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REC shines on raising $1.15 billion from 6 banks in August REC is currently trading at Rs. 237.80, up by 3.10 points or 1.32% from its previous closing of Rs. 234.70 on the BSE. The scrip opened at Rs. 236.45 and has touched a high and low of Rs. 241.60 and Rs. 235.50 respectively. So far 229937 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 249.20 on 30-Aug-2023 and a 52 week low of Rs. 91.00 on 17-Oct-2022. Last one week high and low of the scrip stood at Rs. 244.95...
REC shines on raising $1.15 billion from 6 banks in August
REC shines on raising $1.15 billion from 6 banks in August
Source: Accord Fintech
7/09/2023 11:05:26 AM
Asia shares rally after China pledges economic support steps Asian shares jumped on Tuesday as China's pledge to step up policy support for its stuttering economy soothed sentiment and lifted beaten down Hong Kong and Chinese stocks, while the dollar eased ahead of the Federal Reserve meeting this week. MSCI's broadest index of Asia-Pacific shares outside Japan was 1.2% higher and on course to snap a six-day losing streak. Japan's Nikkei fell 0.22%. The Shanghai Composite Index was 1.55% higher, while Hong Kong's benchmark Hang Se...
Asia shares rally after China pledges economic support steps
Asia shares rally after China pledges economic support steps
Source: Reuters
25/07/2023 8:42:16 AM
India is investment destination of the decade With longstanding trends of a solid economic growth, young demographics, urbanisation and the rise of an aspirational middle class, India stands out as one big shining star in the global economy, HSBC said in a report. New growth drivers like digitalisation, the rapid ascend of India’s start up ecosystem, high tech exports, maturing reforms and the strength of the corporate balance sheets altogether greatly enhance growth prospects and investability of the Indian economy, the report ...
India is investment destination of the decade
India is investment destination of the decade
Source: IANS
25/06/2023 3:24:32 PM
Oil falls after large surprise build in US crude stocks Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in U.S. crude stocks last week, triggering fears of an oversupply amid signs of weaker Chinese demand, too. Brent crude futures for August delivery fell 40 cents, or 0.6% to $72.20 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude (WTI) eased 39 cents, or 0.6%, to $67.70 a barrel. Both benchmarks had settled down more than $1 on Wednesday after steep decl...
Oil falls after large surprise build in US crude stocks
Oil falls after large surprise build in US crude stocks
Source: Reuters
1/06/2023 8:53:34 AM
HSBC says profits got $1.5bn boost from purchase of SVB`s UK business Banking giant HSBC said that its profits got a $1.5 billion boost from the purchase of collapsed Silicon Valley Bank's (SVB) British business (SVB UK). Europe's biggest bank posted a pre-tax profit of $12.9 billion for the three months to the end of March, the BBC reported. That is more than three times the amount it made for the same time last year. In March, HSBC bought SVB UK for a nominal 1 pound ($1.25), in a deal led by the government and the Bank of England. The Lon...
HSBC says profits got $1.5bn boost from purchase of SVB`s UK business
HSBC says profits got $1.5bn boost from purchase of SVB`s UK business
Source: IANS
2/05/2023 1:10:18 PM
India'`s surging services exports may shield economy from external risks A surge in India's services exports, which hit a record high in the October-December quarter, is expected to shield the economy from external risks as a slowing global economy will likely weigh on the country's merchandise exports. Service exports are no longer being driven by IT services alone but also by more lucrative offerings such as consulting and research and development, analysts and economists told Reuters. India's services exports rose 24.5% on year in October-Dece...
India'`s surging services exports may shield economy from external risks
India'`s surging services exports may shield economy from external risks
Source: IANS
3/04/2023 5:49:45 PM
Emerging market investors turn increasingly bullish for Q2 -HSBC survey  Nearly half of emerging market investors are bullish on prospects for developing markets in the second quarter, a survey by HSBC showed on Thursday, thanks to rising optimism following the reopening of the Chinese economy. Some two thirds of the respondents expected emerging equities to outperform those of the developed economies in the next three months, the survey of 138 investors from 133 institutions, conducted between Jan. 24 and March 6, found. More than two thirds of the re...
