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HSBC profit rises but revenue hit by muted economic growth
August 5, 2013 / 8:34 AM / in 4 years

HSBC profit rises but revenue hit by muted economic growth

LONDON, Aug 5 (Reuters) - HSBC’s half-year profits rose 10 percent to just over $14 billion as its three-year cost-cutting plan starts to pay off, but earnings fell short of expectations due to a fall in revenue at Europe’s biggest bank.

HSBC said it made a pretax profit of $14.1 billion for the six months to the end of June, up from $12.7 billion a year ago but below the $14.6 billion expected by the average of 14 analysts polled by the company.

Revenue fell 7 percent to $34.4 billion, as the bank said western economic growth remained muted and growth in China and Asia slowed, while regulatory reforms added costs for banks.

Its shares were down 2.1 percent by 0832 GMT. (Reporting by Steve Slater; Editing by David Holmes)

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