HSBC Holdings sees dividends after 3 years of cutting costsHSBC 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