HSBC Holdings sees dividends after 3 years of cutting costs

Home > Business > Finance

print dictionary print

HSBC Holdings sees dividends after 3 years of cutting costs

HSBC Holdings said pretax profit rose 10 percent to $14.1 billion in the first half, as its three-year cost-cutting plan started to pay off. Earnings, however. fell short of expectations due to a fall in revenue.

Europe’s biggest bank’s pretax profit was up from $12.7 billion a year ago, but fell short of the average of $14.6 billion forecast by analysts, on the basis of figures from 14 banks and brokerages polled by the company.

Revenue fell 7 percent to $34.4 billion as the bank said Western economic growth remained muted and growth in China and Asia slowed, while regulatory reforms added costs for banks.

HSBC is focused on cutting costs and restructuring measures which remain essential in an industry struggling to grow. Reuters

More in Finance

[NEWS ANALYSIS] As foreigners rush back, market does an about-face

CU gets into the foreign exchange transaction business

Kospi hits another record high despite Covid spike

5-day winning streak ends as Kospi drops 0.62 percent

Debt is the latest hot product being pushed into the market

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now