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HSBC said on Tuesday that its reported pre-tax profit for 2017 stood at US$17.2 billion, up 141 per cent on the equivalent figure for 2016, when the bank booked losses on a number of one-off items.
Even after adjusting for the impact of one-off items in 2016, HSBC still beat analysts’ expectations. Its adjusted pre-tax profit for 2017 was US$21 billion, 11 per cent higher than the equivalent figure last year, beating the US$19.59 billion average prediction polled among analysts by Thomson Reuters.
However, HSBC surprised investors by not announcing an additional share buy-back. Since June 2016, the bank has bought back shares worth US$5.5 billion, and analysts were expecting the bank to announce a further buy-back on Tuesday.
More than three quarters of its profit came from Asia, as HSBC continues to “pivot” back to its roots.
Revenue grew the most strongly at HSBC’s retail banking and wealth management arm, thanks to rising interest rates and a growing number of deposits, particularly in Hong Kong, the bank said in a statement to the Hong Kong and London stock exchanges.
Tuesday is the final day at work for HSBC’s departing group chief executive, Stuart Gulliver, who oversaw the bank’s shift back towards fast-growing economies in Asia, and a substantial cost-cutting plan.
His successor, John Flint, HSBC’s group chief executive designate, said he would set out a plan for his time in the role later this year.
“These results and the achievements of the last couple of years give us a great platform to build on. I am working with the management team and the board to evolve our strategy and execute it at pace, and I will update shareholders on this work by our half year results,” Flint said in a statement.
HSBC shares rose by 0.78 per cent in Hong Kong before the results were published, closing midday trade at HK$84.2 a share.
(SCMP)
