HSBC profit up 26% to $6.78 billion

Global banking major HSBC has reported 26 per cent growth in underlying profit at US$6.78 billion in the three months period ended March 2012, boosted by robust performance in emerging markets.

Excluding charge and the impacts of acquisitions and sales, underlying profit before tax (PBT) increased to US$6.78 billion from US$5.41 billion a year earlier.

The bank posted a total operating income of US$20.44 billion in the 2012 March quarter. HSBC said net profit attributable to shareholders fell to US$2.58 billion from US$4.15 billion in the same quarter a year earlier. This was mainly due to an accounting charge on the value of the bank’s debt.

In Asia Pacific region, HSBC’s profit before tax rose to US$2.02 billion in the quarter under review from US$1.63 billion in the year-ago period. Besides, PBT surged by 21 per cent in Hong Kong and 11 per cent in Latin America.