HSBC plc says 2021 profit more than tripled as bank sells its retail business in France and expands wealth management in Asia
HSBC plc says 2021 profit more than tripled as bank sells its retail business in France and expands wealth management in Asia
HSBC plc on Tuesday reported more than triple its 2021 profits to $12.6 billion as the bank sold its retail business in France and expanded wealth management in Asia.
The bank reported “profits of $49.6 billion despite a 2% decline in revenue amid the pressure of the COVID-19 pandemic on commercial customers”.
HSBC said it expects “good business momentum” and mid-single-digit growth in lending this year but weak performance in wealth management in Asia this quarter.
The bank sold its French retail business to American investment group Cerberus in June, another step in plans to focus on Asia and reduce exposure to Europe and North America. “We have made good progress in executing our strategic plan,” said Chairman Mark E. Tucker said in a statement.
,