[Ed. note: Imagine how much more money your family would have if you were allowed to launder drug money and profit from insider trading!]
HSBC has reported its best quarterly performance in several years as Britain’s largest bank saw its pre-tax profits nearly double to $8.4bn.
by Harry Wilson, The Telegraph:
Pre-tax profits rose 95pc year-on-year to $8.43bn, as impairment charges halved and cost fell to $9.3bn, down about $1bn compared to the same period in 2012. Revenue rose 14pc to $18.4bn.
The rise in profits was helped by a fall in bad debt charges across HSBC’s global business, as well as the results of a cost reduction programme that has led to more than 30,000 jobs cut.
Losses from bad debts dropped 51pc to $1.2bn in the quarter as the bank reduced costs and sold off businesses to recover from the financial crisis. The bank has sold 52 businesses in the last two years.
Stuart Gulliver, chief executive of HSBC, said the bank had “moved into calmer waters”, but warned there were “still challenges ahead” as he pointed to further cost cuts that are likely to see thousands more staff lose their jobs. At the time of the full-year results, Mr Gulliver said the bank had exceeded its annual cost savings target of $3.5bn.
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