FILE – In this Nov. 2, 2015, file photo, a person walks past a branch of HSBC near Liverpool Street Station in London. Europe’s biggest bank has reported its net profit jumped 30 percent in 2018 from the previous year to $12.6 billion. (AP Photo/Tim Ireland, File)
LONDON — Europe’s biggest bank has reported its net profit jumped 30 percent in 2018 from the previous year to $12.6 billion.
London-based HSBC, whose profit is mainly from Asia, said its revenue rose 5 percent from a year earlier to $53.8 billion.
Pre-tax profit rose 16 percent to $19.9 billion, but lagged analysts’ estimates. For the fourth quarter, adjusted pre-tax profit was $3.4 billion, also below forecasts.
Market corrections in late 2018 took a toll on HSBC and many other banks. Net profit in the October to December quarter was $1.5 billion, compared with $52 million in the same period a year earlier.
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HSBC has been carrying out a corporate overhaul designed to boost profitability by focusing on its high-growth markets in Asia while shedding businesses and workers in other countries. Asia accounted for 89.5 percent of pre-tax profit in 2018.
The bank’s retail, commercial and global private banking all saw growth, while corporate banking weakened.
