قالب وردپرس درنا توس
Home / Business / HSBC Annual Results: Banks are further marching into Asia and hope to withdraw their dividends

HSBC Annual Results: Banks are further marching into Asia and hope to withdraw their dividends



Although most of the bank’s funds are in Asia, the bank’s headquarters are still located in London. The bank told investors on Tuesday that it plans to “increase” its investment in the region by about $6 billion. It also transferred more resources there, including relocating some key personnel.

HSBC Bank (HSBC Bank) It outlined Greater China, Southeast Asia and India as the “main drivers” for its future growth. It especially hopes to establish its own business in mainland China, defend its leading position in Hong Kong, and establish Singapore as a wealth management center.
The focus of this plan is that before the pandemic, the continent provided more than 80% of HSBC’s profits. Chairman Mark Tucker said in a statement that last year, Asia “has once again become the most profitable region so far.”

HSBC announced that its pre-tax profit fell to US$8.8 billion last year, a 34% decline compared with the previous year. This is a continuing focus on Asia. At the same time, revenue fell 10% to $50.4 billion.

Nevertheless, this is still better than analysts expected. The bank said on Tuesday that its goal is to “restore dividends as soon as possible,” starting at 15 cents per share.

Like other lenders, HSBC was forced to cancel its dividend last year at the request of British regulators. The Bank of England relaxed some guidance in December.

Tucker said in the statement: “This is a difficult decision, and we deeply regret the impact on shareholders.” He added that the board of directors “has adopted a policy aimed at providing sustainable dividends in the future.”

HSBC (HSBC) shares rose 2.2% in Hong Kong on Tuesday, before retreating.

More and more people speculate that the company will withdraw part of its business in other regions while cutting costs. For example, this week the Financial Times reported that HSBC will abandon its US retail banking network. HSBC did not confirm the report in its earnings report, stating that “we will continue to explore strategic options for the US retail business.”

However, the bank revealed in its performance report that it is in talks to sell its retail division in France.

“[We] It said that although no decision has been made, it is still negotiating on potential sales. If any sales are implemented, given the basic performance of the French retail business, sales losses are expected.

—This is a developing story and will be updated.


Source link