Emerging market investors turn increasingly bullish for Q2 -HSBC survey
Emerging market investors turn increasingly bullish for Q2 -HSBC survey
Source: Reuters
23/03/2023 3:14:43 PM
European bank shares drop after Credit Suisse bailout European bank shares are proving volatile as investors remain concerned about wider problems in the industry. Major falls were seen in early trading in Germany's Deutsche Bank and France's BNP Paribas, although shares in both have since recovered some losses, the BBC reported. BNP is still down about 5 per cent and Deutsche Bank 6 per cent. In the UK, shares in Standard Chartered, HSBC and Barclays also took an early hit. UBS, which was responsible for buying out its troub...
European bank shares drop after Credit Suisse bailout
European bank shares drop after Credit Suisse bailout
Source: IANS
20/03/2023 3:49:09 PM
HSBC acquires Silicon Valley Bank UK HSBC UK Bank plc is acquiring Silicon Valley Bank UK Limited (SVB UK) for 1 pound, after a weekend of frantic negotiations by UK officials. In a statement, HSBC says the transaction "completes immediately". The acquisition will be funded from existing resources, the Guardian reported. "As at 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. For the financial year ending December 31, 2022, SVB UK recorded a profit befor...
HSBC acquires Silicon Valley Bank UK
HSBC acquires Silicon Valley Bank UK
Source: IANS
13/03/2023 2:08:21 PM
2023 holds little promise for tech IPOs as slowdown continues The global economic crisis, which hit the companies' initial public offering (IPO) plans in India in 2022, continues to haunt the founders and CEOs and the first two months of the new year went completely dry as no public offering was launched amid recession fears. Although some IPOs appear to be in the offing this month, the mood among the companies, investors and the public is yet to be lifted after a dismal December. Forty Indian corporates raised Rs 59,412 crore through IPOs in ...
2023 holds little promise for tech IPOs as slowdown continues
2023 holds little promise for tech IPOs as slowdown continues
Source: IANS
4/03/2023 5:02:20 PM
India December quarter GDP growth stronger than data suggests - economists The apparent slowdown in India's GDP growth in the October-December quarter has been driven to a large extent by revisions to past data, economists said, adding that the growth is evolving on expected lines and may not sway the central bank to pause rate hikes. India's GDP grew 4.4% in October-December, down from 6.3% in July-September, and below the 4.6% forecast in a Reuters poll. The growth for 2021/22 was raised to 9.1% from 8.7% earlier as part of a regular schedule of revi...
India December quarter GDP growth stronger than data suggests - economists
India December quarter GDP growth stronger than data suggests - economists
Source: Reuters
1/03/2023 1:01:13 PM
Rupee likely to inch up on upbeat Asian cues The Indian rupee may open marginally higher against the U.S. dollar on Monday, supported by a further uptick in Asian currencies after last week's rally. The rupee was likely to open at 81.25 per dollar compared with 81.3250 in the previous session. The local currency last week jumped 1.7% on increased confidence that the U.S. Federal Reserve was nearing an end to its rate-hike cycle. In a research note last week, HSBC said that the Federal Reserve will likely hike its target intere...
Rupee likely to inch up on upbeat Asian cues
Rupee likely to inch up on upbeat Asian cues
Source: Reuters
16/01/2023 9:28:46 AM
India`s FY24 growth to dip to 5.5% from 6.8% in FY23 - HSBC economist MUMBAI - India's economy is expected to grow 5.5% in the next financial year, a notch below the expected potential rate of 6%, as growth momentum in the country was slowing gradually, an economist at HSBC said on Thursday. The Indian economy grew 8.7% in year ended March 2022, and is expected to grow by 6.8% in the current financial year. A Reserve Bank of India survey of professional forecasters released in December had pegged growth at 6% in 2023/24. "While both expor...
India`s FY24 growth to dip to 5.5% from 6.8% in FY23 - HSBC economist
India`s FY24 growth to dip to 5.5% from 6.8% in FY23 - HSBC economist
Source: Reuters
5/01/2023 2:42:04 PM
Vietnam's CPI up 3.15% in 2022 Vietnam's consumer price index (CPI) rose 3.15 per cent in 2022, meeting the below-4-per cent target set by its top legislature, according to the country's General Statistics Office on Friday. The rise was mainly driven by surging fuel and gas prices, and rising prices of other items including rice, food and housing and materials, reports Xinhua news agency. Specifically, items posting the most significant rises in prices included transport (up 11.27 per cent), beverages and cig...
