HSBC 2018 Pretax Profit Up 16% at $19.89 Billion, Missing Expectations
19 February 2019 - 04:17PM
Dow Jones News
By Chester Yung
HSBC Holdings PLC's (HSBC) full-year profit missed analysts'
expectations despite a rise in deposit revenue in Asia.
HSBC said Tuesday its 2018 reported pretax profit rose 16% to
$19.89 billion. The result missed the $21.41 billion estimate in a
FactSet poll of 10 analysts. Full-year revenue rose to $53.78
billion from $51.45 billion a year earlier, while net profit rose
to $12.61 billion from $9.68 billion.
HSBC's Hong Kong-listed shares rose 0.4% to 67.95 Hong Kong
dollars at midday before the bank released results. The bank has
bought back billions of dollars of shares in the past three years,
with the latest round in mid-August.
The lender has undergone a major restructuring since 2011,
exiting from most of Latin America and focusing on Asia. It faces
potential hurdles from the U.K.'s decision to leave the European
Union. The U.K. and Hong Kong are the bank's two major markets.
Write to Chester Yung at chester.yung@wsj.com
(END) Dow Jones Newswires
February 19, 2019 00:02 ET (05:02 GMT)
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