HSBC Vietnam obtained US$82 million in pre-tax profit in the year’s first half, increasing 116% from the same period last year, the bank said on Tuesday.
The profits also included earnings from its financial investments in Bao Viet Holdings and Techcombank. At this time, HSBC is holding a 20% stake in Techcombank and 18% stake in Bao Viet.
HSBC did not reveal details on its profit structure.
Sumit Dutta, country head and chief executive of HSBC in Vietnam, said in a statement that the strong profit growth was due to its trade finance activity.
“HSBC performed strongly in Vietnam in the first half of 2011 despite the various challenges to economic and business growth, driven by our strengths in trade finance and good progress in supporting the needs of emerging affluent customers,” he said.
HSBC’s businesses in Asia delivered profits before tax of US$6.8 billion in the first half of 2011, up 16% on the same period last year and accounting for 59% of the group’s total pre-tax profits. Of which, Hong Kong market delivered profits of US$3.1 billion, up 7%, while the rest of Asia Pacific contributed profits of US$3.7 billion, up 25%.
The Saigon Times Daily