(HONG KONG) JUST IN: Profits at banking giant HSBC more than doubled in the first half of the year as it benefited from an economic rebound in Britain & H.K #AceNewsDesk report

#AceNewsReport – Aug.02: Europe’s biggest bank by assets saw pre-tax profit for the period rise to $10.8bn (£7.8bn), compared to $4.3bn for the same time last year…….

#AceDailyNews says ….Banking giant HSBC sees first half profit more than double as the lender highlighted that its UK bank had reported profit before tax of more than $2.1bn in the period: HSBC boss to hot-desk as executive floor abolished

Pedestrians walk past the British multinational banking and financial services holding company, HSBC in Hong Kong.
The figures come as the global economy emerges from the impact of the coronavirus pandemic

The UK-based bank said all regions had been profitable in the period.

The figures come as the global economy emerges from the impact of the coronavirus pandemic. 

“I’m pleased with the momentum generated around our growth and transformation plans, with good delivery against all four pillars of our strategy. In particular, we have taken firm steps to define the future of our US and continental Europe businesses”, said HSBC chief executive Noel Quinn.

Boosted by the economic rebound in its two biggest markets, Britain and Hong Kong, the bank reinstated dividend payments to shareholders.

It plans to pay an interim dividend of seven cents a share after the Bank of England last month scrapped curbs on such pay-outs to investors.

However, Laura Foll, manager of UK income funds at Janus Henderson Investors, told the BBC that the key factor behind the rise in HSBC’s profits had been the lower-than-expected losses on loans during the pandemic.

She said that last year most banks set aside money based on estimates of how much they could potentially lose if loans went bad and its customers were unable to repay them. In HSBC’s case, it set aside $700m.

“In all cases, the banks are now rolling back on that number… and it is that number that has boosted the profitability at HSBC more than any other improvement.”


HSBC said its restructuring programme remains on track after announcing in February last year that it would shed 35,000 jobs as part of a plan to cut $4.5bn of costs by 2022.

In February, HSBC had signalled a “pivot to Asia”, outlining plans to invest about $6bn in the region.

It said it would target wealth management and commercial banking to drive “double-digit growth” and has singled out Asian markets such as Singapore, China and Hong Kong. HSBC already generates the bulk of its revenues from Asia.

In January, UK MPs accused HSBC – a Hong Kong founded bank – of “aiding and abetting” China’s crackdown in Hong Kong. 

HSBC faced accusations of acting in a political manner and being too close to the Chinese authorities after it emerged that the bank had frozen accounts belonging to Hong Kong pro-democracy politician Ted Hui and members of his family.

Appearing before the Foreign Affairs Committee, Mr Quinn was told the bank was turning a blind eye to the situation.

Mr Quinn mounted a robust defence of the bank, saying: “I can’t cherry-pick which laws to follow.”

You may also be interested in: From protests to ‘patriots’: Why China is bent on crushing Hong Kong dissent

#AceNewsDesk report ………Published: Aug.02: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#hong-kong, #hsbc, #profits, #u-k

' Supreme Court Will Not Permit Trustee Working to Recover Money to Sue Major Financial Institutions '

#AceWorldNews – UNITED STATES (Washington) – June 30 – The Supreme Court will not let the trustee working to recover money for Bernard Madoff’s investors sue major financial institutions for their role in Madoff’s massive fraud.

The court refused Monday to hear an appeal from trustee Irving Picard, who wants to pursue tens of billions of dollars from UBS AG, HSBC Bank PLC and other institutions.

Picard, as trustee for the Securities Investor Protection Corporation, has brought claims in bankruptcy court alleging that the institutions were complicit in Madoff’s vast Ponzi scheme because they provided him with financial services while ignoring obvious signs he was a con artist.
A federal appeals court ruled that Picard doesn’t have legal standing to make claims against the financial institutions that Madoff’s burned customers could make themselves. (AP)


#ag, #bernard-madoff, #hsbc, #ponzi-scheme, #ubs, #united-states, #washington

#UK ” Major Crisis for `British Bankers’ on the Cards as `Exposure’ to `Asia and Pacific Regions’ to `Large Debt’ Risk”


#acefinancenews, #british, #british-bankers-association, #eu, #hsbc