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HSBC Profit Rises

HSBC Profit RisesHSBC Profit Rises

HSBC Holdings Plc, Europe’s largest bank, reported an 18% climb in second-quarter profit amid higher trading income and gains from a sale of shares in China’s Industrial Bank Co. The stock rose, Bloomberg reported. Pretax profit for the three months ended June 30 rose to $6.57 billion from $5.56 billion a year earlier, the London-based lender said in a statement on Monday. The company disclosed $1.1 billion of settlements and provisions for legal matters for the period, and also agreed to sell its Brazilian unit to Banco Bradesco SA for $5.2 billion.

Financialtribune.com