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HSBC Reports 28 Percent Increase in Pre-tax Profit
The Hongkong and Shanghai Banking Corporation (HSBC) Holdings plc made a profit before tax of 5,206 million US dollars in the first six months of 2000, an increase of 28 percent, over the same period of last year, according to the HSBC 2000 Interim Results Report announced in Hong Kong Monday.
Profit attributable to shareholders was 3,525 million US dollars, an increase of 31 percent, according to the report.
Net interest income of HSBC Holdings also registered 13 percent increase to 6,684 million US dollars, compared to the same period of 1999. Its other operating income rose by 837 million US dollars, or 19 percent, to 5,334 million US dollars.
The charge for bad and doubtful debts was 368 million US dollars, which was 714 million US dollars lower than in the same period of 1999 and 623 million US dollars lower than the second half of last year.
The total assets of HSBC Holdings at June 30, 2000 were 580 billion US dollars, up 2 percent since December 31, 1999.
Commenting the 2000 interim results, John Bond, chairman of HSBC Holdings plc, called its results for the first half of 2000 encouraging.
"We view the remainder of 2000 with optimism although unexpected shocks to the financial system can never be ruled out," he said.
"The economic outlook in many of our markets remains favorable, " he said. "After the exciting development in the first half of the year, we are concentrating on integration and execution. HSBC is in very good shape."
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