Belfast Telegraph

HSBC reports pre-tax profit of £8.2bn for first half of 2018

By Helen Cahill

HSBC has boosted its profits as it pushes ahead with the strategy put in place by new chief executive John Flint.

The lender has reported pre-tax profit of $10.7bn (£8.2bn) for the half-year ended June 30, up from $10.2bn (£7.9bn) for the same period in 2017.

Adjusted pre-tax profits fell from $12.4bn (£9.6bn) to $12.1bn (£9.3bn), which HSBC said was due to the company hiring more staff and expanding its digital network.

The bank's revenue for the period was $27.3bn (£21bn), up 4.2% year on year from $26.2bn (£20.2bn).

Russ Mould, investment director at AJ Bell, said the rise in revenue was "disappointing", given HSBC's presence in fast-growing Asian markets.

Operating expenses grew by $1.1bn (£850m) or 7% to $17.5.bn (£13.5bn).

Belfast Telegraph

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