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HSBC FY17 Pre-tax Profit Surges; Maintains Dividend

HSBC FY17 Pre-tax Profit Surges; Maintains Dividend

HSBC has posted a pre-tax profit of USD17.2 billion in 2017, jumping 141 percent from a year earlier, as its focus on Asia was driving growth.

The European largest lender by market capitalization, HSBC Holdings, reported a surge in its annual profit before taxes, forecasting a plan to raise up to 7 billion Dollars in funding over the next four months to consolidate its capital base, while the bank is preparing for growth in its new management.

More than three quarters of the profit came from Asia, in particular from the retail banking and wealth management units, where Hong Kong was a major contributor.

"In my own view my performance has been satisfactory", Gulliver said of his tenure, citing the bank's steady flow of dividends and the restructuring he pushed through.

The Chief Executive Officer of the firm, Stuart Gulliver, is to be succeeded by John Flint on 21 February, following seven years holding the position.

Adjusted revenue for 2017 was $51.5 billion, up 5 percent from the previous year.

HSBC said 2017 was marked by broadly stable but persistently low interest rates and increasing excess liquidity in the market, while attractive investment opportunities remained limited.

"These results and the achievements of the last couple of years give us a great platform to build on", said Flint in a release that accompanied the earnings announcement.

The two companies in question were Steinhoff - the South African retailer engulfed in an accounting scandal, which owns businesses in Britain - and Carillion, the United Kingdom construction company that imploded earlier this year, said the person, who asked not to be identified speaking about confidential matters.

The global banking group said it was planning additional tier 1 capital issuance of between $5bn and $7bn during the first half of 2018, and that it would undertake share buybacks "as and when appropriate".

"We are doing a piece of work around the USA business at the moment, I don't want to prejudge any conclusions", Flint said.

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