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HSBC’s 2009 net profit rises, but falls below expectations
The company made net profits of $5.83 billion during the year, as opposed to analysts' expectations of $6.4 billion.
March 1, 2010 5:15 by kippreport
HSBC Holdings reported a 1.9 percent increase in net profits for 2009 to reach $5.83 billion, up from $5.73 billion in 2008, it said on Monday. However, the figure fell below analysts’ expectations of $6.4 billion. Meanwhile, revenues rose from $5.73 billion in 2008 to $5.83 billion last year, the company said.
HSBC said that impairment charges and other credit risk provisions increased to $26.5 billion in 2009 compared to $24.9 billion the previous year. The company’s pretax profit also fell by 74 percent in the Middle East, 63 percent in Europe, and 9.4 percent in Asia as compared to 2008, it said.