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HSBC operating profit up, net income falls - Daily News Egypt

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HSBC operating profit up, net income falls

Europe’s biggest bank, HSBC, has reported a drop in bottom-line earnings for the second quarter, but pointed to rising operating profit in the first half of 2015. The lender is in the midst of deep restructuring.
HSBC announced Monday that its net profit fell 3.8 percent in the three months to June. In the first half of the year, bottom-line income dropped by 1.3 percent.

But Europe’s largest lender hastened to add that pre-tax earnings rose by 10 percent over the first six months of the year.

“The environment for banking remains challenging,” Group Chairman Douglas Flint said in a statement, noting the bank still held a “privileged position” in global trade and investment.

Goodbye to Brazil and Turkey

In a separate statement to the Hong Kong Stock Exchange, HSBC confirmed the sale of its Brazilian business to that country’s Banco Bradesco.

The lender had signaled it would cut its global workforce by up to 50,000 while exiting Brazil and Turkey.

The sale of HSBC Brazil represents a significant step in our stated goal to optimize our global network and reduce complexity,” CEO Stuart Gulliver said.

hg/sgb (AFP, dpa)

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