HSBC posts annual profit rise of 28 pct

HSBC posts annual profit rise of 28 pct

Europe’s largest bank HSBC announced surging annual net profits of almost $17 billion on Feb. 27 as growth in Asia and other emerging markets offset eurozone debt losses and costs linked to its U.S. exit.

Profit after tax jumped by 28 percent to $16.8 billion (12.5 billion euros) in 2011 compared with the previous year when it had stood at $13.2 billion, London-headquartered HSBC said in a statement.

The earnings update concludes the annual results season for Britain’s four main retail/investment banks -HSBC, Barclays and the bailed-out pair Royal Bank of Scotland and Lloyds Banking group.

The British media has meanwhile focused on the amount of bonuses handed out to staff amid a public backlash over high pay for bankers.

“2011 was a year of major progress for HSBC,” the Asia-focused bank’s chief executive Stuart Gulliver said in the release.