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HSBC 2018 profit rises 16%, lags estimates

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HSBC joins rivals including UBS Group AG in reporting earnings hit by the meltdown in stock markets.

[HONG KONG] HSBC Holdings posted on Tuesday an increase of 15.9 per cent in 2018 profit, as the bank avoided tax writedowns that marred its results a year earlier and earnings in its key market of Asia grew.

HSBC reported a profit before tax of US$19.9 billion for 2018 compared with US$17.2 billion the year before. The profit for the year, however, was below an average estimate of US$22 billion, according to Refinitiv data based on forecasts from 17 analysts.

Europe's biggest bank by market capitalisation said it would pay a full-year dividend of US$0.51 per share, roughly in line with analysts' expectations. The bank was confident of maintaining the dividend at this level, it said. 

REUTERS

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