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Company News, Business, Banking & Finance

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HSBC MENA’s pre-tax profit at $700m in H1

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT).
By TRENDS Desk
August 2, 2021 11:37 am

    • Economic recovery in the region helps the bank post a profit of $386m in the quarter ending June, compared to the loss of $70m in Q2 2020.

    • Bank says all regions have been profitable in the period under review.

    DUBAI: HSBC Middle East and North Africa (MENA) region has posted a pre-tax profit of $700 million for H1-2021 and its pre-tax profit for the quarter ending June 2021 was $386 million compared to the loss of $70 million in the same quarter last year.

    In a statement, HSBC, the biggest bank by assets, said it made a pre-tax profit of $5.6 billion worldwide compared with $2.59 billion in the same period last year. It added all regions in which the bank operates have been profitable in the period under review, attributing the performance to Britain and Hong Kong, its two biggest markets.

    The bank said there were emerging signs of growth in unsecured personal lending and commercial lending despite the impact of coronavirus pandemic, low interest rates and revenue headwinds.

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