HSBC FY17 Pre-tax Profit Surges; Maintains Dividend

20 Febrero, 2018, 18:28 | Author: Arnold Perez
  • HSBC FY17 Pre-tax Profit Surges; Maintains Dividend

HSBC's fortune turned around in 2017 with an increase in the year's profit.

Wong added that HSBC is "in a better shape" compared to other worldwide banks.

HSBC's 2017 pre-tax profit rose 142 per cent as the lender avoided the multibillion-dollar restructuring costs that marred its 2016 results, but the profit growth lagged expectations as it took a writedown following United States tax changes.

HSBC said in its earnings statement that its 2017 financial results include a charge of $1.3bn relating to the "remeasurement of U.S. deferred tax balances" to reflect the reduction in the U.S. federal tax rate to 21 per cent from 2018.

HSBC also said on Tuesday that it would look to issue additional tier 1 capital of between US$5 billion and US$7 billion. Picture taken September 5, 2017.

Full-year profit before tax rose to $17.2bn (£12.3bn ) in 2017, up from $7.1bn in 2016, but the figure was below analysts expectations of $20bn.

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Rising interest rates helped the bank to increase revenues in its retail division by 9 percent in 2017, particularly from growing deposits and charging higher spreads in its second home market of Hong Kong.

Total revenue for the asset management business was at $281m for the fourth quarter of 2017, up from $252m year on year. HSBC is simpler, stronger, and more secure than it was in 2011.

Two prominent HSBC clients during that period have run into trouble, namely, British infrastructure outsourcing company Carillion and South Africa and Germany-listed retailer Steinhoff International Holdings.

"I am working with the management team and the board to evolve our strategy and execute it at pace, and I will update shareholders on this work by our half-year results".

That could include the results of a review into HSBC's underperforming USA business which has long suffered from a lack of scale and the after-effects of the bank's disastrous acquisition of Household International in 2003. "We want to get the AT1 issuance done, and so there are technical reasons why we can't allow a buy-back", said Flint.

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