HSBC's Earnings Miss Target despite 141% Jump in Profits; ANALYSIS CITY

Western Mail (Cardiff, Wales), February 21, 2018 | Go to article overview

HSBC's Earnings Miss Target despite 141% Jump in Profits; ANALYSIS CITY


Byline: Kalyeena Makortoff Press Association City Correspondent newsdesk@walesonline.co.uk

HSBC earnings have missed expectations despite the company more than doubling annual profits amid a renewed push in Asia.

The banking giant released figures which showed pre-tax profits jumping 141% to PS12.3bn in the 12 months to December 31 compared with PS5.1bn a year earlier.

The lender said its focus on the Asian business "again contributed a substantial proportion" of group profits, driving around 75% of both reported and adjusted earnings, though results were also flattered by comparably lower figures in 2016 which were knocked by a loss on sale and trading results from the Brazilian operations it offloaded that summer.

While the figures marked growth from a year earlier, they came in below analysts' forecasts.

It is the last set of results under chief executive Stuart Gulliver, who is set to hand over the reins to John Flint on Wednesday.

The bank's annual report showed Mr Gulliver enjoyed a 7% rise in his pay packet that pushed his annual salary back up past PS6m, having seen it drop from PS7.3m to PS5.7m a year earlier.

He is set to continue to receive his current salary of PS1.25m, a fixed pay allowance of a further PS1.7m, cash in lieu of a pension allowance as well as contractual benefits until his official retirement in October 11.

Meanwhile, the outgoing chief's successor Mr Flint is currently in line for a PS1.2m salary as well as a PS1.7m fixed pay allowance, cash in lieu of pension, as well as additional incentives.

Neil Wilson, a senior market analyst at ETX Capital, said: "Overall, you have to call this a strong performance from HSBC, but falling short of fairly lofty expectations means the stock looks set to fall. …

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