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.

More news: Bombardeo israelí mata a dos jóvenes palestinos en Gaza
More news: Al menos cinco muertos en ataque contra una iglesia ortodoxa — Rusia
More news: Flatulent wind blows Dubai flight to emergency landing

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.



Former Pompey boss Cook and Guardiola go head to head
Grigg's Wigan boss Paul Cook played down the spat with City counterpart Pep Guardiola which followed Delph's red card. Guardiola later played down that incident, suggesting he had been annoyed that Cook had left his technical area.

China furious after man steals thumb from terracotta army statue
Rohana took the agent upstairs and showed him the missing thumb, which he pulled out of his desk drawer, the affidavit said. Others still have been removed from the pits and are sent for temporary exhibitions in museums around the world.

El terrorífico final de mujer que fue enterrada viva por error — YouTube
Se trata de Rosangela Almeida , de 37 años, quien sufría desmayos desde los 7 años y tomaba pastillas para evitarlos. La mujer, muerta en el interior de su propio ataúd , había intentando salir durante 11 días, sin éxito alguno.

Christina Aguilera asombra a fans con fotos desnuda en bañera — Instagram
Christina Aguilera se mostró más sensual que nunca, a sus 37 años , en una impactante sesión de fotos desnuda . En las imágenes aparece tomando un baño de burbujas, donde se cubre sus senos con la espuma y con sus manos.

Short-track gold for Girard after Korean pile-up
Veteran Canadian short-track speedskater Charles Hamelin's pain was his teammate's gain on Saturday at the Winter Games. It's too bad because I had the legs to do better". "We were ready to do a great race in the semis", said Hamelin.

Chicago Blackhawks Fans Ejected After Hurling Racist Taunts At Black Player
Smith-Pelly, who is black, was in the penalty box in the third period after a fight with Blackhawks defenseman Connor Murphy . Per ESPN , Capitals coach Barry Trotz told reporters after the game that Smith-Pelly was visibly upset by the incident.

Turkish forces accused of chemical warfare in Syrian attack
The army also said it was careful to not harm civilians and only targeted "terrorists" and their positions in the Afrin region. That included Trump promising Erdogan he would stop arming the Kurdish militant group YPG , much to the chagrin of the U.S.

¡Partidazo! Alianza Lima recibe esta tarde a Cristal en Matute
Hasta el momento, Cristal está en su mejor momento, pues sin un partido ya alcanzó al líder San Martín . El Sporting de Salas ha ganado los 2 partidos oficiales que ha disputado en 2018 .

Syrian army to enter Afrin, help repel Turks, Kurdish official says
The Syrian military and the YPG have largely avoided direct conflict in the Syrian war thus far but have had sporadic clashes. However, he added that the alleged agreement - which he said did not include any political arrangements - could fall through.

A Foul-Smelling Storm on Neptune is Mysteriously Fading Away
Plus, with James Webb Space Telescope coming into action next year, we can expect more such discoveries in the near future. First of all, researchers aren't exactly sure how these storms form in the first place - though they do have some guesses.