HSBC has beaten expectations with a 10 percent rise in first-half profit. The unexpected jump has been driven by a strong performance in Hong Kong.
Europe’s biggest bank said pretax profits for the first six months were 13.6 billion dollars up from 12.3 a year earlier and well above some analysts forecasts.
The bank has become increasingly reliant on Hong Kong as its businesses in Europe, the United States and other emerging markets slowed.
HSBC also announced it agreed the sale of its unprofitable Brazil unit to Banco Bradesco the country’s second biggest private-sector bank for 5.2 billion dollars.