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06/03/2006
HSBC reports record profits
HSBC has reported earnings of £11.9 billion ($20.97 billion) for last year, the largest ever profits announced by a UK bank.
The figure was an increase of 11% on the previous year and followed robust performances in the UK, US and Hong Kong markets, the group said.
HSBC Chairman Sir John Bond, who is due to leave the company later this year to take the post of chairman with Vodafone, announced the figures.
HSBC has more than 110 million customers in 79 countries.
However, the bank said that charges for bad loans also increased this year in the UK, rising by $1.6 billion. This coincided with a rise in personal bankruptcies in Britain, which generates around one fifth of HSBC's profits.
The bumper profits come just one week after the Royal Bank of Scotland announced profits of £8.25 billion.
Sir John said that the near term outlook was "encouraging". However, he said that there were also uncertainties over "the unprecedented level of trade imbalances" as well as under-funded pension plans. He said: "In certain mature markets, under-funded pension plans threaten to become a drain on companies' resources. Combined with the rising cost of long-term healthcare, they pose a considerable challenge to policy makers.
"The challenge to society of managing the equitable distribution of wealth created between competing generations may well become one of the most pressing of the next decade."
(KMcA/GB)
The figure was an increase of 11% on the previous year and followed robust performances in the UK, US and Hong Kong markets, the group said.
HSBC Chairman Sir John Bond, who is due to leave the company later this year to take the post of chairman with Vodafone, announced the figures.
HSBC has more than 110 million customers in 79 countries.
However, the bank said that charges for bad loans also increased this year in the UK, rising by $1.6 billion. This coincided with a rise in personal bankruptcies in Britain, which generates around one fifth of HSBC's profits.
The bumper profits come just one week after the Royal Bank of Scotland announced profits of £8.25 billion.
Sir John said that the near term outlook was "encouraging". However, he said that there were also uncertainties over "the unprecedented level of trade imbalances" as well as under-funded pension plans. He said: "In certain mature markets, under-funded pension plans threaten to become a drain on companies' resources. Combined with the rising cost of long-term healthcare, they pose a considerable challenge to policy makers.
"The challenge to society of managing the equitable distribution of wealth created between competing generations may well become one of the most pressing of the next decade."
(KMcA/GB)
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