HSBC's interim net profit up 23 pct

BY  | FROM Xinhua | 2013-08-06 10:54

HONG KONG, Aug. 5 (Xinhua) -- HSBC Holdings said Monday its profit attributable to ordinary shareholders in the first half of 2013 was 10 billion U.S. dollars, up 23 percent from the same period last year.
According to HSBC's interim results announced Monday, the company's reported profit before tax (PBT) came in at 14.1 billion U. S. dollars in the first half of 2013, an increase of 10 percent compared with the same period in 2012 (1H12).
Underlying PBT was 13.1 billion U.S. dollars, up 47 percent compared with 1H12, due to higher revenues, lower loan impairment charges, including a notable improvement in the U.S. run-off portfolio, and lower operating expenses.
The group's Chief Executive Stuart Gulliver said the positive results reflected that they made further progress on delivering their strategy key areas.
Looking ahead of the global economy, Gulliver said despite slower growth in the short term, the long-term economic trends remain intact. The global economy will continue to rebalance towards the faster-growing markets and trade and capital flows will continue to expand.
Growth remains subdued in the Western economies. As such, any tapering of monetary stimuli will be approached with considerable caution. Sustained recovery is likely to depend on structural reform, he said.
As for Chinese mainland, Gulliver said that the new emphasis on the quality rather than the quantity of growth is shifting the policy balance away from stimulus and towards reform, which is likely to limit the pace of the mainland's growth to 7.4 percent for 2013 and 2014.
However, the mainland's reform agenda, which covers financial, fiscal, deregulation and urbanization reforms, will provide the basis for more sustainable growth in the medium to long term, he added.



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