HSBC’s pre-tax profit up 16% to US$6.8b in H2 2011

And Singapore delivered pre-tax profit of US$327.

According to a release, HSBC’s businesses in Asia delivered profits before tax on a reported basis of US$6.8billion in the first half of 2011, up 16%, on the same period last year. As a key contributor to overall Group performance, HSBC in Asia accounted for 59% of total Group pre-tax profits.

Underlining the continuing diversification of revenues across the region, Hong Kong delivered profits of US$3.1 billion, up 7%, while the Rest of Asia Pacific contributed profits of US$3.7 billion, up 25%. Net fee income in Asia for the first half grew by 17% versus the first half of 2010, to S$2.7 billion, as we saw stronger demand for wealth management and trade finance products, thanks to resilient economic conditions sustaining consumer and business confidence.

HSBC remains at the forefront of renminbi (RMB) internationalisation with trade products in over 50 countries worldwide and RMB services for Retail Banking and Wealth Management (RBWM) customers in 11 markets in Asia. In Hong Kong, HSBC is the leading issuer of offshore RMB bonds and was appointed a joint lead arranger for the initial public offering (IPO) of Hong Kong’s first RMB-denominated equity IPO.

Peter Wong, Chief Executive of HSBC in Asia-Pacific, said: “HSBC in Asia is on track to deliver on our strategy to create diversified revenue momentum from both quality asset growth and increased fee income. Our expertise in RMB complements our leadership in global trade.

“As Asia’s global bank, HSBC has built a robust platform in the fastest-growing markets in the region. We have a solid, proven track record of delivering on what we set out to do. With our international footprint and cross-border capabilities, HSBC is best placed to connect our customers with the opportunities they need to grow their wealth and business wherever they aspire to live, trade and invest.”

HSBC delivered pre-tax profit of US$327 million in Singapore, up 24% over the same period last year, growing across all businesses.

Alex Hungate, Chief Executive of HSBC in Singapore, said: "We are delivering on our strategy to capture opportunities arising from Singapore’s position as a hub for wealth management, trade and financial markets. By helping our retail customers plan for their financial goals, HSBC grew market share1 of unit trusts, life insurance and mortgages.

HSBC’s trade-related assets increased as we supported more Singapore-based companies trading internationally. HSBC’s share of Singapore dollar bond issuance increased to 13.4% from 7.8% over the same period last year. And we continue to expand our FX capabilities as we completed our first energy hedge in Singapore through the HSBC Group’s global alliance with Totsa."

Photo credit: luxorium

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