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FINANCE

HSBC profit rises 15.9% in the first half of the year

HSBC profit

HSBC CEO John Flint has announced his departure after a mere 18 months in the role

HSBC, Europe’s biggest bank in terms of assets has announced a rise in profit by 15.9 percent in the first half of the year.  The pretax profit reported by the bank comes up to $12.41 billion for the first six months. The profit reported for the same period last year was $10.71 billion.

The bank has announced a further share buyback of $1 billion (823 million pounds). The growth in profit has defied the analysts’ expectations that the bank would not go forward with its decision to return extra capital to investors. The bank makes more than eighty percent of its profit in Asia.

The bank had been under tremendous pressure recently especially due to an escalation in trade war between China and United States. The uncertainty in the Brexit issue and unrest in Hong Kong market has also affected the performance of the bank.

HSBC CEO John Flint has announced his departure after a mere 18 months in the role. The news came shortly after the half year profit report by the bank. According to sources the news of his departure has caused a fall in the bank’s share by more than 1 percent, in spite of the rise in its profit.

The bank headquartered in London, had chosen Flint as its CEO in February 2018. The appointment was made by Mark Tucker, the bank’s first externally appointed chairman.

Noel Quinn, head of global commercial banking unit is currently serving as its interim executive. The bank has reported that it’s considering both external and internal candidates for the position.

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