HSBC 1st half pre-tax profit up 4.6 pct on strong growth

August 06, 2018 - 1:23 am

Global bank HSBC says its pre-tax profit in the first half of the year rose 4.6 percent as its strategy focused on growing markets paid off.

The London-based bank's $10.7 billion pre-tax profit in January-June compared with $10.2 billion a year earlier. Quarterly pre-tax profit surged to $5.96 billion from $4.8 billion in April-June 2017.

The bank said Monday that net profit was $7.2 billion in the first half, up from $7 billion a year earlier.

HSBC is Europe's biggest bank, but earns most of its profits from Asia. Last year it completed a corporate overhaul to raise profitability by focusing more on high-growth Asian emerging markets while shedding businesses and workers in other countries.

Group CEO John Flint said HSBC views revitalizing its U.S. business as a top priority.

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