HSBC Pre-Tax Profit Up 4.58%

Banking giant HSBC said on Monday that pre-tax profit rose 4.58% to $10.7 billion in the first six months of the year and voiced “cautious optimism” despite the US-China trade row, AFP reported. After wide-ranging cutbacks that saw 50,000 jobs axed in an overhaul announced in 2015, the bank said it was now hiring again as it seeks new growth areas. “We are investing to win new customers, increase our market share, and lay the foundations for consistent growth in profits and returns,” said CEO John Flint. He added that investments in the first half of the year included “hiring more frontline staff in our strongest businesses and expanding our digital capabilities in core markets”. The pre-tax profit figures met analysts’ expectations as they predicted the bank would boost its bottom line. Revenues were also up 4% at $27.3 billion in the six months to June. However, adjusted profit before tax of $12.1 billion was down 2% and revenues were tempered by a rise of 7% in operating expenses to $17.5 billion, which the bank said reflected investments in digital capabilities.