Vietnam's CPI up 3.15% in 2022
Vietnam's CPI up 3.15% in 2022
Source: IANS
30/12/2022 5:21:36 PM
India has a strong pipeline of 80 IPOs over next 5 years While the stock performances of tech IPOs, compared to other consumer companies, witness a steeper crash, India is poised to see more than 100 large-scale profitable/path-to-profitability startups in the next five years. With about 20 of them already being listed, about 80 start-ups have the potential to look at an IPO journey, according to a report by Redseer Strategy Consultants with HSBC. The learning is that there may be more time, maybe a few quarters, for the markets to recover. ...
India has a strong pipeline of 80 IPOs over next 5 years
India has a strong pipeline of 80 IPOs over next 5 years
Source: IANS
14/12/2022 9:24:47 AM
RBI to launch digital rupee pilot project today The Reserve Bank of India (RBI) will today launch the nation's first digital rupee pilot project for the wholesale segment. In a statement, the central bank said that it will "soon commence pilot launches of Digital Rupee (ea,) for specific use cases. Accordingly, the first pilot in the Digital Rupee - Wholesale segment (ea,-W) shall commence on November 1, 2022". The central bank further informed that "the first pilot in Digital Rupee - Retail segment (ea,-R) is plan...
RBI to launch digital rupee pilot project today
RBI to launch digital rupee pilot project today
Source: IANS
1/11/2022 9:53:45 AM
HSBC makes surprise succession move as forecasts hit shares HSBC named Georges Elhedery as its new chief financial officer on Tuesday in a surprise move that puts the former head of its investment bank in pole position to eventually succeed Noel Quinn as CEO. The change came as HSBC's shares were knocked by a 42% slide in third quarter profit, the result of loan losses and charges from the sale of its French business as it seeks to placate investors including China's Ping An Insurance Group. HSBC stock, which fell as much as 8%, was on t...
HSBC makes surprise succession move as forecasts hit shares
HSBC makes surprise succession move as forecasts hit shares
Source: Reuters
25/10/2022 11:55:08 AM
HSBC rides on Oracle Cloud to bolster its banking transformation Cloud major Oracle and banking giant HSBC on Tuesday announced a strategic collaboration to accelerate its digital transformation. Under the multi-year agreement, HSBC will upgrade and migrate select database systems to Oracle Exadata Cloud@Customer, a cloud platform delivered as a managed infrastructure service at the bank's own data centres. The deployment will help support and scale the bank's mission-critical systems and services. "Our strategy is to digitise the ban...
HSBC rides on Oracle Cloud to bolster its banking transformation
HSBC rides on Oracle Cloud to bolster its banking transformation
Source: IANS
19/10/2022 12:48:00 PM
India's high policy rates, weaker rupee could restore external balances -HSBC economist  The Reserve Bank of India's rate tightening alongside a weaker rupee could be the "optimal" policy response to restore the country's external balances, HSBC Securities said in a note on Friday. "While the RBI started hiking rates in May 2022, it was only in September that it moved to a two-pronged strategy of higher rates and a weaker rupee," said Pranjul Bhandari, chief economist of at HSBC Securities and Capital Markets (India). "As such, we thin...
India's high policy rates, weaker rupee could restore external balances -HSBC economist
India's high policy rates, weaker rupee could restore external balances -HSBC economist
Source: Reuters
14/10/2022 2:57:56 PM
Dollar pauses for breath as fragile pound edges up The dollar took a pause on Tuesday in what has been a relentless climb higher as under-fire sterling as well as the euro and Japanese yen recovered some ground from multi-year lows, but medium-term fundamentals were still in the greenback's favour. Sterling climbed over 1% to $1.0810, on track for its biggest daily percentage gain in nearly seven weeks, the euro rose 0.2% to $0.9629, and the dollar slid 0.3% against the yen to 144.28. The decline in the dollar was broadly in line wi...
Dollar pauses for breath as fragile pound edges up
Dollar pauses for breath as fragile pound edges up
Source: Reuters
27/09/2022 4:52:41 PM
MSMEs can contribute big to India's GDP, say experts India's MSMEs (micro, small, and medium enterprises) could contribute a lot in the country's GDP and overall growth, experts said on Friday. Addressing a conclave on "Fin-Tech and Credit Expo 2022 - Connecting Finance to Business", Riddhi Gupta, Head of Strategy and Alliances, Invoicemart, said that MSMEs have a significant role at the centre of the vibrant Indian economic landscape. "There is a lot of opportunity to ensure that MSMEs grow into an even more powerf...
