HONG KONG: HSBC said profits were up Monday in the first half of the year in what it called an “excellent” result after a turbulent 2016. The Asia-focused giant has been on a recovery drive over the past two years to streamline the business and slash costs, and has laid off tens of thousands of staff. Pre-tax profit for the six months to June rose five percent to US$10.2 billion compared with US$9.7 billion for the same period last year. The results came after operating expenses dropped 12 per cent to US$16.4 billion, partly stemming from a sell-off of its Brazil operations. HSBC also announced a share buyback of up to US$2 billion, expected to be completed in the second half of the year.

Source: New Strait Times July 31, 2017 05:37 UTC