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August 2, 2021

HSBC Holdings Gets Double Profits

 Today, HSBC Holdings posted a first -half profit by surpassing the forecast range to achieve a double -digit increase over last year.


The increase was driven by economic recovery in its two largest markets, Hong Kong and Britain. HSBC also returned the dividend payment and used $ 700 million as an allocation.


The largest bank posted a pre -tax profit with inward assets of $ 10.8 billion which was higher than only $ 4.32 billion recorded in the same period last year.


In addition, a consensus estimate with a value of $ 9.45 billion was prepared by the bank.


But the group's revenue declined by 4% due to lower interest rates for the bank and poor performance on its market trading in Asia.



According to a statement from Chief Executive Noe Quinn to Reuters, growth is expected to show an increase in assets that will be more focused on bank investment sources from Europe and the United States to Asia.


"We are in the early stages of economic recovery and still see that all those figures will be a trend in the future," he added.


HSBC also plans to pay an interim dividend of seven cents per share after the Bank of England canceled the payout cut last month.


In addition, it also says that the group will continue its pace in achieving its targeted payout reach of 40-55% of reported earnings per share in 2021.


Shares listed on HSBC in Hong Kong jumped 1.7% in early trading today.