MSMEs can contribute big to India's GDP, say experts
MSMEs can contribute big to India's GDP, say experts
Source: IANS
10/09/2022 9:13:30 AM
Analysis-Hong Kong's cheap funding window shrinks as banks feel cash tighten Investors who have exploited Hong Kong's cheap interest rates all year to fund other trades globally are finding that the window is closing as local cash conditions tighten and the city's lenders come closer to raising the cost of borrowing. Cash has fled from Hong Kong dollars this year as small depositors to big money managers search for better returns, or "carry", outside the Asian financial hub, where interest rates have lagged global benchmarks. A dearth of new st...
Analysis-Hong Kong's cheap funding window shrinks as banks feel cash tighten
Analysis-Hong Kong's cheap funding window shrinks as banks feel cash tighten
Source: Reuters
4/08/2022 4:23:58 PM
HSBC to relaunch India private banking business within a year -executive -HSBC Holdings PLC plans to relaunch its India private banking business within a year, its India CEO told Reuters on Thursday, after the Asia-focused lender has identified the country as a key strategic market for growth. HSBC exited the Indian private banking business in 2015 as part of a group strategy. The lucrative but very competitive Indian market has few foreign players in a segment catering to high-net-worth individuals. The London-headquartered bank is preparing to relaunch the...
HSBC to relaunch India private banking business within a year -executive
HSBC to relaunch India private banking business within a year -executive
Source: Reuters
1/07/2022 9:00:14 AM
Key News - Bharat FIH, Zydus Lifesciences, HSBC India, Embassy REIT, Adani Group By ARETE Securities Key News Foxconn's Bharat FIH gets Sebi nod to float Rs 5,000 Crore IPO Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has received capital markets regulator Sebi's go ahead to raise Rs 5,000 crore through an Initial Public Offering (IPO). The initial share-sale of Bharat FIH comprises fresh issue of shares worth Rs 2,502 crore and an offer for sale of up to Rs 2,502 crore by promoter group and Foxconn unit Wonderful Stars, according to the Draf...
Key News - Bharat FIH, Zydus Lifesciences, HSBC India, Embassy REIT, Adani Group By ARETE Securities
Key News - Bharat FIH, Zydus Lifesciences, HSBC India, Embassy REIT, Adani Group By ARETE Securities
Source: ARETE Securities Ltd
14/06/2022 9:35:37 AM
Formalisation of economy behind big increase in corporate tax collection Among the various factors which may have led to a big increase in corporate tax collection, improved profitability of the corporates, formalisation of the economy and improved compliance due to tax reforms are noteworthy, the Economic Survey for 2021-22 noted. The corporate income tax registered a growth of 90.4 per cent over April-November 2020 and 22.5 per cent over April-November 2019. Large firms have become larger at the cost of smaller firms, while informal sector firms have been ...
Formalisation of economy behind big increase in corporate tax collection
Formalisation of economy behind big increase in corporate tax collection
Source: IANS
31/01/2022 5:33:36 PM
Large firms have become larger at the cost of smaller firms: HSBC Large firms have become larger at the cost of smaller firms, while informal sector firms have been disrupted, HSBC said in a recent report. Those earning their livelihoods from small and informal firms have suffered. This is a problem because 80 per cent of India's labour force is employed in the informal sector, and the roughly half of them who are in the non-agricultural sector have borne the economic brunt of the pandemic, the report added. The rise in inequality also holds signi...
Large firms have become larger at the cost of smaller firms: HSBC
Large firms have become larger at the cost of smaller firms: HSBC
Source: IANS
20/01/2022 3:14:33 PM
Aviation Sector Update - 2022: A year of two halves By HSBC Global Research 2022: A year of two halves * Omicron has significantly impacted demand, weakening the yield outlook and earnings prospects for Q4FY22 * Q3FY22 preview: we expect relatively better numbers but followed by challenges around Omicron and industry structure * Maintain Hold rating on SJET, TP lowered to INR70 (INR82); Reduce rating on Indigo, TP edged up to INR1,615 (INR1,525)   Near-term outlook deteriorates demand could remain soft, recovery in the following quarter will depen...
