Financial Report Financial reports from the largest companies of the world

HSBC profit increased to 5,8 billion USD for 2009

The profits of the largest financial group in Europe - HSBC Holdings PLC, has increased by 2 percent annually and reached 5.8 billion dollars in 2009, the banking giant was able to compensate for large provision for losses from bad credits by the sharp reduction of their operating costs. Profit after tax for HSBC in 2009 amounted to 5.8 billion dollars compared with a positive result of 5.7 billion the previous year. Operating costs reduced by as much as 30 percent annually to 34.4 billion dollars. Meanwhile, HSBC's operating revenues decreased by 11% to 78.6 billion dollars. Earmarked Provisions for bad loans and other credit risks increased from 24.9 billion in 2008 to 26,5 billion dollars last year. Shares of HSBC cheaper by 3.6 percent to 693.7 pence per share on the London Stock Exchange after the bank's profit for 2009 was less than expected 7.8 billion dollar market. At the beginning of this year, HSBC moved its headquarters from London to Hong Kong to be able to benefit from better financial opportunities in emerging Asian economies. The CEO of HSBC Michael Jogegan receive an annual bonus of $ 6 million for 2009, but the bank have stated that it intends to provide the amount to charity.
His colleagues at the forefront of British financial giant Barclays, Royal Bank of Scotland and Lloyds waived their annual bonuses for 2009