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HSBC flags bigger investments in Asia after profit beat

Bloomberg
Bloomberg2/23/2021 01:30 PM GMT+08  • 3 min read
HSBC flags bigger investments in Asia after profit beat
HSBC's earnings beat estimates in the fourth quarter as the lender kept costs in check and signaled bigger investment in Asia.
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HSBC Holdings Plc’s earnings beat estimates in the fourth quarter as the lender kept costs in check and signaled bigger investments to drive its pivot to faster-growing Asian markets.

Weighed down by loan losses, adjusted pretax profit slid 50% to US$2.2 billion ($2.91 billion) in the period, compared with a US$1.80 billion estimate, the London-based bank said Tuesday. HSBC will resume paying a dividend of $0.15 after British regulators relaxed a ban intended to preserve capital last year after the virus outbreak.

HSBC rose 4.6% to HK$48.65 as of 1:02 p.m. in Hong Kong.

Chief Executive Officer Noel Quinn said in a statement that the bank had a “solid financial performance in the context of the pandemic – particularly in Asia,” which lays “firm foundations for our future growth.”

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