The Asia-Pacific business positioned HSBC’s growth with 61 per cent of total group profits before tax in 2011, remaining a key contributor to the HSBC Group’s global performance, according to HSBC.
The bank’s latest press release announced profits before tax of $13.3 billion in 2011 on a reported basis, an increase of 15 per cent year-on-year. HSBC’s financial performance in Asia-Pacific was driven by increasingly diverse sources of income from its global businesses around the region.
Of which, Hong Kong reported pre-tax profits of $5.8 billion compared with $5.7 billion in 2010, an increase of 2 per cent on a reported basis. On an underlying basis, pre-tax profit rose by 5 per cent.
Specially, the rest of Asia-Pacific contributed record pre-tax profits of $7.5 billion compared with $5.9 billion in 2010, an increase of 27 per cent. On an underlying basis pre-tax profit rose 24 per cent.
Peter Wong, chief executive of HSBC in Asia, said: “As our strong financial performance shows, HSBC’s strategy is delivering results in the Asia-Pacific region across all geographies and the global businesses. By focusing on quality assets, fee income-generating activities and opportunities linked to the renminbi’s rise as a world currency, HSBC Asia-Pacific is well positioned for sustainable growth.”
Vietnam Investment Review