HSBC Reports 10% Increase in Profit for 1st Half of 2015

Published Date : Aug 03, 2015

HSBC Holdings has reported a rise in its profit for the first-half of 2015 by 10%. In a press note issued of Aug 03, 2015, the biggest bank in Europe has stated that the robust performance has helped the company to boost its revenue.

In the same note, the bank has also announced the sale of its Brazilian unit for US$5.2 billion. The profit for H1 of 2015 has increased to 48 cents per share, summing up to US$13.6 billion in a whole, stated the bank. The revenue of the bank has increased by 4% to US$30.8 billion from 2014.

The CEO of the company, Mr. Stuart Gulliver has stated that the strong revenue generation of HSBC across Asia has helped the bank increase profit. The CEO also cited growth in commercial banking in Hong Kong and Britain and in wealth management in Asia.

HSBC is selling its Brazilian business to Banco Bradesco as part of the plans that were announced in June in order to streamline its extensive global operations. HSBC has said that it would retain an operational unit in Brazil to serve its existing corporate customers.

HSBC has operations in 70 nations and boasts of around 51 million customers.

In its June plans, the company had asked its London-based bank to cut around 10% of its workforce, summing up to 25,000 employees, and decreases its annual expenses by US$4.5-US$5 billion. The bank has also planned to sell its business in Turkey as it has become more or less unprofitable of the company.