Aug 2, 2021

Banking giant HSBC sees first half profit more than double

Banking giant HSBC said its first half profit has more than doubled, as it benefited from an economic rebound in Britain and Hong Kong.Europe's biggest bank by assets saw pre-tax profit for the period rise to $10.8bn, compared to $4.32bn for the same time last year. The UK-based bank highlighted that its UK bank had reported profit before tax of more than $2.1bn in the period. HSBC already generates the bulk of its revenues from Asia.In January, UK MPs accused HSBC - a Hong Kong founded bank - of "Aiding and abetting" China's crackdown in Hong Kong.HSBC faced accusations of acting in a political manner and being too close to the Chinese authorities after it emerged that the bank had frozen accounts belonging to Hong Kong pro-democracy politician Ted Hui and members of his family. Mr Quinn, appearing before the Foreign Affairs Committee, was told the bank was turning a blind eye to the situation. Mr Quinn mounted a robust defence of the bank, saying: "I can't cherry-pick which laws to follow."

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