HSBC says 2021 profit triples to $12.6B, outlook 'good'

By AP News

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HONG KONG (AP) — HSBC PLC on Tuesday reported 2021 profit more than tripled to $12.6 billion as the bank sold its retail business in France and expanded wealth management in Asia.

HONG KONG (AP) — HSBC PLC on Tuesday reported 2021 profit more than tripled to $12.6 billion as the bank sold its retail business in France and expanded wealth management in Asia.

Profit rose despite a 2% decline in revenue to $49.6 billion amid the COVID-19 pandemic’s pressure on commercial customers, the bank reported.

HSBC said it expects “good business momentum” this year and mid-single-digit growth in lending but weaker performance in wealth management this quarter in Asia.

The bank sold its French retail business to American investment group Cerberus in June, marking another step in plans to focus on Asia and trim exposure to Europe and North America.

“Good progress has been made in executing our strategic plan,” said chairman Mark E. Tucker in a statement.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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