Monday, 5 August 2013

HSBC profits up despite revenue fall

Source BBC News@ tienganhvui.com


The bank said it had shaved 8% from its underlying costs during the periodThe bank said it had shaved 8% from its underlying costs during the period


HSBC has seen profits rise in the first half of the year despite a drop in revenues as it streamlined its business and cut operating costs.


Pre-tax profit at the bank rose 10% to $14.1bn (£9.2bn), despite a 7% drop in revenues to just under $35bn.


The bank said it had shaved 8% from its costs, helped by the sale of non-core businesses.


"We have successfully progressed the repositioning of the business," said chief executive Stuart Gulliver.





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