February 20, 2018 / 4:30 AM / 3 months ago

BRIEF-HSBC Holdings Plc Posts FY Reported Profit Before Tax Of $‍17.17 Bln

Feb 20 (Reuters) - HSBC Holdings Plc:

* FY REPORTED PROFIT BEFORE TAX $‍17,167​ MILLION VERSUS $7,112 MILLION A YEAR AGO

* FY ADJUSTED PROFIT BEFORE TAX $‍20,990 MILLION VERSUS $18,934​ MILLION A YEAR AGO

* ‍FY REPORTED REVENUE OF $51.4 BILLION WAS 7% HIGHER​

* FY REPORTED OPERATING EXPENSES OF $34.9BN FELL BY $4.9BN OR 12 PERCENT

* COMMON EQUITY TIER 1 RATIO AS AT DEC 31, 2017 14.5 PERCENT VERSUS 13.6 PERCENT A YEAR AGO‍​

* ‍ADDITIONAL TIER 1 CAPITAL ISSUANCE OF BETWEEN $5BN TO $7BN PLANNED DURING FIRST HALF OF 2018​

* FY ‍ADJUSTED REVENUE OF $51.5 BILLION ROSE BY 5%​

* “‍FEARS OF A HARD LANDING IN CHINA HAVE RECEDED, AND MARKETS ACROSS ASIA LOOK SET FOR A STRONG YEAR​”

* AS AT DEC 31, 2017, HAS RECOGNISED A PROVISION OF $604 MILLION FOR VARIOUS TAX RELATED INVESTIGATIONS

* EXPECTS U.S. DEFERRED TAX ASSET TO BE SUBSTANTIALLY RECOVERED IN SIX TO SEVEN YEARS, WITH MAJORITY RECOVERED IN FIRST FIVE YEARS​‍​ Source text for Eikon: Further company coverage:

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