Apr 27, 2021
HSBC: in China, all capital is political
Profit before tax rose 79 per cent to $5.8bn at the UK-listed lender, which maintained a strong 15.9 per cent ratio of core equity tier one capital to risk-weighted assets. Thanks to Asia, the wealth and asset management unit increased its return on tangible equity to 18.8 per cent, the highest divisionally. Total ROTE for HSBC rose 6 percentage points to 10.2 per cent. Last year HSBC made more than 80 per cent of Asia profits from mainland China and Hong Kong. Just 42 per cent of capital was allocated to Asia, though.
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