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Slowing China hits figures

HSBC profits flat in ‘bumpier’ environment

HSBC kicked off the bank reporting season with pretax profit just 1% higher at $18.9bn (£13.1bn) for the year to December.

There was a similar rise in revenue to $57.7bn. Analysts had expected higher returns and its shares fell in Hong Kong where it continues to draw much of its business.

Chairman Douglas Flint described the financial environment as “bumpier” and said the economic slowdown in Asia was making the environment more challenging.

Asia accounted for 83.5% of HSBC’s global pre-tax profit last year.

The bank, which a week ago decided not to move its headquarters to Hong Kong, proposes to hike its dividend from $0.5 to $0.51.



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