{"id":7665,"date":"2019-02-19T08:00:24","date_gmt":"2019-02-19T08:00:24","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/hsbc-profits-hit-by-china-slowdown\/"},"modified":"2019-02-19T08:00:24","modified_gmt":"2019-02-19T08:00:24","slug":"hsbc-profits-hit-by-china-slowdown","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/hsbc-profits-hit-by-china-slowdown\/","title":{"rendered":"HSBC profits hit by China slowdown"},"content":{"rendered":"\n
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\"HSBCImage copyright<\/span>
\n Reuters<\/span><\/p>\n

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HSBC has reported a lower-than-expected 15.9% rise in pre-tax profits for 2018, partly because of an economic slowdown in China and Hong Kong.<\/p>\n

Europe’s largest bank made $19.9bn (\u00a315.4bn) before tax last year, compared with $17.2bn in 2017.<\/p>\n

Reported revenue was $53.8bn, a rise of 5% from the previous year.<\/p>\n

HSBC makes three-quarters of its profits in Asia and China’s trade war with the US was one reason for problems with its economy near the end of 2018.<\/p>\n

Group chairman Mark E Tucker said that the bank was “in a strong position”.<\/p>\n

He added: “Despite a challenging external environment in the fourth quarter, all of our global businesses delivered increased profits and the group achieved a higher return on tangible equity in 2018.”<\/p>\n

Last June, new group chief executive John Flint set out eight targets for the bank to achieve, including accelerated growth from Asia and its international network and a growth in its UK customer base.<\/p>\n

He said the latest results were good and showed that progress had been made towards achieving these goals.<\/p>\n

Mr Flint added that the bank was ready for Britain’s departure from the European Union next month, and said that its operations in France “gives us a major advantage in this regard”.<\/p>\n

Eoin Murray, head of investment at Hermes fund managers, told BBC Radio 4’s Today Programme<\/a> that he expected a “modestly negative” reaction to HSBC’s results.<\/p>\n

“If you look at the bigger picture, HSBC is still an incredibly profitable institution. It is pivoting towards Asia… and that strategy appears to be successful”.<\/p>\n

Meanwhile, HSBC is planning to increase the salaries of its directors by 3.3% this year – which the bank says is in line with with the average for its UK employees. It is the first salary rise for executive directors since 2011.<\/p>\n

The bank is also asking shareholders to approve a new pay policy for its directors at April’s annual general meeting – which will be in Birmingham this year. <\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Reuters HSBC has reported a lower-than-expected 15.9% rise in pre-tax profits for 2018, partly because of an economic slowdown in China and Hong Kong. Europe’s largest bank made $19.9bn (\u00a315.4bn) before tax last year, compared with $17.2bn in 2017. Reported revenue was $53.8bn, a rise of 5% from the previous year. HSBC makes … <\/p>\n","protected":false},"author":0,"featured_media":7666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/7665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=7665"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/7665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/7666"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=7665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=7665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=7665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}