank to deliver sustainable long-term growth once the current global downturn has ended.
Michael Geoghegan, Group Chief Executive, said that as economies begin to recover and interest rates start to rise, HSBC is confident that its deposit strength will reinforce its profitability and its flexibility to respond to new customer demand.
Sanjay Prakash, CEO of HSBC in Bangladesh said that the bank delivered a strong performance locally in the first half of 2009, with net profit before tax up by 22 per cent compared to first half of 2008.
He also added that in Asia, HSBC has continued its expansion and the Bank will continue to invest in Bangladesh and align itself as part of the Group's emerging market strategy.
The interim results show that despite the tough economic environment, HSBC has continued to deliver profit, remain financially strong and is well-positioned for the future,
Pre-tax profit was US$7.5 billion, broadly in line with the first half of 2008, on an underlying basis and excluding movements in fair value on the bank's own debt related to credit spreads.
On a reported basis, pre-tax profit was US$5 billion, down 51 per cent on the first half of 2008, but significantly better than the second half of 2008.
Diversified business model delivered strong revenues - 10 per cent higher than in the first half of 2008, on an underlying basis and excluding movements in fair value on the bank's own debt related to credit spreads. On a reported basis, revenues were down 12 per cent.
Stephen Green, Group Chairman stated that in this unprecedented economic environment, every financial institution has had to consider carefully what level of risk is appropriate for its business model. HSBC has continued to position its balance sheet conservatively, while focusing on enhancing the capabilities which will enable the Bank to deliver sustainable long-term growth once the current global downturn has ended.
Michael Geoghegan, Group Chief Executive, said that as economies begin to recover and interest rates start to rise, HSBC is confident that its deposit strength will reinforce its profitability and its flexibility to respond to new customer demand.
Sanjay Prakash, CEO of HSBC in Bangladesh said that the bank delivered a strong performance locally in the first half of 2009, with net profit before tax up by 22 per cent compared to first half of 2008.
He also added that in Asia, HSBC has continued its expansion and the Bank will continue to invest in Bangladesh and align itself as part of the Group's emerging market strategy.