Aviation Sector Update - 2022: A year of two halves By HSBC Global Research
Aviation Sector Update - 2022: A year of two halves By HSBC Global Research
Source: HSBC Global Research
15/01/2022 10:07:00 AM
HSBC gets approval to buy out China life insurance joint venture LONDON  - HSBC said on Thursday it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services. HSBC has got clearance from the Shanghai office of the China Banking and Insurance Regulatory Commission to buy the remaining 50% in its venture HSBC Life China, the bank said. HSBC first agreed the deal in May 2020 in order to fully own the company to comply with China's ...
HSBC gets approval to buy out China life insurance joint venture
HSBC gets approval to buy out China life insurance joint venture
Source: Reuters
30/12/2021 5:07:29 PM
HSBC to acquire L&T Investment Management for $425 mn  HSBC Asset Management India has entered into an agreement with L&T Finance Holdings (LTFH) to fully acquire L&T Investment Management (LTIM) for $425 million. The proposed acquisition is subject to regulatory approval. "Strengthening HSBC's asset management business in India will add to its ability to serve the wealth needs of its customers in India as well as those of its growing non-resident Indian customer base across the world," it said. At present, LT...
HSBC to acquire L&T Investment Management for $425 mn
HSBC to acquire L&T Investment Management for $425 mn
Source: IANS
23/12/2021 8:52:10 PM
Exclusive-HSBC exceeds China wealth hiring targets, explores India private banking re-entry SINGAPORE - HSBC Holdings Plc is ahead of its hiring targets for its Chinese retail wealth management business and is exploring re-entering India's private banking business, senior executives said, as part of its plan to make Asia and wealth key pillars of growth. Under a strategy spearheaded by Group CEO Noel Quinn, HSBC is ploughing $3.5 billion into its wealth and personal banking business, in line with its ambition to become Asia's top wealth manager by 2025. "We are th...
Exclusive-HSBC exceeds China wealth hiring targets, explores India private banking re-entry
Exclusive-HSBC exceeds China wealth hiring targets, explores India private banking re-entry
Source: Reuters
9/11/2021 11:37:39 AM
HSBC Q3 profit up 74%, beats estimates, announces up to $2bln buyback SINGAPORE/LONDON - HSBC Holdings reported a 74% rise in third quarter profit, beating market expectations, as the Asia-focussed bank released cash set aside for expected bad loans that have not materialised. The bank posted pretax profit of $5.4 billion for the quarter to September, versus $3.1 billion a year earlier and the $3.78 billion average estimate of 14 analysts compiled by HSBC. HSBC also announced a share buyback of up to $2 billion, as it continues to return excess capit...
HSBC Q3 profit up 74%, beats estimates, announces up to $2bln buyback
HSBC Q3 profit up 74%, beats estimates, announces up to $2bln buyback
Source: Reuters
25/10/2021 9:46:09 AM
HSBC Brazil Fund: change in investment factsheets for September 2021 HSBC Brazil Fund has announced change in investment factsheets and fund flash for the month ended September 30, 2021. As on Sep 30, 2021, the total size of the Fund was Rs 22.31 crores, compared with Rs 23.57 crores in the last month. The Fund's NAV per unit was Rs 6.33 for Growth, while 52-Week High and Low ranges were Rs 8.46 and Rs 5.69 respectively. The Funds of Funds fund with Growth plan was launched on Apr 15, 2011 and managed by Fund Manager Anitha Rangan. HSBC Brazil Fund is prom...
HSBC Brazil Fund: change in investment factsheets for September 2021
HSBC Brazil Fund: change in investment factsheets for September 2021
Source: Dion Global Solutions Ltd
21/10/2021 12:25:52 PM
Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia  The Hongkong and Shanghai Banking Corporation Ltd (HSBC) has appointed Rajnish Kumar as an Independent Non-Executive Director on the board of its Asian entity. Kumar had retired as Chairman of the State Bank of India (SBI) in October 2020. "In addition to his extensive background with regulatory authorities, investors and businesses in India, Kumar has strong experience of global business and financial markets from his work with the SBI in the UK and Canada," said an HSB...
Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia
Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia
Source: IANS
31/08/2021 9:46:21 AM
HSBC profit more than doubles, loan-loss fears ebb as economies rebound HONG KONG/LONDON -HSBC Holdings beat forecasts on Monday with first-half pretax profit that more than doubled from last year when it set aside a huge amount of cash to cover pandemic-related bad loans. Encouraged by an economic rebound in its two biggest markets of Hong Kong and Britain, HSBC reinstated dividend payments and released $700 million that had been set aside as provisions. That compares with $6.9 billion in loan-loss charges made in the same period a year ago. Pretax pr...
