Feb 20, 2018
HSBC profits jump to $17.2bn on Asia growth
HSBC has posted a pre-tax profit of $17.2bn in 2017, saying its focus on Asia was driving its growth. The results represent a 142% jump on the $7.1bn profit of the previous year. That comparison is flattering, given 2016 saw the bank incur a string of one-off costs including the sale of its Brazil business. Though it is well known on the UK High Street, HSBC makes most of its money outside of Britain with Asia accounting for the bulk of its global profits. HSBC, Europe's biggest bank, is on the verge of leadership change with chief executive Stuart Gulliver handing over the reins to current retail banking and wealth management head John Flint from Wednesday.
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