HSBC has posted a 6% fall to $17.7bn in
underlying gross profit for the 12 months to 31 December.

HSBC’s retail banking and wealth management
business unit contributed less than one dollar in four of group
pre-tax profit ($4.2bn, up 11% year-on-year).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

On a reported basis, HSBC’s group gross profit
increased by 15% to $21.9bn.

The growing importance of the emerging markets
was borne out by HSBC’s fiscal 2011 earnings.

On an underlying basis, HSBC’s Europe pre-tax
profits fell by 61% to $1.72bn while HSBC North America posted a
pre-tax loss of $870m.

HSBC’s US performance was significantly
affected by its card and retail banking unit, of which it announced
the pending sale and the run-off of large parts of its US
portfolios.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

HSBC took a hit in Europe of $875m relating to
provisions for UK customer redress programmes, including a charge
in respect of the mis-selling of PPI.

By contrast, HSBC’s Hong Kong and rest of Asia
Pacific business units reported gross profit of $5.8bn and $7.3bn
respectively.

Retail banking revenue in the Rest of
Asia-Pacific unit increased, primarily as a result of significant
lending growth in mortgages, notably in Australia and Singapore due
to competitive product offerings and strong property markets, and
increased deposit spreads in a number of countries such as mainland
China and India.

HSBC retail banking highlights in 2011
included the extension of mobile banking to 11 new markets.

HSBC also launched its global cards platform
in five new markets in Asia, with deployment in Brazil and Mexico
due to be completed during 2012.