Bangkok--28 Feb--HSBC
HSBC Holdings announces its profit before tax for 2011 was US$21.9bn, up US$2.8bn, or 15% on 2010. Net interest income of US$40,662m was US$1,221m, or 3%, higher than 2010.
Loan impairment charges and other credit risk provisions were US$12,127m in 2011, US$1,912m lower than 2010. The core tier 1 ratio and tier 1 ratio for the Group remained strong at 10.1% and 11.5%, respectively, at 31 December 2011.
The Group’s total assets at 31 December 2011 were US$2,556bn, an increase of US$101bn, or 4%, since 31 December 2010.
HSBC Asia-Pacific has announced profits before tax of US$13.3 billion in 2011 on a reported basis, an increase of 15% year-on-year. The Asia-Pacific business remains a key contributor to the HSBC Group’s global performance, accounting for 61% of total Group profits before tax in 2011.
Stuart Gulliver, Group Chief Executive said: “2011 was a year of major progress for HSBC. We gained traction in our strategy designed to simplify the structure and improve the management and control of the Group, thereby improving returns and positioning HSBC for growth. We recorded a strong performance in faster-growing markets and had a record year in commercial banking. I am pleased with our progress but there is a lot more to do and we remain focused on delivering our targets.”
Peter Wong, Chief Executive of HSBC in Asia, said: “As our strong financial performance shows, HSBC’s strategy is delivering results in the Asia-Pacific region across all geographies and the Global Businesses. By focusing on quality assets, fee income-generating activities and opportunities linked to the renminbi’s rise as a world currency, HSBC Asia-Pacific is well positioned for sustainable growth. As economic expansion in our region continues to outpace that of the developed world, I believe our international connectivity is a core strength serving our customers locally, regionally and globally.”
Media enquiries to Varanandha Sutthapreeda on 0-2614-4609 or Savittree Muadmuang on
0-2614-4606.