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HSBC Records 22 Percent Increase of Pretax Profit in 2000
Global banking giant HSBC (Hongkong and Shanghai Banking Corporation) Holdings plc made a profit before tax of US$9,775 million in 2000, an increase of 22 percent over the previous year.
Profit attributable to shareholders was US$6,628 million, an increase of 23 percent over 1999, HSBC said when announcing the annual results Monday.
HSBC achieved a annual growth of 14 percent in its net interest income of US$13,723 million. Other operating income rose by 20 percent to US$10,850 million.
The charge for bad and doubtful debts was US$932 million, which was US$1,141 million lower than those in 1999.
However, the bank's gains on disposal of investments of US$302 million were US$148 million lower than in 1999.
The total assets of HSBC at December 31, 2000 were US$674 billion, an increase of US$105 billion, or 18 percent, since the year-end of 1999.
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