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LONDON – The largest bank in Europe reported a net profit of $ 12.6 billion in 2018, up 30% from the previous year.
London-based HSBC, whose profits come mainly from Asia, said its revenue was up 5% from the previous year, reaching $ 53.8 billion.
Pre-tax earnings increased 16% to $ 19.9 billion, but lagged analysts' estimates. For the fourth quarter, adjusted pre-tax earnings were $ 3.4 billion, also below expectations.
Market corrections at the end of 2018 have had a negative impact on HSBC and many other banks. Net profit from October to December was $ 1.5 billion, compared with $ 52 million for the same period last year.
HSBC has embarked on a redesign of its business to increase profitability by focusing on its fast-growing Asian markets, while leaving its businesses and workers in other countries. Asia accounted for 89.5% of pre-tax profit in 2018.
The bank's global retail, commercial and private banking business has all grown, while business banking has weakened.
"HSBC is in a strong position. Our performance in 2018 demonstrated the underlying health of the company and the potential of the strategy announced in June by John Flint, our Managing Director, "said HSBC Chairman Mark E. Tucker in a statement. .
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