HSBC Reports Mixed 1H Results as Investment Outlays Drag on Good Segment Performance
Narrow-moat HSBC reported mixed first-half results as profits before tax increased 5% to $10.7 billion, helped by advantageous currency movements and net favourable changes in significant items. Cleaned of these effects, adjusted profits before tax lagged with a decline of 2% to $12.1 billion compared with the same period last year. Revenue growth of 2% on an adjusted basis and lower expected credit losses of $407 million did help results but were ultimately more than offset by 8% higher operati...HSBC Holdings is a financial services holding company. Through its subsidiaries, Co. operates four businesses: Retail Banking and Wealth Management, which serves customers through four businesses: Retail Banking, Wealth Management, Asset Management, and Insurance; Commercial Banking, which provides working capital, term loans, payment services, and international trade facilitation; Global Banking and Markets, which delivers a range of transaction banking, financing, advisory, capital markets, and risk management services; and Global Private Banking, which provides a range of private banking services. At Dec 31 2017, Co. had total assets of US$2.52 trillion and deposits of US$69.92 trillion.
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