Media365
Net profit for the April-to-June quarter rose to US$1.8 billion, or 72.5 US cents a share, from US$1.17 billion a year earlier, the bank said in a filing to the Hong Kong stock exchange. The result exceeded an analysts’ consensus estimate of US$1.33 billion that was compiled by the bank.
The London-based bank, which generates most of its business from Asia, said its pre-tax underlying profit for the period rose 34 per cent from a year earlier to US$2.4 billion, beating a consensus estimate of US$1.9 billion.
For the first half, net profit rose 41 per cent to US$3.07 billion from US$2.17 billion a year earlier. Analysts expected a profit of US$2.82 billion. The bank announced an interim dividend of 12.3 US cents a share, up 27 per cent from a year earlier.
“Our strong first-half performance reflects continued successful execution of our strategy, through our focus on cross-border and affluent banking,” CEO Bill Winters said in the statement.
“Through our unique network across Asia, Africa and the Middle East, we offer our clients the means to navigate volatile external conditions. We are performing well, while keeping a tight grip on costs, credit risk and capital.”
