HSBC shows profits hit - Financial Services Recruitment - Emu Consulting

HSBC grew profits by 10 per cent despite absorbing £1.05bn write-downs on asset-backed securities in its annual results this week.

Despite prevailing credit turbulence and a deteriorating housing market in th US, the bank revealed rising pre-tax profits of $24.21bn an increase of 10 per cent from $22.09bn in the previous year.

It recognised a shift in distribution of results by customer group and global business. The commercial Banking arm accounted for 30 per cent of pre-tax profit, compared with personal financial services, with 24 per cent and global banking and markets accounted for 25 per cent.

The bank also revealed an increasing focus on the emerging markets, which it said had produced record growth last year.