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22-02-22
HSBC’s profit before tax register over two-fold surge
(MENAFN) The biggest European lender HSBC's full-year revenue before tax registered over a two-fold increase in 2021 and the bank declared a USD1 billion stake buyback amidst a sustained international economic rebound.
According to the bank’s statement on Tuesday, pretax profit soared to USD18.9bn the previous year, jumping from USD8.8bn in 2020, pushed by a net release of predicted credit drops and other credit impairment charges, along with a higher stake of profit from the bank's affiliates.
The results went past the USD19.1 billion median predictions of 17 specialists collected by HSBC itself. All areas made profits in 2021, especially HSBC UK, where registered profit before tax climbed by USD4.5bn to USD4.8bn. The lender's Asia operations paid USD12.2bn to posted profit before tax and all other areas recorded a material rebound in profitability.
MENAFN22022022000045013568ID1103740022
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