Arab Today, arab today hsbc\s mena profits up despite turmoil in region
Last Updated : GMT 19:15:12
Arab Today, arab today
Arab Today, arab today

HSBC\'s Mena profits up despite turmoil in region

Arab Today, arab today

Arab Today, arab today HSBC\'s Mena profits up despite turmoil in region

Dubai - Arabstoday

HSBC\'s operations in the Middle East and North Africa (Mena) reported a profit before tax of $747 million (Dh2,743 million) up 116 per cent compared to the $346 million (Dh1,270 million) reported in the first half of 2010. \"Our focus markets put in a strong performance, with Egypt profit rising by 45 per cent, UAE by 110 per cent, and Saudi by 71 per cent compared to the first half of 2010,\" said Simon Cooper, CEO of HSBC Middle East and North Africa. The banks loans and advances to customers rose by five per cent compared to the previous half year first half, and customer deposits rose by 11 per cent. Globally, HSBC made a profit before tax of $11.47 million (Dh42 million) an increase of $370 million (Dh1,358 million) or 3.3 per cent compared with the first half of 2010. Profit attributable to ordinary shareholders was $8,929 million (Dh32,795 million) an increase of $2.3 billion (8.44 billion) or 35 per cent compared with the first half of 2010. Article continues below Loan impairment charges and other credit risk provisions were $5.26 billion (Dh19.3 billion) in the first half of 2011; $2.25 billion (Dh8.25 billion) lower than the first half of 2010. \"We remain positive on the outlook for emerging markets. We expect a soft landing in China and we believe Hong Kong is well-equipped to mitigate overheating pressures,\" said Stuart Gulliver, Group Chief Executive of HSBC said in a statement. \"We expect continued growth in the rest of Asia-Pacific and Latin America. In the Middle East, the outlook for the Gulf Cooperation Council economies is also positive.\" In the Mena region, the UAE was the biggest contributor to the bank\'s bottom-line. While the UAE operations reported $265 million (Dh972 million) pre-tax profits up by 33 per cent from $198 million (Dh726 million) reported in the first half of last year, commercial banking and global banking contributed 120 million and 119 million respectively to the bank\'s first half profits in the UAE. Saudi Arabia and Egypt were the other major contributors to HSBC\'s profits in the region. While Egypt accounted for $113 million (Dh414 million) marginally down from $117 million (Dh429 million) in the same period last year, Saudi Arabia\'s contribution improved from $107 million (Dh392 million) in the first half of last year to $183 million (Dh671 million) during the first half of this year. \"Overall, these results are very satisfactory, given the instability and market disruption we have seen in the first half in our region and globally,\" said Cooper

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hsbc\s mena profits up despite turmoil in region Arab Today, arab today hsbc\s mena profits up despite turmoil in region

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday