BANKS HSBC’s reported pre-tax profit more than doubles to $10.8 billion in first half of 2021

by admin

August 2, 2021

in Tax

Still working remotely? Your 2021 taxes may be more complicated than your 2020 return

The bank’s reported pre-tax profit more than doubled from a year ago to $10.84 billion in the January-to-June period this year. Analysts’ estimates compiled by the bank had pointed to a $9.45 billion in reported pre-tax profit during that period.

Meanwhile, revenue fell 4.5% from a year ago to $25.55 billion in the first six months of 2021 — broadly in line with the $25.52 billion that analysts had projected.

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HSBC shares in Hong Kong jumped more than 3% following earnings release.

HSBC’s Group Chief Executive Noel Quinn said a brighter economic outlook has allowed the bank to start releasing provisions that were set aside for potential loan losses. That was the “main driver” of the bank’s improved profitability.

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