STRIKE IT RICH.LATEST results from HSBC HSBC Hongkong and Shanghai Banking Corporation
HSBC Humane Society of Broward County (Florida)
HSBC Humane Society of Bay County (Bay County, Michigan) , one of the world's largest banks, came in well above stock market forecasts.
The figures were boosted by falling costs, fewer bad debts and stronger than expected dealing profits.
The Far East, and in particular Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , remains a core area of operation even though Europe now provides over one third of its profits since its takeover of Midland Bank Midland Bank was one of the Big Four banking groups in the United Kingdom. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836. .
The challenge for HSBC during the Asian crisis was whether it could maintain operating profits Operating profit (or loss)
Revenue from a firm's regular activities less costs and expenses and before income deductions.
See operating income. whilst managing the inevitable bad-debt cycle.
In fact, despite half of HSBC's world still being in recession, it was able to achieve a yearly return of more than 18 per cent in the first half of this year.
It not only weathered the Asian downturn but has strengthened its position there as weaker competitors have withdrawn from the region. And growth continued in both Hong Kong and Asia Pacific. Looking to the future, HSBC is expected to reap the benefits as South-East Asia South-East Asia n → le Sud-Est asiatique
South-East Asia south n → Südostasien nt
South-East Asia n → recovers.
Stabilisation of debt problems in Hong Kong and an expected improvement in the rest of the Asia Pacific region have led to a lower bad-debt forecast and raising of profit forecasts.
HSBC shares look set to give holders an enjoyable ride.