HSBC Holdings' Net Profit Plunges 18 Percent

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Last updated at: (Beijing Time) Tuesday, March 05, 2002

HSBC Holdings' Net Profit Plunges 18 Percent

Global banking giant HSBC Hong Kong and Shanghai Banking Corporation) Holdings plc reported Monday that its net profit fell 18.4 percent to 5.41 billion U.S. dollars in 2001.

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Global banking giant HSBC Hong Kong and Shanghai Banking Corporation) Holdings plc reported Monday that its net profit fell 18.4 percent to 5.41 billion U.S. dollars in 2001.

The charge for bad and doubtful debts increased 1.11 billion U. S. dollars to 2.04 billion U.S. dollars, including 1.12 billion U. S. dollars in provisions for its exposure to Argentina.

The group's total assets at December 31, 2001 were 696 billion U.S. dollars, 3 percent higher than a year ago.

HSBC Chairman John Bond described 2001 as a challenging year and held cautious about the outlook of the year ahead.

"Much will depend on the pace of recovery in the United States. Recent economic indicators provide mixed signals. The robust consumer demand which has supported a number of western economies may prove hard to maintain as pressure on corporate profits leads to further industry restructuring and higher levels of unemployment," he said.

Bond also mentioned positive factors including the strong and co-ordinated monetary policy initiatives of the world's leading nations, which may have staved off protracted recession.

"It is possible that we shall see signs of a modest economic recovery during the year," he said.

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