UK and Hong Kong economic recovery boosts HSBC growth

Following economic recovery in Hong Kong and the UK, HSBC has reported substantial growth in its H1 results for 2021. 

As regulations eased, the European banking giant detailed a pre-tax profit of £7.8bn, which is a significant spike compared to last year when the group reported £3.1bn.

HSBC Chief Executive, Noel Quinn, commented: “These are good results that reflect the return of growth in our main markets and marked progress in the execution of our strategy.

“I’m pleased with the momentum generated around our growth and transformation plans, with good delivery against all four pillars of our strategy.

“We were profitable in every region in the first half of the year, supported by the release of expected credit loss provisions. Our lending pipeline began to translate into business growth in the second quarter and we further strengthened that pipeline during the half.”

The overall growth of the bank coincides with the opening of the retail and commerce sector globally, with emergence from the pandemic leading to an easing of numerous restrictions, especially in the UK. 

Furthermore, the group also detailed that its restructuring is on course as it looks to strengthen its Asian footprint, with key investments in the region.