Business Times

HSBC Holdings' 2010 profit before tax up 169%

Global banking heavyweight HSBC has released its 2010 group financial results, showing a "profit before tax of US$ 19,037 million, an increase of US$ 11,958 million, or 169%, compared with 2009." While, "Net interest income of US$ 39,441 million was US$ 1,289m, or 3.2%, lower than 2009," according to a statement by HSBC Holdings.

Also revealed was that "Profit attributable to shareholders rose to US$ 13.2 billion (2009: US$ 5.8 billion)" and "Earnings per share up 115% to US$ 0.73 (2009: US$ 0.34)." And that "Dividends declared in respect of 2010 totalled US$ 6.3 billion, or US$ 0.36 per ordinary share, with a fourth interim dividend for 2010 of US$ 0.12 per ordinary share."

HSBC also noted that a profit was made in "every customer group and region, including North America, for first time since 2006." A part of which included a return to profitability for Personal Financial Services, to the tune of US$ 3.5 billion in pre-tax profit, while its Commercial Banking segment was up by 48% to US$ 6 billion in pre-tax profit. Additionally, Global Banking and Markets pre-tax profit was US$ 9.2 billion.

It also emerged that customer lending was up 8% to US$ 958 billion while deposits rose by 7% to US$ 1.2 trillion, and that emerging market assets under management increased over 20% to US$ 145 billion.
According to Group Chief Executive, Stuart Gulliver, who was quoted in HSBC's statement; "In a period of sustained low interest rates, revenues remained constrained.”

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