British banking giant HSBC has reported pre-tax profit of $10.24bn for the first half of 2017, an increase of 5% compared with $9.71bn a year earlier.
The bank’s adjusted pre-tax profit for the half year ended 30 June 2017 stood at $11.96bn, an increase of 12% compared to $10.65bn in the first half of 2016.
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Compared to the previous year, reported revenue dropped 11% to $26.16bn and adjusted revenue rose 3% to $26.05bn.
Net interest income decreased 12% to $13.77bn from $15.76bn in the previous year. Total operating expenses dipped 12% year-on-year to $16.44bn.
The bank’s common equity tier 1 ratio as the end of June 2017 stood at 14.7%.
HSBC’s retail banking and wealth management arm reported adjusted pre-tax profit of $3.35bn for the first half of 2017, a 32% jump compared to $2.54bn in the first half of 2016.
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By GlobalDataAdjusted pre-tax profit at the bank’s global private banking unit was $143m, down 21% as against $182m reported a year ago.
HSBC group CEO Stuart Gulliver said: “We have had an excellent first half of 2017, reflecting the changes we have made since our Investor Update in 2015 and the strength of our competitive position.
“Our three main global businesses performed well, increasing profit before tax and growing market share in many of the products that are central to our strategy. We remain on track to complete the majority of our strategic actions by the end of the year.”
