HSBC's performance | Asia business propped up profits last year, earning more than 100 billion Hong Kong dollars before tax

Financial News

Written by: Huang Jie

2021-02-23 12:34

The last update date: 2021-02-23 12:36

HSBC Holdings (0005) announced last year's results. The profit after tax on the basis of accounting was US$6.1 billion (the same below), a year-on-year decrease of 30%, while the profit before tax on the basis of accounting was US$8.8 billion, a decrease of 34%.

In terms of regional performance, European performance continued to see red, with a pre-tax loss of 4.205 billion yuan on the accounting basis. Asian business continued to support the group's profit, with a pre-tax profit of 12.832 billion (approximately HK$100.89 billion).

As for the business in North America, the Middle East and North Africa, the profit before tax on the accounting basis is 168 million and 19 million respectively.

Latin America recorded a pre-tax loss of 37 million yuan.

Group: The strongest rebound in international trade

The group said that the global economy deteriorated severely due to the new crown virus in the first half of last year, but it showed signs of recovery in the second half, especially in Asia.

China is still the largest source of global growth, and its economic recovery has been remarkable, with the rebound in international trade being the strongest.

The signing of the "Regional Comprehensive Economic Partnership Agreement" is bound to promote more vigorous economic and trade activities in Asia.

At the same time, the EU and China recently reached a political agreement on an investment agreement. After the EU passes it, it will be able to promote huge bilateral investment flows.

As for Europe, the United States and Latin America, the group pointed out that the number of new coronavirus infections is still high, and the variant virus is spreading rapidly, prompting the United Kingdom and other countries to adopt a new round of blockade measures.

With the introduction of a variety of vaccines, the group is gradually optimistic about the future, but it is obviously still unable to restore normal life.

The economic recovery of these countries will take a long time, and it will not be expected to return to growth until later in 2021.

The United Kingdom and the European Union reached a trade agreement at the end of 2020, giving a glimpse of cross-border trade. However, the relevant new arrangements set more restrictions on market access for financial services. It is necessary to continue to strive to restore the past level of competition.

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