HSBC profit up 21% in 2007 in spite of weak US market
Updated: 2008-03-04 09:33
HONG KONG - Banking giant HSBC announced here on Monday that its financial results for the year 2007, delivering a net profit of US$19.13 billion, up 21 percent year on year, in spite of a weak US market.
 A bronze lion statue is seen outside the HSBC headquarters in Hong Kong March 3, 2008. [Agencies] |
The earnings per share was US$1.65, up 17.9 percent from the previous year, said the Hongkong and Shanghai Banking Corporation Limited, or HSBC.
The London-headquartered banking group recorded profit before tax of about US$24.21 billion, up 10 percent year on year.
The company declared a fourth interim dividend of US$0.39 a share, putting the total dividends for 2007 at US$0.9 a share, up 11.1 percent year on year.
Large parts of the international financial system came under extraordinary strain in 2007. The new high in earnings recorded by HSBC, in spite of the exceptionally weak performance of the US market, underscores the company's announced strategy of focusing on the emerging markets, said Stephen Green, the group chairman.
HSBC's total assets at December 31, 2007 were US$2,354 billion, increasing 27 percent since December 31, 2006.
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