HSBC profit more than doubles, loan-loss fears ebb as economies rebound
HSBC profit more than doubles, loan-loss fears ebb as economies rebound
Source: Reuters
2/08/2021 11:58:30 AM
HSBC India pledges Rs 15 cr Covid relief for Mumbai's `Dabbawalas`  HSBC India on Thursday announced that it is pledging financial assistance to the tune of Rs 15 crore to support dabbawalas in Mumbai. This support will be provided in association with United Way Mumbai and aimed at providing relief to dabbawalas who have been significantly impacted due to the pandemic and subsequent lockdowns, said a company statement. As part of the support and relief packages, each dabbawala will be provided ration and hygiene material supplies for three months....
HSBC India pledges Rs 15 cr Covid relief for Mumbai's `Dabbawalas`
HSBC India pledges Rs 15 cr Covid relief for Mumbai's `Dabbawalas`
Source: IANS
18/06/2021 9:27:54 AM
HSBC appoints Hitendra Dave as its India CEO HSBC has appointed Hitendra Dave as the CEO of HSBC India, subject to regulatory approval. In a statement, the company, he will be the CEO post the regulatory approval and has been named the interim CEO with immediate effect. Dave succeeds Surendra Rosha who, after three years, is moving to Hong Kong as the Co-Chief Executive of HSBC, Asia-Pacific. Hitendra Dave, formerly Head of Global Banking & Markets of HSBC India, has almost 30 years' work experience in the Indian Financial...
HSBC appoints Hitendra Dave as its India CEO
HSBC appoints Hitendra Dave as its India CEO
Source: IANS
7/06/2021 2:22:54 PM
CredAble collaborates with HSBC India to enhance liquidity within corporate supply chains Looking at the soaring demand of working capital within the various corporate supply chain programmes, reimagining supply chain financing FinTech - CredAble is collaborating with HSBC India. This partnership sets a benchmark between a bank and a FinTech where the two parties operate in a joined up approach. The collaboration will cater to the supply chain finance offerings together to keep pace with the growing requirements of Corporate India and yet solve for liquidity of SME/MSME sector ...
CredAble collaborates with HSBC India to enhance liquidity within corporate supply chains
CredAble collaborates with HSBC India to enhance liquidity within corporate supply chains
Source: IANS
19/05/2021 2:13:48 PM
HSBC profit jumps as vaccine rollout spurs recovery hopes LONDON  - HSBC Holdings PLC beat quarterly profit forecasts and released $400 million it had set aside to cover bad loans caused by the pandemic, as rapid vaccine rollouts in the United States and Britain raise hopes for an economic recovery. Europe's biggest bank by assets cautioned, however, that high levels of uncertainty meant it was keeping the bulk of the $3 billion it set aside a year ago to cover potential bad debts. "We are still being relatively cautious, and we&...
HSBC profit jumps as vaccine rollout spurs recovery hopes
HSBC profit jumps as vaccine rollout spurs recovery hopes
Source: Reuters
27/04/2021 6:11:36 PM
UK banks face savings glut on road to pandemic recovery LONDON - Britain's big four banks amassed more than 200 billion pounds ($277.52 billion) of new deposits last year as customers reined in spending through pandemic lockdowns, far outstripping extra lending to struggling businesses and households. Full-year earnings reported by HSBC, Barclays, Lloyds and NatWest last month revealed the extent to which lenders' finances have been upended by the crisis. The banks now face a glut in savings, a Reuters analysis of the banks'...
UK banks face savings glut on road to pandemic recovery
UK banks face savings glut on road to pandemic recovery
Source: Reuters
2/03/2021 4:17:25 PM
HSBC's annual profit falls 34% as COVID-19 takes toll HONG KONG/LONDON - HSBC Holdings PLC on Tuesday reported 34% drop in annual profit, slightly better than expectations, after a year in which its global business took a hefty blow from the COVID-19 pandemic. Europe's biggest bank by assets, which makes the bulk of its revenue in Asia, reported profit before tax of $8.78 billion for 2020 versus $13.35 billion a year earlier. The profit was higher than the $8.33 billion average of analysts' estimates compiled by the bank.
HSBC's annual profit falls 34% as COVID-19 takes toll
HSBC's annual profit falls 34% as COVID-19 takes toll
Source: Reuters
23/02/2021 9:45:27 AM