Buoyed by an improvement of the quality of the credit which is to its North American subsidiary, HSBC presented results in strong growth in the first half.
First Bank led to publish its results, it has exceeded expectations, posting a net profit of 6,76 billion over six months, almost twice higher than in 2009. Net profit before tax amounted to 11.1 billion, increased by a gain on the value of its own debt of 1.13 billion, compared to 9.3 billion expected by analysts.
"HSBC has opened the season of the results of the British banks with a certain style," noted Richard Hunter of Hargreaves Lansdown Stockbrokers. "The main reason for satisfaction today has been the decline in provisions for doubtful debts, which have dropped significantly." In a context of widespread improvement of the quality of the credit, HSBC has indeed posted a decline of 46 over a year supplies. A $ 7.5 billion, they are much less important than the estimates of analysts, who wore them to $ 10 billion. They are now at their lowest level since the beginning of the crisis.
New investments
"Encouraging sign", according to HSBC, the improvement also applies to its North American division. With a profit before tax of $ 492 million, it has returned to profit for the first time in three years. Certainly inflated by a significant gain on the value of its own debt, without which the result of the subsidiary would be still negative $ 80 million, this result contrasts with the 3.7 million of losses yet recorded last year. First Bank to have been the "sub-prime" impact, HSBC had to pay more than 61 billion of provisions for credit risk since its acquisition of the specialist of the consumer Household International in 2003 credit and dispose of many assets to restore its position in North America. Closed to new consumers since last year, the subsidiary finally could reduce its provisions, which dropped by 47 to $ 4.6 billion, helped the recovery of its results.
As confirmed by the results of many banks published recently, the improvement of the conditions concerns only the Bank to individuals and companies. HSBC also recorded a decline of 13 of its net income in the Bank for financing and investment to $ 5.6 billion.
With more than half of its profits before taxes achieved in Asia, Sino Bank, whose headquarters are now in Hong Kong, will continue its development in emerging markets. They have helped to preserve the results of the impact of the financial crisis. In fall of 39 in the Middle East, its profits grew by 36 in Latin America. Supported by new investment in India, in China, the Viet Nam and the Kazakhstan, the share of the income of the Bank in the emerging countries has further increased 2. Michael Geoghegan, Director General, confirmed its willingness to continue its implementation. "We believe that these regions should represent the largest part of the global growth in the near future", he said in the release. It also recalled the ambition to HSBC to "become the first international group of bancassurance in Asia over the next decade."
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