http://www.bloomberg.com/news/2014-08-04/hsbc-s-first-half-profit-fall-12-on-investment-bank.html
HSBC Holdings Plc (HSBA)Chief Executive Officer Stuart Gulliver said strengthening economic growth and rising interest rates should help bolster revenue in 2015 after Europe’s biggest bank reported weaker first-half profit.
Pretax earnings dropped 12 percent to $12.3 billion from $14.1 billion a year earlier, the bank said in a statement from London today. That was the firstdecline in the period since 2009 and compares with the $12.9 billion average estimate of four analysts surveyed by Bloomberg. Revenue fell 9.3 percent to $31.2 billion.
“We expect improvement in revenue in 2015,” Gulliver, 55, told reporters on a conference call today. “You should assume that any improvement would be lagged six months after rates go up.”
The shares gained 2.8 percent to 647 pence at 11:10 a.m. in London trading, paring the decline to 2.3 percent this year.
“The U.K. in particular should maintain a firm recovery,” Gulliver said in the statement, with China’s economy seen expanding at a faster pace this year than previously projected.
Pretax profit in Asia fell 15 percent to $7.89 billion, while Europe declined 18 percent to $2.26 billion. Earnings dropped 20 percent in Latin America to $374 million.
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