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HSBC's 2016 pre-tax profit falls 62 pct on one-time charges
February 21, 2017 / 4:24 AM / 10 months ago

HSBC's 2016 pre-tax profit falls 62 pct on one-time charges

HONG KONG, Feb 21 (Reuters) - HSBC Holdings’ 2016 pre-tax profit fell 62 percent, below analysts’ estimates, as it grappled with slowing economic growth in its core markets of Hong Kong and Britain and took one-time charges related to some of its businesses.

HSBC reported profit before tax for 2016 of $7.1 billion compared with $18.87 billion the year before and below the average analyst estimate of $14.4 billion according to Thomson Reuters data.

The 2016 profit reflected a $3.2 billion impairment of goodwill in its global private banking business in Europe and the impact of its sale of operations in Brazil, the bank said in a statement to the stock exchanges on Tuesday.

HSBC’s shares have been among the best-performing European bank stocks since Britain voted in June to leave the European Union, climbing 53 percent against a 28 percent increase in the STOXX Europe index of 600 banks as the bank benefited from appreciation of the U.S. dollar and stronger capital levels. (Reporting By Sumeet Chatterjee and Lawrence White; Editing by Muralikumar Anantharaman)

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