HSBC says 2021 profit triples to $12.6bn, outlook 'good'
The Hindu
HSBC PLC says 2021 profit more than tripled as the bank sold its retail business in France and expanded wealth management in Asia
HSBC PLC on Tuesday reported 2021 profit more than tripled to $12.6 billion as the bank sold its retail business in France and expanded wealth management in Asia.
“Profit rose despite a 2% decline in revenue to $49.6 billion amid the COVID-19 pandemic’s pressure on commercial customers”, the bank reported.
HSBC said it expects “good business momentum” this year and mid-single-digit growth in lending but weaker performance in wealth management this quarter in Asia.
The bank sold its French retail business to American investment group Cerberus in June, marking another step in plans to focus on Asia and trim exposure to Europe and North America. “Good progress has been made in executing our strategic plan,” said chairman Mark E. Tucker in a statement.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
L&T confirms 95% of its West Asia project sites are safe, while addressing logistics challenges amid ongoing regional conflicts.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
HDFC Bank terminates three senior officials over client onboarding issues at its DIFC branch amid ethical concerns following chairman's resignation.
Air India CEO warns of potential flight cuts and reduced travel demand due to rising fuel costs amid ongoing Gulf conflict.
Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
India achieves 1 billion tonne coal production for the second consecutive year, ensuring stable energy supply and economic growth.
Generic drugmakers in India launch affordable Semaglutide versions, targeting a $1 billion diabetes and weight loss market.